This Week in Pre-IPO Stocks

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 | OpenAI cuts data deal with Financial Times
- OpenAI to use FT data to train models, users to access FT summaries, quotes, and links
- FT to use OpenAI for AI-focused journalism tools
- $98.7b secondary market valuation, +14.8% from Apr 2024 primary round

03:53 | CoreWeave’s $19b valuation, +171% in 5 months
- AI-focused cloud provider
- $1.1b raised at $19b post-money valuation
- +171% from last round in Dec 2023, just 5 months ago
- Use of proceeds = increase data center infrastructure, expand to Europe
- Coatue led w/ Altimeter, Nvidia, Fidelity participating

05:08 | Anthropic launches mobile app
- iPhone app for Claude chatbot
- new subscription plan; $30/month/user for increased chatbot usage + new collaboration tools
- $18.4b valuation, +2.3% from Jan 2024 primary round

06:14 | Pre-IPO +0.16% for week, +25.87% for last 1yr
- Week winners: Neuralink +4.5%, Ramp +4.4%, Rippling +3.2%, Chainalysis +3.2%, Groq +2.5%
- Week losers: ConsenSys -8.8%, OpenAI -3.3%, Anthropic -1.9%, Chime -1.2%, eToro -1.0%
- Top valuations: ByteDance $293b, SpaceX $189b, OpenAI $99b, Stripe $74b, Databricks $43b

06:58 | +0.17% 2024 Pre-IPO Stock Vintage Index
- www.agdillon.com/index to see all 20 Pre-IPO Stock Vintage Indexes
- 2024 Vintage Index top contributors since inception: Rippling +73%, Stripe +58%, Klarna +34%, Revolut +34%, Anduril +30%
- 2024 Vintage Index top detractors since inception: None. All 10 constituents are in positive territory.
- Looking at all 20 vintages … here are the winners and losers for the week;
…winners = Rippling +3.2%, SpaceX +1.6%, Databricks +1.5% and
…losers = Automation Anywhere -20.9%, OpenAI -3.3%, Tanium -2.2%
- Rippling is in 2024 Vintage Index; 14% weight, +73% from index inception, +1.4% from last primary round

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/Twitter to launch TV app
- X TV App on all smart TV platforms
- X seeks to directly compete against YouTube
- Half of YouTube views are on its TV app and YouTube’s TV app has more viewership vs Netflix
- Fidelity, a X shareholder, has a $12.5b valuation for the company, -72% vs Musk’s Apr 2022 purchase price

02:55 | Tiktok US to have a $152b valuation
- US govt has passed a law requiring ByteDance to divest Tiktok US business in 1 year or less
- TikTok US has 170 million users
- AG Dillon believes TikTok US could have a valuation up to $152b if sold “as is”
- A $152b valuation places TikTok US as the 3rd largest pre-IPO stock globally

05:24 | xAI raising $6b at $18b valuation
- xAI is Elon Musk’s AI large language model business sourcing data from X/Twitter
- Sequoia leading $6b round
- Musk has already invested nearly $1b into xAI

06:19 | Stripe tech to accept stablecoin payments
- Online merchants using Stripe payment solutions will be able to accept payment in stablecoin cryptocurrencies
- Solana, Ethereum, and Polygon platforms will be initially accepted
- Stripe has a $74.1b secondary market valuation, +14% vs its Feb 2024 primary round

07:43 | Anduril wins another govt contract (unmanned jets)
- Anduril to develop and test unmanned fighter jets
- Potential to win multi-billion-dollar production contract in 2026
- US military aims to have a fleet of 1000 unmanned fighter jets
- Anduril has a $13.0b secondary market valuation, +53% vs its Dec 2022 primary round

08:42 | Pre-IPO +1.31% for week, +24.96% for last 1yr
- Week winners: Chime +17.2%, Ramp +3.5%, Stripe +1.5%, Chainalysis +1.2%, Bytedance +1.1%
- Week losers: OpenAI -2.7%, Anthropic -1.9%, Groq -1.5%, Flexport -0.9%, Revolut -0.7%
- Top valuations: ByteDance $289b, SpaceX $185b, OpenAI $100b, Stripe $74b, Databricks $42b

09:25 | +1.92% 2024 Pre-IPO Stock Vintage Index
- www.agdillon.com/index to see all 20 Pre-IPO Stock Vintage Indexes
- 2024 Vintage Index top contributors since inception: Stripe +56%, Rippling +50%, Klarna +32%, Revolut +28%
- 2024 Vintage Index top detractors since inception: None. All 10 constituents are in positive territory.
- Looking at all 20 vintages … here are the winners and losers for the week;
…winners = Chime +17.2%, Automation Anywhere +1.8%, Stripe 1.5% and
…losers = OpenAI -2.7%, Anthropic -1.9%, Revolut -0.7%
- Chime is in the 2021, 2022, and 2023 Vintage Indexes; 3% to 4% weight in these indexes so not a material impact to overall TVPI for indexes

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
- $150m raises at $7.6b post-money valuation
- 4x revenue increase vs 2022
- Surpassed $300m annualized revenue summer 2023
- 25,000 business customers
- Capital will be used to integrate AI into product suite
- $7.65b valuation is +14% from current secondary market valuation of $6.7b

02:44 | Klarna’s new US credit card
- Consumer credit tech company, constituent in AG Dillon Pre-IPO Stock 2024 Vintage Index
- Launching a credit card; pay by (a) buy now pay later installments or (b) revolving credit line
- Physical card and tap-and-pay with Apple/Google
- Up to 10% cash back on Klarna shopping marketplace app (like Amazon marketplace)
- $9.8b secondary market implied valuation, +45.6% vs its last primary round in Jul 2022

04:16 | AI clones in Hollywood
- Creative Artists Agency creating AI avatars of Brad Pitt, Reese Witherspoon
- Clear Angle Studios and Racket Sound scan/capture the actors’ bodily and vocal characteristics
- Actors have ownership of their digital likenesses
- Applications; reshooting scenes, dubbing in different languages

05:42 | Mistral raises at $5b
- AI large language models for developers to access with APIs
- Raising at a $5b valuation
- $2b valuation last round in Dec 2023
- $3b valuation increase in just 4 months!

06:54 | Anduril autonomous submarine for Australia Navy
- Defense technology company, constituent in AG Dillon Pre-IPO Stock 2024 Vintage Index
- Delivered Ghost Shark autonomous submarine for Australian Navy
- $90m contract for 3 Ghost Sharks
- $18.7b secondary market implied valuation, +39% vs its last primary round in Dec 2022

08:38 | Revolut changes bank partners in US
- Mobile banking company, constituent in AG Dillon Pre-IPO Stock 2024 Vintage Index
- Changes partner banks from Metropolitan Commercial Bank to Community Federal Savings Bank
- Metropolitan Commercial Bank fined $30m by the Fed/NY State banking regulators re: compliance issues for 3rd party program, MovoCash … could have contributed to decision
- No changes to product features or pricing
- $19.1b secondary market implied valuation, -42% from its last primary round in Jul 2021

09:33 | Pre-IPO +0.64% for week, +20.29% for last 1yr
- Week winners: Chime +17.2%, Ramp +3.5%, Stripe +1.5%, Chainalysis +1.2%, Bytedance +1.1%
- Week losers: OpenAI -2.7%, Anthropic -1.9%, Groq -1.5%, Flexport -0.9%, Revolut -0.7%
- Top valuations: ByteDance $289b, SpaceX $185b, OpenAI $100b, Stripe $74b, Databricks $42b

10:20 | -0.23% 2024 Pre-IPO Stock Vintage Index
- www.agdillon.com/index to see all 20 Pre-IPO Stock Vintage Indexes
- 2024 Vintage Index top contributors since inception: Stripe +56%, Rippling +50%, Klarna +32%, Revolut +28%
- 2024 Vintage Index top detractors since inception: None. All 10 constituents are in positive territory.
- Looking at all 20 vintages … here are the winners and losers for the week;
…winners = Chime +17.2%, Automation Anywhere +1.8%, Stripe 1.5% and
…losers = OpenAI -2.7%, Anthropic -1.9%, Revolut -0.7%
- Chime is in the 2021, 2022, and 2023 Vintage Indexes; 3% to 4% weight in these indexes so not a material impact to overall TVPI for indexes

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 secondary market valuation based on $150/share price

02:14 | Humane AI Pin officially launches
- Alternative to a smartphone, pin onto your shirt
- Engage by talking to the AI Pin
- $699 for AI Pin + $24/month subscription
- Rabbit R1 is main competitor; “large action model” is very cool
- Closed in Series C in Jul 2023 raising $100m at a $850m valuation

03:36 | Revolut’s India regulatory approval
- Reserve Bank of India approves for Prepaid Payment Instruments, including prepaid cards and wallets
- Revolut already has RBI approval for Category-II Authorized Money Exchange Dealer, multi-currency forex cards, and cross-border remittance services
- Received bank approval from Mexican regulators last week
- $19.2b secondary market valuation, -42% from its last primary round in Jul 2021

04:44 | Pre-IPO +0.38% for week, +20.43% for last 1yr
- Week winners: Groq +10.8%, Klarna +5.1%, Neuralink +3.8%, ConsenSys +2.9%, Hugging Face +2.7%
- Week losers: Ramp -17.9%, Chime -1.3%, Cohere -1.1%, Chainalysis -0.8%
- Top valuations: ByteDance $286b, SpaceX $185b, OpenAI $103b, Stripe $94b, Databricks $42b

05:38 | +0.98% 2024 Pre-IPO Stock Vintage Index
- www.agdillon.com/index to see all 20 Pre-IPO Stock Vintage Indexes
- 2024 Vintage Index top contributors since inception: Stripe +54%, Rippling +50%, Revolut +28%
- 2024 Vintage Index top detractors since inception: None. All 10 constituents are in positive territory.
- Looking at all 20 vintages … here are the winners and losers for the week;
…winners = Automation Anywhere +22.3%, Klarna +5.1%, Databricks +2.3% and
…losers = Tanium -3.2%, Chime -1.3%
- Automation Anywhere is only in the 2020 Vintage Index. It has a 2% current weight in the index so not a major impact to TVPI.

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 May
- 3rd test flight was a massive success
- Starship has 5x payload capacity of Falcon 9 rocket
- Starship has more revenue, less cost per launch vs Falcon 9
- $187b secondary market valuation, +3.9% vs Dec 2023 tender round

04:10 | Starlink going live in Indonesia
- Starlink already in Malaysia, Philippines
- 2b+ people have no access to internet globally
- Starlink has a satellite internet monolopy
- $50 to $110 per month satellite internet fee, based on location
- We estimate Starlink to be $1.0 trillion valuation business, at scale

05:26 | Mexico approves Revolut Bank
- Mexican banking regulator approves Revolut Bank to operate in Mexico
- 35 million customers across 38 countries
- most downloaded finance app in 9 countries, top 3 position in financial app rankings in 15 European countries
- $19.2 billion secondary market valuation, -42% from its last primary round in Jul 2021

05:26 | Anduril wins US Army mandate
- Develop a software framework essential for testing and deploying payloads for future robotic combat vehicles, or RCVs
- Contract value and duration not disclosed
- $11.6 billion valuation, +37% from its last primary round in Dec 2022

05:26 | Klarna buy now pay later better vs credit cards!
- 41% of US credit card users carry revolving debt, 23% pay late fees, 8.5% were delinquent (Q4 2023)
- 31% of Klarna’s US buy now pay later users paid early, 65% on time, 4% incurred late fees, default rate under 1%
- $9.3b secondary market valuation, +38% from its last primary round in Jul 2022

07:16 | Pre-IPO +0.88% for week, +12.59% for last 1yr
- Week winners: Ramp +32.0%, Scale AI +13.6%, Revolut +5.7%, Anthropic +4.1%, Chainalysis +3.5%
- Week losers: Discord -5.6%, Groq -2.64%, Chime -1.6%, Cohere -1.6%, Databricks -1.2% … we picked up research coverage of Groq this week
- Top valuations: ByteDance $285b, SpaceX $187b, OpenAI $96b, Stripe $94b, Databricks $41b … We got our hands on some new data … the actual share price of the last primary rounds. Where we have that data it is now included and it has materially impacted several companies’ implied secondary market valuations. Make sure to look at the full report to understand the company by company impact.

08:01 | +2.23% 2024 Pre-IPO Stock Vintage Index
- www.agdillon.com/index to see all 20 Pre-IPO Stock Vintage Indexes
- 2024 Vintage Index top contributors since inception: Stripe +53%, Rippling +49%, Revolut +28%
- 2024 Vintage Index top detractors since inception: Just Epic Games but they’re only down 1% … so really no detractors in the 2024 Vintage Index
- Looking at all 20 vintages … here are the winners and losers for the week;
…winners = Tanium +33.8%, Revolut +5.7%, Anthropic +4.1% and
…losers = Discord -5.6%, Chime -1.6%, Databricks -1.2%
- Tanium is in four Vintage Indexes; 2017, 2019, 2020, and 2021. Tanium only has a 1% to 2% current weight in any of those four indexes so this 34% increase is not a major impact to the Indexes’ performance.
- Revolut is in the 2022, 2023, and 2024 index. Anthropic is in just the 2024 index
- Discord is in the 2022 and 2023 index