E95: Epic Games' $1.5b from Disney, $7T Altman raise!, Mag7 dominates VC investing, Apple Vision Pro
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Feb 14, 2024•47 min•Ep. 95
This Week in Pre-IPO Stocks
This Week in Pre-IPO Stocks reports on pre-IPO stock research, trends, trading, and venture capital funds. Visit www.agdillon.com for more.
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Episodes
E94: Epic Games takes $1.5b from Disney, Adam Neumann aims to “buy back” WeWork, ByteDance’s CapCut to drive AI innovation, Buy Now Pay Later moving to subscriptions, FTX’s $1.4b Anthropic stake, Databricks 4th acquisition in last 1yr, Hugging Face partne
Send us a text 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 Sacra revenue estimates 02:32 | Adam Neumann aims to “buy back” WeWork - Flow Global is Neumann’s new ...
Feb 09, 2024•14 min•Ep. 94
E92: Neuralink implants computer chip in human brain, FTX to make creditors whole!, Astera Labs $4b IPO in Mar 2024, Apple Vision Pro + AR and photorealistic avatars | Pre-IPO Stock Market Update – Feb 2, 2024
Send us a text 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! - Restructuring advisers told bankruptcy judge that FTX creditors are likely to be made whole - FTX Dec 2023...
Feb 02, 2024•9 min
E91: xAI raising $6b at $20 valuation or not?; Chime at $16b, +185% above 2ndary market valuation?; Lightspeed continuation fund sign of 2ndary market maturation | Pre-IPO Stock Podcast – Jan 29, 2024 | Clint Sorenson, Nick Fusco, Aaron Dillon
Send us a text 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 Telsa give him a competitive edge - Quality of X data for training AI models may have poor data integrity ...
Jan 30, 2024•20 min•Ep. 91
E90: xAI $6b raise at $20b valuation!, Kaspi.kz IPO at $17b, Klarna eyeing IPO at “triple digit” growth or valuation?, Figma down 50% after Adobe deals crumbles, ElevenLabs AI $1b valuation, Brex fires 282, Chipmaker Cerebras considering IPO | Pre-IPO Sto
Send us a text 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 | Kazakhstan fintech Kaspi.kz IPO at $17b - Kazakhstan fintech offering payments, e-commerce, buy now pay...
Jan 26, 2024•10 min•Ep. 90
E89: $15b-$20b valuation for Musk’s xAI, Reddit IPOs in March, Private stock markets mature in 2023, Own your personal data in AI-age, Milei’s WEF speech | Pre-IPO Stock Podcast – Jan 22, 2024 | Clint Sorenson, Nick Fusco, Aaron Dillon
Send us a text 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 tenders; Databricks, Canva, SpaceX, Stripe, OpenAI, Anthropic - ByteDance doing a buyback! - Private compa...
Jan 24, 2024•26 min•Ep. 89
E88: Reddit IPO in Mar 2024, Shein IPO in US, Musk to build AI outside of Tesla, SpaceX partners with John Deere, SpaceX new B2B Starlink offering, Synk acquires Helios, $330m raise for Electra | Pre-IPO Stock Market Update – Jan 19, 2024
Send us a text 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 Shein in indexes 01:19 | Musk to build AI outside of Tesla - Musk wants increased ownership of Tesla if ...
Jan 19, 2024•10 min•Ep. 88
E87: Circle (USDC) to IPO, Klarna replaces jobs with AI, Rabbit large action model hits, Discord lays off 17%, OpenAI GPT Store launches, Anthropic raises capital with VCs/SPVs vs investment bankers | Pre-IPO Stock Market Update – Jan 12, 2024
Send us a text 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’s on first day of offering; 10,000 units (goal was 500) - the Rabbit OS leverages a large language mo...
Jan 12, 2024•11 min•Ep. 87
E86: Carta’s public blow up; 2023 pre-IPO stock recap … Scale.AI, Databricks, SpaceX, Anduril, Chainalysis big winners + AI shops; 2024 pre-IPO stock outlook … its all AI and SpaceX | Pre-IPO Stock Podcast – Jan 8, 2024 | Clint Sorenson, Nick Fusco, Aaron
Send us a text 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 - Carta can use cap table data but any product/service would need to benefit their startup clients; e.g. Carta Ven...
Jan 09, 2024•42 min•Ep. 86
E85: $5.0b in OpenAI revenue?!, OpenAI valuation up 16% to $100b, Fidelity cuts X 71% to $12.5b, SpaceX’s satellite-to-cell launches, xAI now a benefit corp, OpenAI cutting publisher licensing deals, TikTok + Peloton partnership | Pre-IPO Stock Market Upd
Send us a text 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 tender at $180b 01:16 | Fidelity cuts X 71% to $12.5b - Fidelity cut its X position valuation by 10.7% in...
Jan 05, 2024•8 min•Ep. 85
E84: Revolut £1.5b 2023 revenue, $20b Adobe+Figma deal off, ByteDance $110b 2023 revenue, Anthropic raise at $18b valuation, Stripe revenue up 35%, Flexport plans 3x 2024 revenue | Pre-IPO Stock Market Update – Dec 22, 2023
Send us a text 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 - Tbd on Figma’s currently valuation; Canva, a competitor, is at $25.3b down 37% from its last primar...
Dec 22, 2023•9 min•Ep. 84
E83: Emerging tech trends; 2013 to 2023, 2023 to 2023 … AI, biotech, brain-computer interface, data, [humanoid] robots | Pre-IPO Stock Podcast – Dec 18, 2023 | Clint Sorenson, Nick Fusco, Aaron Dillon
Send us a text 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 appliances) - Emergence and growth of blockchain and cryptocurrencies - Increased focus on data analytics and ...
Dec 19, 2023•35 min•Ep. 83
E82: SpaceX ups tender to $180b, TikTok Shop posts 5m new customer in Nov 2023, Blue Origin to launch rocket, Mistral AI’s $2b valuation, OpenAI contracts with Politico and Business Insider, Harvey’s $700m valuation | Pre-IPO Stock Market Update – Dec 8,
Send us a text 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, covers shipping, and covers discounts - Brands like Mondelez and Benefit Cosmetics have adopted the servi...
Dec 15, 2023•10 min•Ep. 82
E81: $5b ByteDance buyback at $268b, New SpaceX tender at $175b valuation, Epic Games LEGO Fortnite a MASSIVE success | Pre-IPO Stock Podcast – Dec 11, 2023 | Clint Sorenson, Nick Fusco, Aaron Dillon
Send us a text 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 - SpaceX announced their Dec 2023 tender - $175b valuation at $95.00/share - Raising $500m to $750m - +...
Dec 12, 2023•24 min•Ep. 81
E80: SpaceX’s $175b valuation, ByteDance $5b buyback at $268b valuation, Navan fires 5% of staff, X.AI to raise $1.0b | Pre-IPO Stock Market Update – Dec 8, 2023
Send us a text 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 as of Mar 2023 - +37% from implied valuation of $196b based on secondary market price performance - $29...
Dec 08, 2023•8 min•Ep. 80
E79: $32b Shein 2023 revenue, 50% Canva YoY revenue growth rate, KISS avatar show coming soon, Freedom of speech and pre-IPO stocks | Pre-IPO Stock Podcast – Dec 4, 2023 | Clint Sorenson, Nick Fusco, Aaron Dillon
Send us a text 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 | $32b Shein 2023 revenue - Shein looking to IPO in 2024 - Headquartered in Singapore (developed market), o...
Dec 06, 2023•31 min•Ep. 79
E78: Shein IPO!, Canva IPO!, Anthropic +42% in 2ndary market, $323m for Neuralink | Pre-IPO Stock Market Update – Dec 1, 2023
Send us a text 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 people paralysis, neurodegenerative diseases, or simple connect their brain to the internet - $43m addit...
Dec 01, 2023•9 min•Ep. 78
Josh Brown + Aaron Dillon >> SpaceX overview, Starlink IPO, revenue forecasts ; OpenAI governance, CEO changes, latest drama | The Compound and Friends – Nov 21, 2023
Send us a text 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 payloads typically include resupplying the space station, deploying satellites, and transporting astronaut...
Nov 22, 2023•22 min•Ep. 77
E76: OpenAI + Microsoft CEO shuffle, SpaceX Starship successful test flight, Brex/Ramp new AI tools | Pre-IPO Stock Podcast – Nov 20, 2023 | Clint Sorenson, Nick Fusco, Aaron Dillon
Send us a text 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 - OpenAI announced Emmett Shear is interim CEO ... Shear was former CEO of Twitch 07:48 | SpaceX Starship su...
Nov 21, 2023•29 min•Ep. 76
E74: $15b of 2024 SpaceX revenue, Shein to IPO!, Klarna to IPO!, xAI launches LLM model, OpenSea lays off 50% | Pre-IPO Stock Market Update – Nov 10, 2023
Send us a text 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 - xAI is an independent company from X and has yet to raise external capital 02:07 | OpenSea lays off 5...
Nov 10, 2023•8 min•Ep. 74
E73: Anthropic +400% in 5 months, X.com -57% to $19b, Andreessen is a Techno-Optimist, SpaceX 2nd Starship attempt | Pre-IPO Stock Market Update – Nov 3, 2023
Send us a text 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 response to government and public apprehension on AI, the metaverse, nuclear technology, and other emerging tech 01:40 ...
Nov 03, 2023•9 min•Ep. 73
E72: Deel is a screaming buy?, $2b Google investment into Anthropic, Can X/Twitter be the ‘everything app’ | Pre-IPO Stock Podcast – Nov 1, 2023 | Clint Sorenson, Nick Fusco, Aaron Dillon
Send us a text 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 2021 and 417% from May 2021 to 2022 03:40 | $2b Google investment into Anthropic, White House AI executive o...
Nov 02, 2023•21 min•Ep. 72
E71: Plaid IPO?, NY State sues Gemini, Amazon + humanoid robots, AI and your kids/business | Pre-IPO Stock Podcast – Oct 23, 2023 | Clint Sorenson, Nick Fusco, Aaron Dillon
Send us a text 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 valuations, broader current investor base … Plaid, Databricks, Stripe 06:53 | NY State sues Gemini - Gemini’s...
Oct 24, 2023•36 min•Ep. 71
E70: $10b valuation for Anduril, OpenAI next “App Store”, Loom acquired for $975m, Flexport lays of 20% staff | Pre-IPO Stock Market Update – Oct 13, 2023
Send us a text 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 - current tender offer at $90b, 210% above its Apr 2023 round just 7 months ago 02:51 | Loom acquired fo...
Oct 14, 2023•6 min•Ep. 70
E69: ByteDance nearing Meta revenue?!, Wegovy/Ozempic’s impact on society, FTX creditors made whole via Anthropic | Pre-IPO Stock Podcast – Oct 10, 2023 | Clint Sorenson, Nick Fusco, Aaron Dillon
Send us a text 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 private markets - ByteDance is undervalued due to US regulatory concerns? - Tiktok US is not a big part of...
Oct 11, 2023•25 min•Ep. 69
E68: +300% for Anthropic since May, $24b Q1 revenue for ByteDance, Revolut locks a win with SoftBank, JasperAI down 20%, Chainalysis lays off 15% | Pre-IPO Stock Market Update – Oct 6, 2023
Send us a text 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 ’23 round - 200x valuation multiple!!! - Anthropic's partnership with Amazon is expected to materially ...
Oct 06, 2023•8 min•Ep. 68
E67: How to play the AI investment opportunity, Zuckerberg will change the world with augmented reality, Recent IPOs a success | Pre-IPO Stock Podcast – Oct 2, 2023 | Clint Sorenson, Nick Fusco, Aaron Dillon
Send us a text 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 reality solutions to hologram people into real-world settings for business or personal use - Photoreal...
Oct 03, 2023•34 min•Ep. 67
E66: OpenAI up 200% at $90b, $4b raise for Anthropic, Jony Ive’s AI hardware, Microsoft moves from OpenAI (a bit), Faire takes Shopify $s, 16% layoff at Epic Games | Pre-IPO Stock Market Update – Sep 29, 2023
Send us a text 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 the development of a new AI hardware device - SoftBank CEO Masayoshi Son involved - Altman is investor...
Sep 29, 2023•9 min•Ep. 66
E65: Next IPOs? Stripe, Klarna, eToro, Databricks; Neuralink puts computers in human brains; TikTok Shop ramps up US presence; Flexport founder Ryan Peterson back as CEO | Pre-IPO Stock Market Update – Sep 22, 2023
Send us a text 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 computers in brains - First brain-computer interface (BCI) human trail approved by FDA - Goal is to allow p...
Sep 22, 2023•11 min•Ep. 65
E64: Arm up 25% on IPO, Databricks raises at $43b, Starlink revenue up 533%, Dimon tells founders to “grow up”, | Pre-IPO Stock Market Update – Sep 15, 2023
Send us a text 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, don’t wait too long.” 02:15 | Databricks raises at $43b - $500m led by TRowe, Nvidia participated - ...
Sep 15, 2023•8 min•Ep. 64
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