All episodes of This Week in Pre-IPO Stocks

Episodes

E129: !!! Emerging Technology Week !!! Humanoid robots, How are you using AI?, Space mining

00:00 - Introduction00:32 - Tesla's Optimus Robot and market projection07:00 - Pre-IPO AI/robotics companies14:36 - Personal and business applications of AI19:01 - AI in legal and compliance32:00 - Personal applications of AI36:01 - Space mining and the future of the space economy

Published 06/19/24

E128: OpenAI $3.4b ARR, Mistral’s new $6.2b valuation, Databricks revenue +60% vs 2023, Brex revenue +35% in 2023, Investment case for electricity?!

Pre-IPO stock valuations = www.x.com/aarongdillon (see pinned post)Pre-IPO stock index fact sheet = www.agdillon.com/index00:07 | 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 regulation00:48 | OpenAI $3.4b ARR- AI large language model provider, partnerships with Apple and Microsoft- $3.4b ARR as of May 20...

Published 06/14/24

This Week in Pre-IPO Stocks

Published 06/14/24

E127: SHEIN to IPO at $64b, pre-IPOs future impact on public market indexes; OpenAI wins Apple Siri deal, +14% on news; Cohere $5b round, how many AI LLM platforms winners?

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 once public? Headquartered in Singapore, manufactures in China, customers in US/Europe (not China)- Great example of how ...

Published 06/11/24

E126: OpenAI +14% on Apple Siri deal, Shein $64b IPO on LSE, SpaceX Starship successful 4th test flight, Databricks buys Tabular for $1b, Cohere new $5b valuation, Carta down to $2b valuation

Pre-IPO stock valuations = www.x.com/aarongdillon (see pinned post)Pre-IPO stock index fact sheet = www.agdillon.com/index00:07 | 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 valuation00:57 | Shein to IPO- Online fashion retailer, manufactures cloths in China- $64b IPO valuation- Net income = $2b 2023, $700m 2022, $1.1...

Published 06/07/24

E125: Dislocation in the pre-IPO stock secondary markets vs primary markets, AI M&A activity ramping up, AI "sub" asset classes emerging, AI application/implementation layer paramount for AI ecosystem revenue

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-Winners and losers are starting to shape up in the AI play?-AI "asset classes" ; chips, cloud, data, models, application/impl...

Published 06/04/24

E124: OpenAI used by 93% of Fortune 500, PwC to sell ChatGPT; Grafana Labs $6b valuation; Klarna $22m Q1 profit; Databricks $1.6b in 2023 revenue; Epic Games $800m in Fortnite in-game economy; xAI $24b valuation, now 8th largest pre-IPO stock; CoreWeave

Published 05/31/24

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

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...

Published 05/24/24

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

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...

Published 05/21/24

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; St

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 ...

Published 05/17/24

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

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...

Published 05/14/24

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!

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...

Published 05/09/24

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

Published 05/08/24

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

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...

Published 05/03/24

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)

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...

Published 04/26/24

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

Published 04/24/24

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

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...

Published 04/19/24

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

Published 04/17/24

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

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 employees - $150/share price - Revenue: $2.0b in Dec 2023 annualized, $5.0b in Dec 2024 forecast - $103b current...

Published 04/15/24

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

Published 04/09/24

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 U

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 (just 3 months ago) - OpenAI raised a round at $100b valuation in Jan 2024 02:37 | SpaceX Starship test #4 in early...

Published 04/05/24

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?

Published 04/02/24

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

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 company in 30 yr history - Anthropic to spend $4b at AWS and $3b at Google Cloud (also an investor) - $18.4b...

Published 03/29/24

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

Published 03/27/24

E106: Noland Arbaugh controls a computer with his brain (Neuralink), Reddit IPO +48% day 1, Astera Labs IPO +72% day 1, $891b SpaceX 5yr valuation forecast, $610b OpenAI 5yr valuation forecast

00:09 | Noland Arbaugh controls a computer with his brain (Neuralink) - 29yr old is a quadriplegic, Neuralink implanted into his brain last month - Live stream of Arbaugh using only his brain to move a computer cursor, play chess, and play video games - Implant is size of a large coin; 1,024 electrodes connected to brain for neural signal transmission - Neuralink is pre-revenue; $4b secondary market valuation, +14.5% from its last round in Nov 2023 01:52 | Reddit IPO +48% day 1 - Social...

Published 03/22/24