Send us a text 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 private market secondary - VCs and LPs are selling positions in the private secondary market - Notable is...
Sep 12, 2023•34 min•Ep. 63
Send us a text 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 application - Court says SEC’s decision was "arbitrary and capricious" - Bitcoin-related assets surge 02:06 | Open...
Sep 01, 2023•8 min•Ep. 62
Send us a text 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 an ApeVue-like product that sources real world prices from 20+ institutional brokers 06:16 | 3rd party...
Aug 29, 2023•31 min•Ep. 61
Send us a text 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 - SoftBank's Vision Fund recently valued Arm at $64b by purchasing 25%; market speculation on whether this val...
Aug 25, 2023•6 min•Ep. 60
Send us a text 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 - Microsoft appears to have an open architecture model with OpenAI and Databricks - Databricks is up 5...
Aug 22, 2023•6 min•Ep. 59
Send us a text 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 the fastest to reach $100 million in ARR, 35% of the Fortune 100 as customers 02:00 | Parade sells to Ariela &...
Aug 18, 2023•8 min•Ep. 58
Send us a text 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 Founders Fund - The company focuses on brain-computer interface technology for human implantation - PitchBook estimate...
Aug 11, 2023•6 min•Ep. 57
Send us a text 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 investment banks and proper roadshows 09:08 | Pre-IPOs give employees liquidity (eToro) - High growth private comp...
Aug 08, 2023•27 min•Ep. 56
Send us a text 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; social, messaging, payments, app store - X has reduced advertising prices 03:35 | Shein’s record profit -...
Jul 28, 2023•8 min•Ep. 55
Send us a text 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 in 2023 EBITDA (37% profit margin) 01:38 | Kardashian’s Skims raises $270m - Skims’s Series C funding round val...
Jul 21, 2023•7 min•Ep. 54
Send us a text 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 starting to trade in the secondary market - Look to the blue chips LPs are investing to see who the winne...
Jul 19, 2023•24 min•Ep. 53
Send us a text Databricks acquires MosaicML, SpaceX $150b valuation and monopoly, Robinhood acquires X1, Anduril acquires Adranos, Shein competes with Amazon | Pre-IPO Stock Market Update - Jun 30, 2023 00:30 | Databricks acquires MosaicML - Databricks acquires MosaicML for $1.3 billion, aiming to bolster its machine learning sector - Deal enhances Databricks' offerings, underscoring the value and potential growth of AI 01:07 | SpaceX $150b valuation, defacto monopoly per WSJ - SpaceX completes ...
Jul 09, 2023•10 min•Ep. 52
Send us a text Robinhood buys X1, EDX new crypto exchange, OpenAI app store?, Tiktok e-commerce in UK, Twitter in video/payments | Pre-IPO Stock Market Update - Jun 23, 2023 00:30 | Robinhood buys X1 - Robinhood has acquired X1, an emerging credit card startup, for $95m - Robinhood is set to introduce a range of credit card offerings for its 30m+ user base 01:09 | EDX new crypto exchange - Fidelity, Schwab, and Citadel are backing the newly launched cryptocurrency exchange, EDX - SEC lawsuit vs ...
Jun 23, 2023•10 min•Ep. 51
Send us a text Databricks revenue surpasses $1.0b, SpaceX hires 14-year-old Kairan Quazi, Epic Games puts your face in the metaverse | Pre-IPO Stock Podcast – Jun 19, 2023 | Clint Sorenson, Jack Dreifuss, Luke Oliver, Aaron Dillon 00:44 | Databricks revenue surpasses $1.0b - Databricks, a data analytics company, has surpassed $1 billion in revenue, with a 60% year-over-year growth rate. - The interviewees discuss the importance of investing in infrastructure and data analytics to capitalize on t...
Jun 20, 2023•31 min•Ep. 50
Send us a text 1-person company sells for $54m, Revolut marked down 40%, Databricks revenue up 60%, AI delivers $10b for Microsoft, Stripe + FedNOW, Brex's $100m ARR two times, 14 yr old hired at SpaceX, Epic Games puts your face in the metaverse | Pre-IPO Stock Market Update - Jun 16 , 2023 00:36 | 1-person company sells for $54m - WarGraphs, a single-employee gaming startup, sold to MOBA Networks for an impressive $54 million without external funding. - Their popular League of Legends companio...
Jun 16, 2023•10 min•Ep. 49
Send us a text Neuralink’s FDA approval for chips in brains, Klarna posts strong Q1 financials, Instacart’s new ad business is big, AI: data ownership, every company needs to be an AI company | Pre-IPO Stock Podcast – Jun 5, 2023 | Clint Sorenson CFA, CMT, Nick Fusco, Jud Mackrill, Aaron Dillon Neuralink’s FDA approval for chips in brains - Neuralink could revolutionize healthcare and other industries by providing solutions for conditions like Parkinson's, Alzheimer's, and paralysis - Neuralink ...
Jun 06, 2023•33 min•Ep. 48
Send us a text Klarna’s great Q1, TikTok Shop launches, Chime revenue up big, Neuralink to put chips in human brains, Instacart drives ad revenue, Revolut + 30m customers, Starlink wins Pentagon contract | Pre-IPO Stock Market Update - May 26, 2023 00:33 | Klarna’s great Q1 - Klarna reports a 50% reduction in net loss in its Q1 results. - Revenue boost driven by customer adoption and merchant partnerships, signaling the growing popularity of Klarna's flexible payment options. - Klarna’s current ...
Jun 02, 2023•8 min•Ep. 47
Send us a text Pre-IPO Stock Market Update - May 19, 2023 | Anthropic raises $50m, OpenAI launched iOS app, Meta + Magic Leap partnership, Flexport adds Uber trucking expert, Waymo + Uber partner, Starlink has 1.5m subscribers, Goldman invests in Go, Turo releases 2022 financials, Panera IPO, Revolut receives Brazil bank license 00:35 | Anthropic raises $450m Anthropic, an AI research firm, secures $450 million funding led by Baillie Gifford and Insight Partners. Founded by ex-OpenAI researchers...
May 25, 2023•11 min•Ep. 46
Send us a text Pre-IPO Stock Market Update - May 12, 2023 | BofE rejects Revolut, Crypto industry (Coinbase) vs SEC, Shein raises a down round, Montana bans TikTok, OpenAI's Altman at Congress 00:29 | BofE rejects Revolut - The Bank of England plans to reject Revolut's UK banking license application over balance sheet concerns. - Revolut attributes the issue to auditor concerns about revenues. - Revolut’s last primary round was in Jul 2021 at $33b. They’re currently trading at a $15.6b in the se...
May 20, 2023•9 min•Ep. 45
Send us a text Pre-IPO Stock Market Update - May 5, 2023 | AI cloud storage + cloud server provider partnerships, Twitter new CEO, Instacart Q1 slower gross order volume, SoftBank big portfolio losses 00:32 | AI cloud storage + cloud server provider partnerships - Oracle and Microsoft are in talks for a potential agreement to rent servers to each other, aimed at addressing the shortage of computing power for their cloud customers using large-scale AI. - Oracle has found success by renting cloud ...
May 13, 2023•6 min•Ep. 44
Send us a text Pre-IPO Stock Market Update - Apr 21, 2023 | Tech billionaires + fusion, Klarna ad revenue growth, Discord financials disclosed, 'ChatGPT for Business' 00:33 | Tech billionaires invest into nuclear fusion companies - Sam Altman (OpenAI), Peter Theil (Founders Fund); Helion Energy ($3.7b val, Nov 2021) - Marc Benioff (Salesforce), Bill Gates (Microsoft); Commonwealth Fusion Systems ($1.8b val, Dec 2021) - Jeff Bezos (Amazon); General Fusion - Vinod Khosla (Khosla Ventures); Realta ...
Apr 28, 2023•10 min•Ep. 43
Send us a text Pre-IPO Stock Market Update - Apr 14, 2023 | Reddit charges AIs for API access, OpenAI investor terms, IPOs are coming!, Epic Games acquisition, SpaceX's Starship launches 00:34 | Reddit, Twitter and AI training and paying for data - Reddit will impose a paywall around its API - Pricing has yet to be determined - “The Reddit corpus of data is really valuable,” Huffman (CEO) said. “But we don’t need to give all of that value to some of the largest companies in the world for free.” ...
Apr 21, 2023•11 min•Ep. 42
Send us a text Pre-IPO Stock Market Update - Apr 07, 2023 | Buys stocks on Twitter powered by eToro, Databrick's ChatGPT competitor, SpaceX's Starship to launch next week, Tyler Siconolfi research (OpenSea, Deel) 00:31 | Twitter + eToro partner to bring stock trading to Twitter users - Twitter will allow users to view market charts on an expanded range of financial instruments and buy and sell stocks and other assets from eToro - Twitter cashtags will be expanded to cover far more instruments an...
Apr 14, 2023•8 min•Ep. 41
Send us a text Pre-IPO Stock Market Update - Mar 31, 2023 | China AI investments, Q1 startup funding vs prior year, Klaviyo IPO, ByteDance/Tiktok 2022 revenue, Instacart increases valuation 00:26 | China and AI - Chinese AI companies are commanding big valuations and are attracting a lot of capital from US investors - China AI companies must adhere to Chinese govt regulation ... this means they are limited on the data sets available to train their AI models - Sequoia has invested into a new comp...
Apr 07, 2023•7 min•Ep. 40
Send us a text Pre-IPO Stock Market Update - Mar 24, 2023 | New SpaceX capital raise, Epic Games launches new creator payout model, Klarna launches OpenAI plugin, Tyler's Corner (Deel, Databricks, Kraken) 00:34 | New SpaceX capital raise - Badeel (Saudi Arabia’s Water and Electricity Holding Company, part of Saudi's Public Investment Fund) and United Arab Emirates’ Alpha Dhabi are investing - $74 and $79 per share, ballpark $140 billion - Last round was $137b in Dec 2022 01:30 | Epic Games launc...
Mar 31, 2023•7 min•Ep. 39
Send us a text Pre-IPO Stock Market Update - Mar 17, 2023 | Tiger Global marks down pre-IPO stocks, eToro cap raise, Checkout launches debit card issuing, Tyler's Corner (Revolut, Rippling, SpaceX) 00:34 | Tiger Global marked down one of its venture fund portfolio by 33%, or $23b - SoftBank Group marks down 30% Vision Fund 2 ($48b) - Preferred shares play an interesting role in this valuation process Preferred shares have a liquidation preference, meaning that the preferred shareholder is guaran...
Mar 25, 2023•8 min•Ep. 38
Send us a text EPISODE #11 - This Week in Pre-IPO Stocks Podcast - Mar 23, 2023 | Fusco, Sorenson, Nero, Dillon 01:25 | Tiger marks down venture fund portfolio by 33%, or $23b 12:16 | Kraken suspends ACH, Silvergate/Signature under FDIC receivership, Coinbase gets wells notice 22:26 | Tiktok CEO testifies to Congress, Biden Administration has demanded that ByteDance divest Tiktok, Chinese govt responded that it did not approve, Tiktok influencers protest in DC 35:05 | AI update; Google Bard invi...
Mar 25, 2023•44 min•Ep. 37
Send us a text Pre-IPO Stock Market Update - Mar 10, 2023 | TikTok, Mint Mobile/Ryan Reynolds, OpenAI, Two new unicorns, Pre-IPO stocks down for the week but beat S&P big 00:29 | White House is demanding ByteDance to divest Tiktok - ByteDance current cap table; 60% global investors, 20% employees, 20% founders. The business is already majority owned by non-Chinese investors. - The company shares do give ByteDance founders control over the business, perhaps that needs to change. - ByteDance p...
Mar 17, 2023•9 min•Ep. 36
Send us a text EPISODE #10 - This Week in Pre-IPO Stocks Podcast - Mar 15, 2023 | Fusco, Sorenson, Nero, Dillon 00:53 | Post-SVB what comes next for venture debt 04:25 | Who fills the SVB product/service gap for venture capital firms and their portfolio companies 06:40 | How venture equity is impacted by changes in the venture debt market 13:26 | Pre-IPO market order activity update from Nick 14:25 | Commercial real estate issues impact on bank balance sheets Subscribe to the podcast... Youtube ...
Mar 15, 2023•22 min•Ep. 35
Send us a text Pre-IPO Stock Market Update - Mar 03, 2023 | Current valuations for largest pre-IPOs stocks, SVB's problems, One new decacorn, Two new unicorns, Pre-IPO stocks down for the week 00:29 | Current valuation analysis for large pre-IPO stocks - SpaceX and N26 are the only two companies to post positive gains from their last primary financing round; 9% and 1% respectfully - Big losers are Instacart (-77% since last primary round), Kraken (-68%), Chime (-67%) - Every stock – outside of S...
Mar 10, 2023•11 min•Ep. 34
