September 27, 2024

E152: LAST CALL for AG Dillon Top 10 Index Fund, OpenAI, xAI, Groq, Hugging Face, and Databricks Pre-IPO Stock Funds, wires due on Oct 15; Anthropic targets $30-40B; Wiz share sale at $15-20B; Revolut hits $45B; Chime preps 2025 IPO; Scale AI hits $400M H

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- Wednesday = secondary market valuations, revenue multiples, performance, index fact sheets
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00:02 | AG Dillon Pre-IPO Stock Funds closing to new investors. Wires due on Oct 15. Top 10 Index Fund, OpenAI, xAI, Groq, Hugging Face, and Databricks.

00:45 | Anthropic Aims for $30-40B Valuation in New Capital Raise
- AI company behind Claude conversational AI
- Projected annual revenue: $1B in 2024, up 1000% YoY
- Gross profit margins dropped to 38% from 50-55%
- Expects $2.7B cash burn in 2024
- Current secondary market valuation: $25.3B (+40% vs Jan 2024)

01:49 | Wiz Considers Share Sale, Valued at $15-20B
- Cybersecurity company scanning data stored in cloud providers
- Shareholders may cash out $500M-$700M
- Rejected $23B acquisition offer from Google in July 2024
- Raised $1.8B from investors like Sequoia Capital and Index Ventures
- Secondary market valuation: $18.2B (+52% vs May 2024)

02:35 | Revolut Gains Investment from Mubadala at $45B Valuation
- London-based fintech with 45M global customers
- Founder Nik Storonsky sold $200-$300M worth of shares
- Mubadala participated alongside Coatue, D1 Capital Partners, and Tiger Global
- Processes over 500M transactions monthly; B2B service generates €450M annually

03:17 | Chime Gears Up for 2025 IPO with Morgan Stanley
- Fintech banking startup with 7M active users
- Became profitable in Q1 2024
- Launched a cash advance product for users up to $500 before payday
- Secondary market valuation: $9.2B (-63% vs Sep 2021)

04:03 | Scale AI's Revenue Quadruples to $400M in H1 2024
- Provides data for AI developers like Meta and Google
- Operating margin improved: $1.20 spent per $1 revenue, down from $1.50
- Annualized revenue near $1B, valued at $13.8B (primary, May 2024)
- Secondary market valuation: $14.1B (+2% vs May 2024)

04:56 | OpenAI Transitions to Public Benefit Corporation, Hits $156.5B Valuation
- Raised $6.5B in funding round led by Thrive Capital ($1B commitment)
- New voice technology "Advanced Voice Mode" rolling out to more users
- Key departures: CTO Mira Murati, Chief Research Officer Bob McGrew, and others

07:40 | Google Expands Gemini Chatbot for Workspace Integration
- Gemini API requests increased 36-fold in eight months
- Targeting enterprise adoption via Workspace subscribers
- Emphasizes security with SOC 1/2/3, ISO 27001, and ISO 27701 certifications

08:41 | Rippling Launches AI Talent Signal Tool, Valued at $15.9B
- HR/IT business software platform with a new AI-driven tool
- Evaluates employees with task-specific metrics
- Built using AI models from OpenAI and Anthropic
- Secondary market valuation: $15.9B (+18% vs Apr 2024)

09:36 | Anduril Secures Major Defense Contracts, Valued at $17.4B
- Defense tech contractor partnered with Microsoft for US Army goggles
- Ghost-X UAS chosen for Army’s reconnaissance capabilities
- Potential $21.9B in orders over a decade
- Secondary market valuation: $17.4B (+24% vs Aug 2024)

10:37 | Klarna Expands BNPL Services with Adyen
- Partnership integrates BNPL into 450K+ Adyen payment terminals
- BNPL market gaining traction with 26% of paycheck-to-paycheck consumers
- Secondary market valuation: $10.3B (+54% vs Jul 2022)

11:34 | Pre-IPO Stock Market Weekly Performance
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12:18 | Pre-IPO Stock Vintage Index Weekly Performance
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