This Week in Pre-IPO Stocks AG Dillon & Co

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, Lightspeed, Thrive invested
- $350m in 2023 annual recurring revenue
- 34x revenue multiple (HIGH!)


WAYVE
- https://wayve.ai/
- UK AI-autonomous driving technology company, licenses AI-tech to car manufactures
- raised $1b round, valuation not disclosed
- Softbank, D1, Nvidia, Microsoft investors
- Last published valuation was $1.35b in Jan 2022 Series B
- current raise was $1b so I have to assume the current valuation is $4b+ post-money

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 B

01:49 | 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 round

03:13 | Wiz $12b valuation
- NYC cloud security firm
- $12b post-money after $1b cap raise
- a16z, Lightspeed, Thrive invested
- $350m in 2023 annual recurring revenue
- 34x revenue multiple (HIGH!)

04:13 | Titkok sues US govt (obviously)
- challenging divest/ban law passed last month
- 170m US users
- $16b in TikTok US 2023 revenue
- estimated $152b valuation is Meta price-to-sales multiple applied

05:43 | OpenAI cuts another training data deal 
- licensing partnership with Dotdash Meredith
- brands include People Magazine, Better Homes & Gardens, Investopedia
- OpenAI has data deals with FT, Axel Springer, Le Monde, Prisa, AP, StackOverflow
- $99.4b secondary market valuation, +16% from Jan 2024 last round

06:58 | FTX customers made whole!
- $11b owed to 2m customers
- $16.3b in total assets recovered
- customers and creditors made whole + interest, 118% of original value

08:43 | Pre-IPO +1.41% for week, +31.09% for last 1yr
- Week winners: Ramp +15.9%, Groq +12.1%, Notion +5.4%, Revolut +4.4%, Chainalysis +4.2%
- Week losers: Hugging Face -5.6%, Chime -2.9%, Bytedance -1.7%, Databricks -1.6%, Epic Games -0.9%
- Top valuations: ByteDance $288b, SpaceX $192b, OpenAI $99b, Stripe $75b, Databricks $43b

09:25 | +1.07% 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: Epic Games +177%, Rippling +89%, Revolut +40%, Klarna +36%, Anduril +34%
- 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
- Key metric averages for all Vintage Indexes 5 years old or older…
…3.31 distributed paid in capital
…2.06 residual value to paid in capital
…5.37 total value to paid in capital
…4.1 years to return the fund

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