This Week in Pre-IPO Stocks AG Dillon & Co

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.