This Week in Pre-IPO Stocks

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E123: Revolut seeks $33b valuation, +53% vs secondary mrkt levels; Scale AI new $13.8b valuation, +97% from last round; Anduril new $12.5b valuation, -5.3% vs secondary mrkt levels; Groq new $3b valuation, -32% vs secondary mrkt levels

2024-05-2411:38

00:08 | Revolut new round- UK online bank- Launching new payment terminal in 2H 2024, expanding Europe availability for product- Raising $500m tender at $33b valuation- 40m customers, +144% from 2021- $2.2b 2023 revenue, +100% vs 2022- $21.6b secondary market valuation, - 35% from Jul 2021 round- 9.8x revenue multiple at $21.6b secondary valuation- 15x revenue multiple at target $33b valuation- +53% return for secondary investors if $33b valuation plays out02:06 | CoreWeave new debt financing...

E122: $625m for Reka AI founders/employees in <2yrs, $20b IPO for Klarna!, OpenAI GPT-4o’s multi-modal AI changed the game

2024-05-2141:27

00:16 | OpenAI GPT-4o’s multi-modal AI changed the game- GPT-4o release last Monday; capable of handling text, speech, and video (multi-modal)- Best use cases; real-time translation, tutoring, Mac app- Mac app is game-changer, Google Workspace with AI is a game-changer- What will the world look like in 5 years after multi-modal AI?- $97b secondary market valuation, +13% vs last round (Apr 2024)15:52 | $20b IPO for Klarna!, is it an AI play?- $20b IPO could come as early as Q1 2025- 150m globa...

E121: Figma $12.5b valuation tender; $625m cash for Reka AI founders/employees; Klarna IPO rumored at +100% vs 2ndary mrkt; OpenAI impresses with GPT-4o; Reddit + OpenAI data deal; Anthropic hires new CPO, launches in Europe; Chime vs payday lenders; Star

2024-05-1713:08

Pre-IPO stock valuations = www.x.com/aarongdillon (see pinned post)Pre-IPO stock index fact sheet = www.agdillon.com/index00:07 | OpenAI impresses with GPT-4o- Capable of handling text, speech, and video- Refreshed ChatGPT UI and a macOS desktop app- Verbal conversation improvement was the big surprise, in my opinion- Watch live demos here = https://x.com/OpenAI- $97b secondary market valuation, +13% vs last round (Apr 2024)01:53 | Reddit + OpenAI data deal- OpenAI to license Reddit data for ...

E120: Wiz $12b valuation is a buy; Wayve $1b raise but not data play; Revolut $2b in 2023 revenue, $350m in net income

2024-05-1429:26

REVOLUT- https://www.revolut.com/en-US/- online banking- 40 million customers, adding 1 million new customers a month- Available in 150 countries, #1 finance downloaded app in 17 countries- $2bn of revenue and $350m net income in 2023- $21b secondary market valuation, -36% from last round ($33b) in Jul 2021- 10.5x revenue multiple ... low for a profitable company adding 1m new customers a month?WIZ- https://www.wiz.io/- NYC cloud security firm- $12b post-money after $1b cap raise- a16z, Light...

E119: Wiz $12b valuation, Wayve raises $1b, Chime fined by CFPB, Titkok sues US govt (obviously), OpenAI cuts another training data deal, FTX customers made whole!

2024-05-0912:27

00:08 | Wayve raises $1b- UK AI-autonomous driving technology company, licenses AI-tech to car manufactures- Softbank, D1, Nvidia, Microsoft investors- Round valuation was not disclosed- Last published valuation was $1.35b in Jan 2022 Series B01:49 | Chime fined by CFPB - online checking and savings accounts- fined $3.25m for failing to refund customer funds on a timely basis- growing pains, nothing to see here- $5.1b secondary market valuation; -80% from Sep 2021 round03:13 | Wiz $12b v...

E118: CoreWeave a buy at $19b, OpenAI data deals a biz moat?, X valuation multiple pop if it becomes the "everything app"

2024-05-0823:52

E117: CoreWeave’s $19b valuation, +171% in 5 months; X Payments approved in 25 or 50 states; OpenAI cuts data deal with Financial Times; Anthropic launches mobile app

2024-05-0309:19

00:07 | X Payments approved in 25 or 50 states- X Payments functionality; pay a friend, pay a merchant, earn interest, shop, buy content- X = YouTube, WhatsApp, Venmo, Amazon, NYT/CNN, Apple App Store … all in one app- X needs “X Apps” to become everything app like WeChat in China- $12.5b current valuation (Fidelity), -71% from Musk’s Oct 2022 $44b purchase price02:42 | OpenAI cuts data deal with Financial Times- OpenAI to use FT data to train models, users to access FT summaries, quotes, and...

E116: Tiktok US to have a $152b valuation, xAI raising $6b at $18b valuation, X/Twitter to launch TV app, Flexport wins Shein business, Stripe tech to accept stablecoin payments, Anduril wins another govt contract (unmanned jets)

2024-04-2610:58

00:08 | Flexport wins Shein business- Flexport wins Shein US shipping business with deep tech integration- Shein to expand products outside of fashion and manufacturing from India/Latin America- Flexport has $1.5b secondary market valuation, -81% from last primary round in Mar 2022- Shein has $45b-$55b secondary market valuation, May 2023 primary round at $66b01:29 | X/Twitter to launch TV app- X TV App on all smart TV platforms- X seeks to directly compete against YouTube- Half of YouTube vi...

E115: Mistral AI up $3b in 4 months, Revolut $25.7b valuation by Schroders, Rippling/Ramp new rounds higher vs secondary valuations

2024-04-2424:57

E114: Rippling raises at $13.4b, Ramp raises at $7.6b, Klarna’s new US credit card, AI clones in Hollywood, Mistral raises at $5b, Anduril autonomous submarine for Australia Navy, Revolut changes bank partners in US

2024-04-1911:49

00:09 | Rippling raises at $13.4b- HR tech company, constituent in AG Dillon Pre-IPO Stock 2024 Vintage Index- $870m raise at $13.4b post-money valuation- $200m in capital for company- $670m in secondaries for existing shareholder liquidity- $13.4b valuation is +25% from current secondary market valuation of $10.7b01:31 | Ramp raises at $7.6b- Spend management company- $150m raises at $7.6b post-money valuation- 4x revenue increase vs 2022- Surpassed $300m annualized revenue summer 2023- 25,0...

E113: Stripe $694m tender, Klarna $40m annual expense savings using AI, No diversification without pre-IPO stocks

2024-04-1742:17

E112: OpenAI extends $86b tender, ByteDance/TikTok stock buyback!, Humane AI Pin officially launches, Revolut’s India regulatory approval

2024-04-1506:56

00:08 | ByteDance/TikTok stock buyback!- Expanding Q4 2023 buyback to non-US employees- $171/share for employees, $145/share for former employees- $112b in 2023 annualized revenue (run rate as of YTD Q3 2023)- $285b current secondary market valuation- Meta, about same revenue, at $1.32 trillion market cap01:09 | OpenAI extends $86b tender- Extending $86b tender to former employees- $150/share price- Revenue: $2.0b in Dec 2023 annualized, $5.0b in Dec 2024 forecast- $103b current secondary mar...

E111: Musk's xAI $18b valuation; $1b raise for AI "phones" from Ive/Altman; Klarna says BNPL better vs credit cards; Rubrik IPO prospects

2024-04-0927:56

E110: Rubrik IPO, $5.7b valuation; OpenAI 600,000 business users; SpaceX Starship test #4 in early May; Starlink going live in Indonesia; Mexico approves Revolut Bank; Anduril wins US Army mandate; Klarna better vs credit cards! | Pre-IPO Stock Market Upd

2024-04-0513:41

00:10 | Rubrik IPO, $5.7b valuation- $5.7b secondary market valuation- 1,700 business customers- $627m fiscal 2024 revenue- 91% of revenue is subscriptions- $354m in net loss- First major unprofitable tech IPO of the year01:29 | OpenAI 600,000 business users- Custom model program is driving growth in business users- 600,000 business users, +300% increase from Jan 2024 (just 3 months ago)- OpenAI raised a round at $100b valuation in Jan 202402:37 | SpaceX Starship test #4 in early May- 3rd tes...

E109: Discord ads!, $600m rev, $5.2b val, 8.7x rev multiple; Shein IPO, $2b profit, $45b rev, $66b val, 1.5x rev multiple; Kraken a buy?

2024-04-0226:09

E108: Scale AI $13 valuation, Cohere $5b valuation, Amazon $4b total into Anthropic, $26b Canva buys Affinity, xAI launches Grok-1.5, +2.65% 2024 Pre-IPO Stock Vintage Index | Pre-IPO Stock Market Update – Mar 29, 2024

2024-03-2911:40

00:10 | Cohere $5b valuation- Cohere has LLM and competes with OpenAI ChatGPT- PSP Investments (Canadian pension fund) to co-lead $500m round- 227x revenue multiple!- $22m annualized revenue as of Feb 2024- $4.3b current secondary market valuation01:29 | Amazon $4b total into Anthropic- Amazon puts in $2.75b for a $4.0b into Anthropic- Amazon largest investment in external company in 30 yr history- Anthropic to spend $4b at AWS and $3b at Google Cloud (also an investor)- $18.4b valuation02:37...

E107: Chime to IPO in 2025!, $16b CoreWeave valuation?!, Boom(planes) successful test flight

2024-03-2727:37

E105: Stripe attractive at $65b valuation (3.8x revenue multiple), Telegram is a hard no at $30b valuation, Should ByteDance investors be rooting for a forced TikTok US divesture?

2024-03-1916:39

E104: Stripe 2024 revenue at $17b?, only 3.8x multiple!; Telegram’s $30b valuation!; SpaceX Starship successful 3rd test-flight; Tiktok US at $153b valuation if standalone biz? | Pre-IPO Stock Market Update – Mar 15, 2024

2024-03-1510:02

00:07 | Stripe 2024 revenue at $17b?, only 3.8x multiple!- $1 trillion in 2023 total payment volume, +25% vs 2022- Stripe 15yrs vs PayPal 23yrs to get to $1t- Estimated $17b in 2023 revenue, positive cash flow- $65b Feb 2024 tender, 3.8x revenue multiple is a steal02:19 | Telegram’s $30b valuation!- 900m monthly active users, +80% vs 2021; on track for 1b users by Dec 2024- "hundreds of millions of dollars" from advertising and subscriptions revenue- $30b valuation from investors- Seeking IPO...

E103: Ripple's XRP up 20% last week, Buy Ripple the company or XRP (Ripple's crypto token)? X competing directly YouTube with new TV apps, X to be a distribution platform for independent content creators (news focus?), AI investor demand is stronger than

2024-03-1528:43

#box-pro-ellipsis-171725538444985{-webkit-line-clamp:2;}This Week in Pre-IPO Stocks