E126: OpenAI +14% on Apple Siri deal, Shein $64b IPO on LSE, SpaceX Starship successful 4th test flight, Databricks buys Tabular for $1b, Cohere new $5b valuation, Carta down to $2b valuation

This Week in Pre-IPO Stocks

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Pre-IPO stock valuations = www.x.com/aarongdillon (see pinned post)
Pre-IPO stock index fact sheet = www.agdillon.com/index
00:07 | Databricks buys Tabular
- AI-focused data management company
- Tabular = $1b acquisition, 40 employees, founded 2021
- Tabular to enhance Databricks AI capabilities
- $1.6b in 2023 revenue, +50% vs 2022
- $42b secondary market valuation
00:57 | Shein to IPO
- Online fashion retailer, manufactures cloths in China
- $64b IPO valuation
- Net income = $2b 2023, $700m 2022, $1.1b 2021
- Revenue = $45b 2023
- 1.4x revenue multiple, very low!
02:25 | OpenAI wins Apple Siri deal
- ChatGPT to power Siri
- Deal to be announced at Apple developer event
- Deal terms not disclosed
- OpenAI +13.6% to $110b valuation on news, last round at $86b in early Q2
03:29 | Stripe partners on fraud solution
- Online payments provider
- Partnership with Capital One, Adyen to address fraud
- $1b transactions approved that would have otherwise been declined
- $77b secondary market valuation, +18.5% vs Feb 2024 round
04:31 | SpaceX successful 4th Starship test
- Space payload and satellite internet company
- Booster “landed” in Gulf of Mexico, Starship “landed” in Indian Ocean
- Starship has a more payload capacity and aims to be reuseable, lower launch costs
- $188b secondary market valuation, +11% vs Dec 2023 round
- $200b tender announced in late May
05:51 | Cohere new round
- AI large language model
- $5b valuation, +127 vs Jun 2023 round
- $35m ARR in Mar 2023, +169% vs prior year
- Strategic partnership with Oracle
06:52 | Discord increases developer payouts
- Gaming social media platform
- Halving platform fees from 30% to 15% for first $1m in cumulative gross sales
- One-time purchases now available
- $7.1b secondary market valuation, -58% vs last round (ApeVue)
07:51 | FTC after Microsoft, Inflection AI deal
- Inflection AI is a large language model business
- Founder also co-founded Google’s DeepMind AI solution
- Microsoft “bought” Inflection AI in a $650m deal; hired all employees, struck licensing deal with Inflection
- FTC is basically taking M&A off the table for venture company ecosystem
09:15 | Carta new round
- Cap table management tech/services
- $2b tender offer run by Jeffries
- Down from $7.4b 2021 valuation
- 2023 = $380m revenue, -$65m net income
10:09 | Pre-IPO +3.37% for week, +51.52% for last 1yr
- Up week: Scale +20.3%, Neuralink +16.5%, OpenAI +13.6%, Anthropic +10.4%, Canva +6.8%
- Down week: Stripe -3.5%, Groq -2.7%, Airtable -0.5%, Databricks -0.4%, Brex -0.4%
- Top valuations: ByteDance $298b, SpaceX $188b, OpenAI $110b, Stripe $77b, Databricks $42b
10:52 | 2024 Pre-IPO Stock Vintage Index week performance
- www.agdillon.com/index for fact sheet pdf
- 2024 Vintage Index top contributors since inception: Epic Games +173%, Rippling +104%, Revolut +49%, Klarna +43%, Anduril +27%
- Key metric averages for all Vintage Indexes 5 years old or older…
3.31 distributed paid in capital
2.04 residual value to paid in capital
5.35 total value to paid in capital
4.1 years to return the fund