This Week in Pre-IPO Stocks

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E195: TARIFFS! [1] Pre-IPO stock opportunities, [2] Opportunities w/ Protectionism, [3] Opportunities w/ Manufacturing (robotics?) Apr 08, 2025

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00:21 - Navigating pre-IPO stock opportunity in a shifting market
17:00 - Protectionism’s impact on pre-IPO stocks
34:00 - Embracing efficiency: AI, automation, and the future of work

E194: CoreWeave IPO disappointing; Model Context Protocol great for AI agents; AI App Cursor $9.6b valuation Apr 03, 2025

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00:00 - Intro
00:22 - CoreWeave IPO disappointing
13:53 - Model Context Protocol great for AI agents
27:15 - AI App Cursor $9.6b valuation
42:13 - Respect to Musk taking care of his X shareholders with xAI deal

E193: CoreWeave prices IPO at $19B valuation; eToro files for US IPO as commissions surge; Crusoe secures $225M to expand AI data centers; OpenAI targets $29.4B in 2026 revenue; Databricks and Anthropic strike enterprise AI deal; Flexport misses profit ta Mar 28, 2025

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Subscribe to AG Dillon Pre-IPO Stock Research at agdillon.com/subscribe;
- Wednesday = secondary market valuations, revenue multiples, performance, index fact sheets
- Saturdays = pre-IPO news and insights, webinar replays

00:00 - Intro
00:07 - CoreWeave Prices IPO at $19B Valuation
01:18 - eToro Files for US IPO as Commissions Surge
02:07 - Crusoe Secures $225M to Expand AI Data Centers
03:15 - OpenAI Targets $29.4B in 2026 Revenue
05:43 - Databricks and Anthropic Strike Enterprise AI Deal
06:39 - Flexport Misses Profit Target, Remains at $8B Valuation
07:43 - Starlink Signs Distribution Deals in India

E192: Exits are back! Wiz, CoreWeave, Klarna; X raise at $44b! back to "par"; Perplexity, an AI app, at $18b Mar 26, 2025

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00:00 - Intro
00:22 - Exits are back! Wiz, CoreWeave, Klarna
11:34 - X raise at $44b! back to "par"
33:11 - Perplexity, an AI app, at $18b

E191: Wiz acquired by Google for $32B in all-cash deal; CoreWeave IPO at $30B, down from $35B; X raises nearly $1B, back to Musk purchase price; Perplexity in talks to raise at $18B valuation; xAI joins $100B AI infrastructure partnership; Kraken acquires Mar 21, 2025

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00:00 - Intro
00:08 - Wiz Acquired by Google for $32B in All-Cash Deal
01:17 - CoreWeave IPO at $30B, Down From $35B
02:53 - X Raises Nearly $1B, Back to Musk Purchase Price
03:53 - Perplexity in Talks to Raise at $18B Valuation
04:37 - xAI Joins $100B AI Infrastructure Partnership
05:30 - Kraken Acquires NinjaTrader for $1.5B
06:18 - Klarna Partners with DoorDash for BNPL in the US
07:20 - Ualá Closes Series E Round at $2.75B Valuation
08:13 - OpenAI to House 400K Nvidia Chips for Stargate Project

E190: Klarna's IPO is big for venture; Are you ready to give all your personal data to get a proper AI assistant? Mar 18, 2025

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00:25 - Klarna's IPO is Big For Venture
The team kicks off the episode with a deep dive into Klarna’s upcoming IPO, highlighting its strong financials and competitive position. Klarna reported $2.8 billion in 2024 revenue, up 23% from the previous year, with net income reaching $232 million — a 108% increase. The company also processed $105 billion in gross merchandise volume, reflecting a 98% jump. Klarna now boasts 93 million active customers and 675,000 merchants, with a major win coming from Walmart’s decision to switch from Affirm to Klarna for its payment services. Klarna’s current secondary market valuation sits at $10.5 billion, up 57% from its July 2022 round — a promising setup for the IPO. Klarna and Affirm are direct competitors, while Affirm has higher gross margins, it remains unprofitable. Klarna has maintained profitability and stronger credit loss management. Klarna’s valuation at IPO, rumored to be around $15 billion, appears reasonable given its financial strength and market position. The company’s long-term presence in the fintech space and the strategic advantage of its cost-conscious approach, which has allowed it to outperform competitors like Affirm.
11:49 - Are You Ready to Give All Your Personal Data to Get A Proper AI Assistant?
The episode wraps up with a compelling conversation about AI’s growing influence on business and investing. The panelists share how they regularly use tools like ChatGPT Pro, Grok, and Claude for research, writing, and coding — saving time and improving efficiency. AI is helping with market analysis, investment strategy development, and even Python coding for data analysis. The group agrees that AI is poised to disrupt white-collar industries and could significantly change how financial and operational decisions are made.

E189: Klarna plans NYSE IPO at $15B valuation; Applied Intuition in talks for $15B valuation; Anysphere eyes $10B valuation after rapid ARR growth; Gemini confidentially files for IPO; CoreWeave signs $11.9B AI infrastructure deal with OpenAI; Moveworks a Mar 14, 2025

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00:00 - Intro
00:08 - Klarna Plans NYSE IPO at $15B Valuation
01:27 - Applied Intuition in Talks for $15B Valuation
02:36 - Anysphere Eyes $10B Valuation After Rapid ARR Growth
03:11 - Gemini Confidentially Files for IPO
03:55 - CoreWeave Signs $11.9B AI Infrastructure Deal With OpenAI
05:04 - Moveworks Acquired by ServiceNow for $2.85B
05:57 - Chainguard in Talks for $3.5B Valuation
06:31 - OpenAI and Oracle Launch $100B Stargate AI Infrastructure
08:02 - xAI Expands Memphis Data Center to 350K GPUs
08:43 - Anthropic Revenue +40% to $1.4B ARR
09:49 - Binance Secures $2B Investment From MGX
10:46 - TikTok US Deal with Oracle has High Potential

E188: Are AI Apps now investable?; Pre-IPO stocks that will never IPO?!; Are AI Platform valuations justifiable? Mar 13, 2025

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00:27 - Are AI Apps now investable?

AI applications like Harvey ($3B valuation), Cursor ($10B), and Perplexity ($9B) may form a sub-asset class. They act as service providers, cutting operational costs (e.g., reducing law firm expenses by 30-50%), but face risks from AI platforms like OpenAI encroaching unless they secure proprietary data or niche use cases.

11:30 - Pre-IPO stocks that will never IPO?!

Companies increasingly avoid IPOs, leveraging private markets for higher valuations and liquidity without public burdens like quarterly earnings. This trend, seen with figures like the Colson brothers, boosts secondary market opportunities.

31:13 - Are AI Platform valuations justifiable?

AI platforms like OpenAI, with rumored $2K-$20K/month PhD-level agents, hold stronger moats via data and infrastructure. Apps built on top struggle to justify valuations (e.g., $10B for Cursor), though strategic investments (e.g., OpenAI Ventures backing Harvey) may offer protection.

New AI ventures like Safe Superintelligence ($30B) and Thinking Machines Lab ($9B), founded by ex-OpenAI billionaires, ride a valuation surge dubbed “greater fool theory.” High employee compensation (e.g., millions in 1-2 years) might misalign incentives, potentially slowing innovation.

E187: CoreWeave prepares for $35B IPO after 737% revenue growth; Stripe hits $91.5B valuation in tender offer; OpenAI raises $40B at $300B valuation, partners with SoftBank; plus news from X, Thinking Machines, MrBeast, Shein, SpaceX, ByteDance, Ramp, Sa Mar 07, 2025

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01:19 - CoreWeave Prepares for $35B IPO After 737% Revenue Growth
04:00 - Stripe Hits $91.5B Valuation in Tender Offer
05:12 - OpenAI Raises $40B at $300B Valuation, Partners with SoftBank
07:59 - X Seeks $44B Valuation for New Fundraising Round
09:01 - Thinking Machines Eyes $9B Valuation With $1B Raise
09:34 - MrBeast Targets $5B Valuation for Media Business
10:19 - Shein Plans London IPO at $50B Valuation Despite Profit Drop
11:05 - SpaceX’s Starlink Becomes Nigeria's No. 2 ISP
14:23 - Unitree Robotics Gains Traction in Global Markets
16:12 - ByteDance Valued at $400B After Internal Buyback
18:37 - Ramp Hits $13B Valuation After Secondary Sale
19:40 - Safe Superintelligence Hits $30B Valuation With $2B Raise
20:50 - Plaid Plans $6B Secondary Share Sale
21:31 - Scale AI Secures Major US Military Contract
22:47 - Epirus Raises $250M to Scale Counter-Drone Tech
23:54 - Klarna Plans $15B IPO on NYSE in April
24:56 - Discord Plans 2025 IPO, Valued at $5.6B

THANK YOU TO OUR RIA/IBD PARTNERS*: AG Dillon closed 6 pre-IPO stocks funds on Mar 7, 2025. We’re making investments into Anduril, OpenAI, xAI, Groq, Figure AI, and a space economy company in this recently closed offering and raised a record $30 million with 33 RIAs/IBDs participating. A great result and a special thank you to our RIA/IBD partners. AG Dillon assets under management now stand at $93 million in just under two years since closing our first fund. If you’re a financial advisor and would like to use our single stock funds to build bespoke pre-IPO stock portfolios please drop us an email. You select pre-IPO stock company exposures and weight allocation to each pre-IPO stock to express your unique investment thesis. Our funds are available for purchase at Charles Schwab, Fidelity, and directly at AG Dillon Funds. $2,500 minimum investment. Email aaron.dillon@agdillon.com to invest.

* NOTE: AG Dillon ("AGD") is not affiliated with any pre-IPO company. Some pre-IPO companies may require company approval for purchases (aka transfers). AGD has not been pre-approved by any pre-IPO company to purchase their stock. AGD purchases pre-IPO stocks in the secondary market and may gain exposure by directly purchasing the stock (on the company's capitalization table) and/or through a third-party fund (aka special purpose vehicle, or SPV).

E186: Beware of dilution (OpenAI, xAI, Figure); Figure's huge 780% increase to $39.5b; Anduril 2x to $28b Feb 17, 2025

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00:24 - The Capital Game! xAI Raising $10B at $75B Valuation, Maybe Higher? OpenAI raising $40b at $300b post … DILUTION!
13:10 - Figure AI Raises $1.5B at $39.5B Valuation
17:21 - Anduril Doubles Valuation to $28B with $2.5B Raise

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