December 22, 2023

E84: Revolut £1.5b 2023 revenue, $20b Adobe+Figma deal off, ByteDance $110b 2023 revenue, Anthropic raise at $18b valuation, Stripe revenue up 35%, Flexport plans 3x 2024 revenue | Pre-IPO Stock Market Update – Dec 22, 2023

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00:09 | Revolut £1.5b 2023 revenue
- £1.5b 2023 revenue, +76% vs £850m 2022 revenue
- 300,000 new users weekly
- 40 million total customers globally
- $14.9b secondary market valuation, -55% from $33b primary round in Jul 2021

01:13 | $20b Adobe+Figma deal off
- European/UK regulators suggested significant remedies that were rejected by Adobe
- Adobe to pay Figma $1.0b breakup fee
- Tbd on Figma’s currently valuation; Canva, a competitor, is at $25.3b down 37% from its last primary round in Sep 2021
- Figma’s last primary round was Jun 2021 at a $10b valuation

02:23 | ByteDance $110b 2023 revenue
- $80b 2022 revenue
- 2023 revenue is 30% increase vs 2022
- $25b in 2022 EBITDA; +79% vs prior year
- currently closing a $5b share buyback at a $268b valuation

03:32 | Anthropic raise at $18b valuation
- Raising $750m
- Menlo Ventures led
- Google has committed $2.0b, Amazon committed $4.0b

04:22 | Stripe revenue up 35%
- $1.0b in Q3 2023 revenue, +35% vs prior period
- $150m in Q3 2023 operating income
- Stripe has been ringing in expenses; reducing spending on engineers and salespersons and laying of 14% of staff
- $50.7b current secondary market valuation

05:37 | Flexport plans 3x 2024 revenue
- $330m in 2024 net revenue forecasted
- 2024 forecast is 3x 2023 net revenue of $100m
- $500m of operating expense reduction planned in 2024, 20% of staff let go in Oct 2023
- $2.1b implied secondary market valuation, -73% from last primary round in Mar 2022

06:47 | Big capital raises
- SumUp (sumup.com) | $307m Series G, $8.6b valuation
- Hikstor Technology (hikstor.com) | $168m Series B, $869m valuation
- Tome Biosciences (tome.bio) | $118m Series B, $418m valuation
- Parse Biosciences (parsebiosciences.com) | $50m Series C, $220m valuation
- Synnovation Therapeutics (synnovationtx.com) | $70m Series A, $200m valuation

07:55 | Pre-IPO +0.01% for week
- Week winners: SpaceX +6.26%, Neuralink +6.03%, Deel +5.34%, Anduril +3.38%, Klarna +2.17%
- Week losers: Anthropic -8.88%, Discord -8.65%, Epic Games -8.08%, Notion -2.32%, Hugging Face -2.21%
- Top valuations: ByteDance $195b, SpaceX $168b, OpenAI $71b, Stripe $51b, Databricks $48b lead in current valuation