This Week in Pre-IPO Stocks

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Send us Fan Mail 00:10 | IPOs return in 2024?; Joshua Brown, Michael Batnick, CFA, + The Compound - Nasdaq has to be performing well for IPOs to come and perform well - the IPOs that are coming, e.g. Reddit, Inc., need to do well post-IPO if we want to see the flood gates open Subscribe to Josh & Michael's The Compound…. - YouTube = https://lnkd.in/e3tnDAXc - Podcast = https://lnkd.in/gN4...

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Send us Fan Mail 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 steal 02:19 | Telegram’s $30b valuation! - 900m monthly active users, +80% vs 2021; on track for 1b users by Dec 2024 -...

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Send us Fan Mail 00:11 | Stripe’s $65b valuation - Online payment infrastructure company - $1b buyback/tender at a $65b valuation; Sequoia and Goldman participated alongside Stripe itself - Stripe has $59.8b implied secondary market valuation prior to this announcement; $65b valuation is +8.7% increase - Second private company buyback in last few months; ByteDance $5b buyback from employees in Dec...

Send us Fan Mail 00:09 | Human controls computer with brain via Neuralink - A robot surgically implanted the Nueralink chip into the human’s brain - Human can control a computer mouse with just their brain - $4.2b implied secondary market valuation, +21.2% from last primary round in Nov 2023 01:17 | Reddit sells data to AI shop for $60m/yr - Filed S-1 for Mar 2024 IPO - Licensing data for AI train...

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Send us Fan Mail 00:10 | OpenAI hits $2b in run rate revenue - $0 to $2b revenue in only 1 year - Google 5 yrs to reach $1b in revenue, Meta 6 years - 92% of Fortune 500 use OpenAI - 100m weekly users - 18,000 OpenAI customers through Microsoft Azure - OpenAI currently raising a primary round at $100b valuation 01:16 | OpenAI launches Google Search competitor - Search partnership with Microsoft Bi...

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Send us Fan Mail 00:10 | Epic Games takes $1.5b from Disney - $22.5b valuation, Disney gets 7% stake of Epic - Star Wars, Marvel, Avatar character’s in Fortnite - Lego invested $1.0b at a $31.5b valuation in Apr 2022 - Disney transaction is -29% from Lego valuation - Disney transaction is +118% from secondary market valuation of $10.3b - 5.1x revenue multiple based on Disney transaction value and...

Send us Fan Mail 00:10 | Neuralink implants computer chip in human brain - FDA approved human trials in May 2023 - Goal is allow quadriplegics to control a phone or computer with their thoughts, product is called Neuralink Telepathy - 11 human surgeries planned in 2024 - $3.9b secondary market implied valuation, +12.5% from last primary round in Nov 2023 01:35 | FTX to make creditors whole! - Rest...

Send us Fan Mail 00:14 | xAI raising $6b at $20 valuation or not? - xAI is Elon Musk’s large language model; X owns 25% of xAI - Media stated xAI was raising $6.0b at a $20b valuation, $500m already raised - Musk posted on X that “xAI is not raising capital and I have had no conversations with anyone in this regard” … that seems pretty clear - Musk's infrastructure and data resources at X and...

Send us Fan Mail 00:09 | ElevenLabs AI $1b valuation - AI-powered browser-based app for generating lifelike voices; applications for audiobooks, film dubbing, game character voices, marketing - $80m Series B at $1.0b+ valuation; co-led by Andreessen Horowitz,  former GitHub CEO Nat Friedman - 10x increase vs last round in Jun 2023 - co-founded in 2022 by ex-Google and ex Palantir employee 02:00 |...

Send us Fan Mail 00:31 | Reddit IPOs in March - IPO coming in Mar 2024, S-1s coming end of Feb - Revenue growth from $400m in 2021 to $500m+ in 2023 - Only 10% of the company expected to float in the IPO - Reddit's last funding round was at a $10b valuation in Aug 2021 - Current secondary market valuation at $5.6b, 43% decrease 05:45 | Private stock markets mature in 2023 - Companies offering...

Send us Fan Mail 00:09 | Shein IPO in US - Shein filed with China securities regulator for its IPO (?) - Shein to IPO in US market (NYSE or Nasdaq) - Last valuation was May 2023; $66b post-money valuation, $2b raise - Company moved headquarters to Singapore from China … Singapore is a developed market (MSCI EAFE) vs China emerging market … interested to see where MSCI/FTSE Russell/S&P place Sh...

Send us Fan Mail 00:09 | Circle (USDC) to IPO - Circle offers the USDC stablecoin with a $25b market cap - company was to go public via SPAC in 2021 but deal fell apart - last round was $9.0b in Feb 2022 - good timing for IPO with bitcoin ETFs launching this week 01:13 | Rabbit large action model hits - Rabbit R1 is an AI first personal device that could replace your iPhone - Rabbit sold out of R1...

Send us Fan Mail 00:21 | Carta’s public blow up - Kerri Saarinen, CEO of Linear, complained on X about Carta's secondary brokers contacting his shareholders for secondary market stock sales - Saarinen raised concerns about the use of private data from Carta's cap table management for brokerage purposes - These conflicts are not new in financial services but Chinese walls are important -...

Send us Fan Mail 00:10 | SpaceX’s satellite-to-cell launches - 6 Starlink satellites launched providing satellite to cell service - Text messaging now; voice and data coming later - T-Mobile is US partner - In conversation now with cell providers in Australia, Switzerland, Canada, New Zealand, Chile, Peru, and Japan - Starlink to generate $10b in 2024 revenue - SpaceX is currently completing a ten...

Send us Fan Mail 00:09 | Revolut £1.5b 2023 revenue - £1.5b 2023 revenue, +76% vs £850m 2022 revenue - 300,000 new users weekly - 40 million total customers globally - $14.9b secondary market valuation, -55% from $33b primary round in Jul 2021 01:13 | $20b Adobe+Figma deal off - European/UK regulators suggested significant remedies that were rejected by Adobe - Adobe to pay Figma $1.0b breakup fee...

Send us Fan Mail 00:29 | 2013 to 2023 emerging tech trends; apps, social media, EVs, blockchain, cloud, data, clean energy - Mobile apps following the iPhone's release in 2008 - Shift from desktop to mobile platforms - Explosive growth in social media - Evolution of electric cars from a novelty to a mainstream choice - Integration of the Internet of Things (IoT) in daily life (e.g., smart app...

Send us Fan Mail 00:10 | SpaceX ups tender to $180b - Tender from $175b to $180b, or $97.00/share - +26.0% from beginning of 2023, +19.8% from last tender in Jul 2023 - Tender is seeing strong demand after SpaceX forecasted StarLink $10b in 2024 revenue vs $0 in 2020 01:28 | TikTok Shop posts 5m new customer in Nov 2023 - Blended social media with shopping - TikTok offers sellers 100% payouts, cov...

Send us Fan Mail 00:16 | $5b ByteDance buyback at $268b - $5b buy back at $160.00/share, or $268b valuation - First ever pre-IPO stock buy back??? - Pitchbook has a $220b valuation as of Mar 2023 - +37% from implied valuation of $196b based on secondary market price performance - $29 billion in Q2 and $85 billion annually with a 67% jump in net profit 10:08 | New SpaceX tender at $175b valuation -...

Send us Fan Mail 00:09 | SpaceX’s $175b valuation - SpaceX announced their Dec 2023 tender - $175b valuation at $95.00/share - Raising $500m to $750m - +17% from last round in Jul 2023 at $150b valuation - +28% from valuation at beginning of 2023, $137b valuation 01:07 | ByteDance $5b buyback at $268b valuation - $5b buy back at $160.00/share, or $268b valuation - Pitchbook has a $220b valuation a...

Send us Fan Mail 00:18 | Freedom of speech and pre-IPO stocks - Freedom of speech is the hot topic on social media and its impact on pre-IPO companies like ByteDance's Tiktok and X - Advertisers are a primary source of revenue for social media shops - Tiktok is moving into commerce, X is moving to subscription model and AI … a desire to migrate away from advertiser driven revenue model 07:36...