This Week in Pre-IPO Stocks

Send us Fan Mail Pre-IPO stock valuations = www.x.com/aarongdillon (see pinned post) Pre-IPO stock index fact sheet = www.agdillon.com/index Pre-IPO stock funds = www.agdillon.com/funds 00:06 | No IPOs for Stripe - Online payments company - Stripe co-founder, John Collison; Stripe will continue to do tenders in the future - Two tenders in the last two years, perhaps one tender a year? - Tender off...

Send us Fan Mail 00:00 - Introduction 00:32 - Tesla's Optimus Robot and market projection 07:00 - Pre-IPO AI/robotics companies 14:36 - Personal and business applications of AI 19:01 - AI in legal and compliance 32:00 - Personal applications of AI 36:01 - Space mining and the future of the space economy

Send us Fan Mail Pre-IPO stock valuations = www.x.com/aarongdillon (see pinned post) Pre-IPO stock index fact sheet = www.agdillon.com/index 00:07 | Mistral’s new $6.2b valuation - French AI large language model company - Raised $645m at $6.2b valuation - General Catalyst led; Nvidia, Salesforce, IBM participated - Capital to be used to expand globally - Tech is compliant with new EU AI regulation...

Send us Fan Mail SHEIN to IPO at $64b, pre-IPOs future impact on public market indexes - Online fashion retailer, manufactures cloths in China - $64b IPO valuation - Net income = $2b 2023, $700m 2022, $1.1b 2021 ; Revenue = $45b 2023 ; 1.4x revenue multiple, very low! - Secondary market activity for Shein is very low, high volatility … $80m in bids, $85m in offers (per ApeVue) - MSCI EAFE Index on...

Send us Fan Mail Pre-IPO stock valuations = www.x.com/aarongdillon (see pinned post) Pre-IPO stock index fact sheet = www.agdillon.com/index 00:07 | Databricks buys Tabular - AI-focused data management company - Tabular = $1b acquisition, 40 employees, founded 2021 - Tabular to enhance Databricks AI capabilities - $1.6b in 2023 revenue, +50% vs 2022 - $42b secondary market valuation 00:57 | Shein...

Send us Fan Mail AI SHOPS SELLING -Inflection AI sold to Microsoft and Stability AI, Humane looking to sell -Inflection AI sold for $650m; investors get 10% to 50% return on investment -Stability AI last published round in Oct 2022 at $1.0b; $5m Q1 2024 revenue, -$30m Q1 2024 net income, $100m in outstanding payables to cloud computing providers -Humane looking for a $750m to $1b price tag -Winner...

Send us Fan Mail 00:07 | OpenAI inks PwC deal 01:16 | OpenAI inks deal with Grab 02:07 | OpenAI data deal with The Atlantic, Vox Media 03:13 | OpenAI ChatGPT Edu launches 04:43 | Grafana Labs new funding round 05:24 | Klarna profitable in Q1 06:53 | Mistral AI coming to US 07:30 | Stripe’s new UK products 08:48 | Databricks’ $1.6b revenue 09:45 | Revolut and Africa 11:01 | Epic Games following You...

Send us Fan Mail 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...

Send us Fan Mail 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 la...

Send us Fan Mail Pre-IPO stock valuations = www.x.com/aarongdillon (see pinned post) Pre-IPO stock index fact sheet = www.agdillon.com/index 00:07 | 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 secon...

Send us Fan Mail 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...

Send us Fan Mail 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 B 01:49 | Chime fined by CFPB  - online checking and savings accounts - fined $3.25m for failing to refund customer funds on a timely bas...

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Send us Fan Mail 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 price 02:42 | OpenA...

Send us Fan Mail 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 $66b 01:29 | X/Twitte...

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Send us Fan Mail 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 $10.7b 01:31 | Ramp raises at $7.6b - Spend management company - $15...

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Send us Fan Mail 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 cap 01:09 | OpenAI extends $86b tender - Extending $86b tender to former em...

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Send us Fan Mail 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 year 01:29 | OpenAI 600,000 business users - Custom model program is driving growth in business users - 600,000 business users, +300% increase from Jan 2024 (ju...

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Send us Fan Mail 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 valuation 01:29 | Amazon $4b total into Anthropic - Amazon puts in $2.75b for a $4.0b into Anthropic - Amazon largest investment in external...

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