This Week in Pre-IPO Stocks

Send us Fan Mail 00:08 | Shein files for US IPO - $32b 2023 revenue run rate, +41% from 2022 … following a 45% year over year increase 2022 vs 2021 - $66b as of May 2023 Series G; Sequoia Capital, General Atlantic, Mubadala invested - Goldman Sachs, JPMorgan, Morgan Stanley are lead underwriters for IPO 01:41 | Neuralink raises $323m - Neuralink offers brain-computer interface solutions to help pe...

Send us Fan Mail Full TCAF episode = https://podcasts.apple.com/us/podcast/sam-altman-and-openai-spacex-and-starlink-nvidia-earnings/id1456467014?i=1000635616090 01:31 | SpaceX overview, Starlink IPO, revenue forecasts - SpaceX is a space payload delivery and satellite interne business. They have developed reusable rocket technology, significantly reducing the cost of space missions. - SpaceX payl...

Send us Fan Mail 00:15 | OpenAI + Microsoft CEO shuffle - Sam Altman (CEO) fired on Friday by board of directors - Greg Brockman (President) and other senior OpenAI employees resign on Friday - OpenAI investors demand that board bring back Altman, Brockman, and other employees that resigned - Monday AM ... Microsoft announces that Altman, Brockman, and other OpenAI execs are going Microsoft - Open...

Send us Fan Mail 00:07 | Klarna to IPO! - Klarna, a buy now pay later company, is setting up a new British holding company, a step towards a potential IPO - Current secondary market valuation is $6.2; IPO rumored at $15b, 142% increase 01:17 | xAI launches LLM model - Grok is xAI’s first product, a LLM model to compete with OpenAI ChatGPT and Google Bard - Grok has been trained on X/Twitter data -...

Send us Fan Mail 00:10 | Andreessen is a Techno-Optimist - Marc Andreessen is co-founder of Andreessen Horowitz, a $35b AUM venture capital firm - "The Techno-Optimist Manifesto" celebrates potential of technology, markets, and human intelligence for societal progress and abundance - Challenges tech stagnation, anti-technology sentiment, and excessive tech regulation - Created in respons...

Send us Fan Mail 00:14 | Deel is a screaming buy? - global HR payroll and compliance provider; 15,000 active customers, $5.5b payroll payments processed - $12.5b implied secondary market valuation, up from last round in May 2022 at $12.1b - Deel was -53% in Mar 2023 in the secondary from May 2022 primary round but is now up 33% from its secondary lows - Deel's revenue grew 470% from 2020 to 2...

Send us Fan Mail 00:18 | Plaid IPO? - Plaid hired former Expedia exec, Eric Hart, as their CFO, sparking IPO rumors - Plaid laid off 20% of their staff in 2022, IPO prep? - Visa's attempt to acquire Plaid for $5b was killed by regulators re: antitrust - Plaid at $15.4b implied secondary market valuation, +15% from Apr 2021 round at $13.4b valuation - “High quality” IPOs are coming … larger va...

Send us Fan Mail 00:10 | $10b valuation for Anduril - Raising $400m to $500m at a $10b valuation, 17.6% increase from last round - Use of funds = acquisitions, research/development - Recently won $1.0b contract from US Special Ops Command 01:07 | OpenAI next “Apple App Store” - releasing developer tools on Nov 6 conference - updates will reduce costs by 20x and include vision/image capabilities -...

Send us Fan Mail 00:26 | ByteDance nearing Meta revenue?! - ByteDance nearly reaching Meta-level in quarterly revenue; Meta $28.6b vs ByteDance $24.5b - Cash flow +$6.8b in Q1, profit of $2.7b, cash reserves at $30.4b - ByteDance has current secondary market valuation of $211b, Meta has a $820b market cap - Mutual funds (e.g. Fidelity) are valuing ByteDance much higher vs other players in the priv...

Send us Fan Mail 00:08 | JasperAI down 20% - Jasper AI, previously a leading player in generative AI, has decreased its internal valuation to $1.2b from $1.5b - 2023 ARR down 30% - CEO and co-founder Dave Rogenmoser stepped down, replaced by former Dropbox president Timothy Young 01:29 | +300% for Anthropic since May - Anthropic to raise additional $2b at $20b to $30b valuation, up 300% from May ’...

Send us Fan Mail 00:29 | Zuckerberg will change the world with augmented reality  - Mark Zuckerberg, CEO of Meta, was interviewed by podcaster Lex Fridman using Meta-driven photorealistic avatars in the metaverse - Fridman, an MIT professor, was deeply moved by the experience predicting photorealistic avatars could “change the world” - Zuckerberg highlighted that very soon Meta will have augmented...

Send us Fan Mail 00:09 | OpenAI up 200% at $90b - In discussions for a share sale at $80b to $90b valuation - Revenue project at $1b in 2023, multi-billion in 2024 - Employees will sell shares in round, CEO Altman signaled no desire to IPO or be acquired 01:13 | Jony Ive’s AI hardware with OpenAI’s Sam Altman - Jony Ive, renowned iPhone designer, and OpenAI CEO Sam Altman are reportedly exploring...

Send us Fan Mail 00:10 | Next IPOs? Stripe, Klarna, eToro, Databricks - Stable IPO valuations are favorable for pre-IPO companies, market is ready for more IPOs - Arm, Instacart, Klaviyo IPOs bring transparency to private primary and secondary market valuations/multiples - Probable next IPOs with go logic = Stripe, Klarna, eToro, Databricks, Starlink spun out of SpaceX 04:00 | Neuralink puts compu...

Send us Fan Mail Investing in pre-IPO stocks = www.agdillon.com 00:10 | Arm up 25% on IPO - Arm is 90% owned by Softbank - IPOed at $54.5b, closed at $65b - Last round at $64b in Aug 2023 - Apple, Google, Nvidia purchased $735m of shares 01:37 | Dimon tells founders to “grow up” - Dimon says 2020/2021 valuations were overpriced - “…if you can go public, you want to go public, you need to go public...

Send us Fan Mail 00:32 | Arm, Instacart, Klaviyo IPOs all valued - Arm = $55b vs $64b last round in Aug 2023, 10x oversubscribed - Instacart = $9b vs $39b last round in Mar 2021 and $12b last internal valuation in Mar 2023 - Klaviyo $6.8b vs last round at $9.5b, updated to $8.6b Tue morning - Bankers are priming these companies for a big pop in the public markets 08:53 | VCs/LPs selling in the pri...

Send us Fan Mail 00:09 | Redwood raises $1.0b! - Redwood Materials, a battery recycling startup, raised $1 billion in a Series D round co-led by Goldman, T Rowe Price at an estimated $5.0b valuation - US Dept of Energy also provided a $2 billion loan 00:41 | Greyscale beats SEC in lawsuit for spot BTC ETF? - Federal appeals court challenges SEC's denial of Grayscale's bitcoin spot ETF ap...

Send us Fan Mail 01:13 | Enhanced performance reporting requirements for VC/PE/RE funds - Private funds are required to deliver a fee table and performance reporting similar to mutual funds/ETFs, some metrics are difference for VC/PE/RE funds - A standardized approach to performance reporting will lead to a renewed focus on marking assets to market prices - Late stage pre-IPO positions should use...

Send us Fan Mail 00:10 | Tiger sells Cohere AI stock - Tiger Global is close to selling shares in AI startup Cohere at a $3b valuation, 40% rise since Cohere’s last round in June - Cohere, competing with Anthropic and OpenAI, focuses on AI for tasks like email and document processing 00:51 | Arm IPO - British chipmaker Arm hints at an IPO despite 2.5% revenue decline and a 50% profit drop - SoftBa...

Send us Fan Mail 00:24 | Instacart’s IPO - Home delivery or store pick groceries is very popular - Instacart did not have a primary round since they top ticked in 2021 at $39b - Very interesting to see where IPO will be priced, secondary has Instacart at $11.4b implied valuation 06:48 | Databricks cuts deal with Microsoft - Microsoft is letting customers create their own AI models with Databricks...

Send us Fan Mail 00:31 | ByteDance $15b 2022 net profit  - Revenue growth decreased from 68% to 25%, prompting a search for a new growth engine - TikTok's access to the US ad and commerce market is becoming increasingly vital, TikTok's e-commerce business 01:15 | Wiz $10b valuation - Wiz, a cloud security company, raised $300 million in a Series D  at a $10b valuation - Wiz claims to be...

Send us Fan Mail 00:28 | Canva valuation drops 36% - Coatue Management and ICONIQ Capital acquired Canva shares at a $25.5b valuation, -36% from its $40b in 2021 - T Rowe Price marked down its Canva stake by 67.6% in Jun 2023 - Despite the decrease, Canva's co-founder views the valuation as "solid" 01:15 | Neuralink raises $280m - Neuralink secured $280m in a series D round led by F...

Send us Fan Mail 00:45 | Will pre-IPOs chose the SPAC structure (Better)? - SPACs are still around in 2023; 16 SPACs having IPO'd and 64 having de-SPACed in H1 2023 - There are pros/cons of the SPAC structure vs traditional IPOs. SPACs have been speculative recently due retail optimism and platforms like Reddit - Reputable companies prefer the traditional IPO route with support of big investm...

Send us Fan Mail www.agdillon.com to invest in pre-IPO stocks like SpaceX and OpenAI 00:29 | Stripe returns to profitability - Stripe aims to increase its workforce by up to 12% by 2024, a move to return to profitability - $100 million in adjusted 2023 ebitda, -$75 million in 2022 01:26 | Twitter’s new brand/direction - Twitter rebrands to X - X aims to be the China’s WeChat for the US market; soc...

Send us Fan Mail SpaceX hits $5b in revenue, Kardashian’s Skims raises $270m, Binance fires 1000 employees, Tucker Carlson to start new media company, Oddity Tech’s successful IPO | Pre-IPO Stock Market Update - Jul 14, 2023 00:30 | SpaceX hits $8b in revenue - SpaceX's 2023 revenue is projected at $8b, up 100% from 2022 - Starlink's estimated $2b annualized run rate revenue - $3 billion...

Send us Fan Mail 00:35 | Air AI could be your next sales person  - Air AI launches product that can act as a sales person or customer service rep - Imaging 100,000 sales people at your fingertips - Could lead to AI wars … my AI is talking to your AI and no humans every speak - There could be an 18 month window where early adopters really benefit 12:02 | Elon Musk launches xAI - AI companies are st...