This Week in Pre-IPO Stocks

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Subscribe to AG Dillon Pre-IPO Stock Research at agdillon.com/subscribe;
- Wednesday = secondary market valuations, revenue multiples, performance, index fact sheets
- Saturdays = pre-IPO news and insights, webinar replays

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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00:00 - Intro
00:18 - AI Agents are coming for our jobs and that’s a good thing
08:59 - Canva's 300% price increase
17:04 - Pre-IPO stocks +70% in last 6 months alone

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Subscribe to AG Dillon Pre-IPO Stock Research at agdillon.com/subscribe;
- Wednesday = secondary market valuations, revenue multiples, performance, index fact sheets
- Saturdays = pre-IPO news and insights, webinar replays

00:07 | CoreWeave Plans Share Sale at $23B Valuation
- AI cloud computing company
- Share sale to allow existing shareholders to tender $400M-$500M
- Valuation increased from $19.1B in May 2024 to $23B (primary)
- Previously valued at $7B in December 2023
- Secured $7.5B credit facility from Blackstone and Carlyle in May 2024

01:05 | Revolut to Launch Stablecoin Amid $45B Valuation
- London-based online bank
- Plans to enter $119B stablecoin market dominated by Tether and USDC
- Recently received UK banking license, revenues reached $2.2B with 45M users
- Stablecoin may not be available in the U.S. due to regulatory issues
- Valuation: $45B (primary, Aug 2025)

01:57 | Alan Secures $193M in Series F, Valued at $4.5B
- French insurance tech company
- Raised $193M led by Belfius, with participation from Ontario Teachers’ Pension Plan and others
- Covers over 500,000 people; added 150,000 new customers since February 2024
- Expected to reach $500M annual recurring revenue
- Valuation: $4.5B (primary)

02:47 | Neuralink’s FDA Breakthrough Device for Restoring Vision
- Elon Musk's brain chip company
- Blindsight implant for blind patients received FDA "breakthrough device" status
- Device aims to restore low-resolution vision, similar to "Atari graphics"
- Also working on implants for paralyzed patients to control digital devices
- Secondary market valuation: $7.2B (+107% vs Nov 2023 round)

03:49 | Lionsgate Partners with Runway for AI-Driven Film Production
- Studio behind Hunger Games, John Wick, partners with AI startup Runway
- Runway provides custom AI models for storyboarding and special effects
- Expected to save millions in production costs
- First of its kind for Runway, reflecting broader AI adoption in Hollywood
- Runway in talks for new funding at $4.0B valuation (primary)

04:51 | OpenAI Partners with T-Mobile to Launch AI Platform, IntentCX
- Partnership to create AI-driven platform, IntentCX, enhancing customer retention
- Platform to leverage data from millions of T-Mobile subscribers
- Launch scheduled for 2025, aims to prevent churn and automate services
- OpenAI's valuation at $150B (primary)

05:39 | OpenAI’s Oversubscribed $6.5B Capital Raise
- OpenAI nearing completion of a $6.5B fundraising round
- New pre-money valuation set at $150B (primary), up from $86B earlier in 2024
- Investors include Microsoft, Nvidia, Apple, and Thrive Capital

06:21 | Databricks Opens European HQ, Valued at $45.5B
- AI data management company
- Opening new five-story European HQ in London to support 400 UK employees
- Valuation: $45.5B (secondary), +5.4% vs Nov 2023 round

07:01 | Canva Raises Subscription Prices by Over 300%
- Graphic design SaaS company
- Canva Teams subscription price increases from $120 to $500 annually
- New features include AI tools like Magic Studio; Pro and Enterprise plans unchanged
- Secondary market valuation: $27.6B (+6.3% vs Jan 2024 round)

08:02 | Wiz Launches Cloud Application Security Tool, Wiz Code
- Cloud security provider
- New tool integrates with developer environments to resolve cloud risks in code
- Enhances collaboration between security and development teams
- Valuation: $17.8B (secondary), +48.3% vs May 2024 round

08:55 | Pre-IPO Stock Market Weekly Performance
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09:47 | Pre-IPO Stock Vintage Index Weekly Pe

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00:15 - OpenAI to $1.0 trillion valuation?
17:11 - Fly United with Starlink?
26:39 - Broker-dealers ever offer crypto?

[1] OpenAI in Talks for $6.5B Funding Round at $150B Valuation
-Does OpenAI have potential to be a $1.0 trillion company? 6.7x return from here.
-OpenAI in discussions to raise $6.5B at a $150B valuation (primary round)
-Previous valuation: $86B earlier in 2024
-Seeking $5B in debt via revolving credit facility
-Key investors include Thrive Capital, Microsoft, Apple, Nvidia, and UAE-backed MGX fund
-30x revenue multiple on $5b Dec 2024 forward ARR
-Appears only 29% of revenue is B2B; $1b ARR vs $3.4b ARR total as of Q2ish 2024

[2] United Airlines to Offer Starlink Wifi
-Does the type/quality of wifi determine which airline you use?
-United focused on premium and business travelers
-Adding power outlets, back seat screens, and now Starlink WiFi
-United says Starlink is faster, more reliable, can be used over oceans, and allows travelers to use more than one device at a time
-Release in late 2025
-No cost to use Starlink Wifi
-Starlink already has deals with Hawaiian Airlines and Qatar Airlines
-Delta uses Viasat, American uses Intelsat

[3] eToro Settles with SEC, Limits Crypto Offerings in the U.S.
-If you're a broker-dealer or RIA how do you approach crypto now? Just stick with the ETFs?
-Retail brokerage company
-Agreed to $1.5M penalty with SEC over operating as an unregistered broker and clearing agency
-U.S. users can trade only Bitcoin, Bitcoin Cash, and Ether; 180-day window to sell/withdraw other tokens
-38M registered users globally, offering over 100 cryptoassets outside the U.S.
-Secondary market valuation: $7.3B (+107.7% vs Mar 2023 round)

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Subscribe to AG Dillon Pre-IPO Stock Research at agdillon.com/subscribe;
- Wednesday = secondary market valuations, revenue multiples, performance, index fact sheets
- Saturdays = pre-IPO news and insights, webinar replays

00:06 | SpaceX Sets New Record in Civilian Space Travel
- Space payload delivery and satellite internet company
- Polaris Dawn mission: first commercial spacewalk, civilian crew led by Jared Isaacman
- Crew spent 20 minutes outside SpaceX Crew Dragon capsule
- Reached 870 miles above Earth, setting a civilian space travel record
- Tested new EVA suits, conducted 40 experiments
- Secondary market valuation: $223B (+6.3% vs Jul 2024 round)

01:20 | OpenAI Launches New AI Model, "OpenAI o1"
- AI large language model business
- Announced "OpenAI o1," focusing on enhancing reasoning abilities in math, coding, and science
- Achieved 83% on International Mathematical Olympiad exam (up from 13% with prior models)
- Available to ChatGPT Plus and Team users
- Competitors like Google and Anthropic developing similar AI models

01:59 | OpenAI in Talks for $6.5B Funding Round at $150B Valuation
- OpenAI in discussions to raise $6.5B at a $150B valuation (primary round)
- Previous valuation: $86B earlier in 2024
- Seeking $5B in debt via revolving credit facility
- Key investors include Thrive Capital, Microsoft, Apple, Nvidia, and UAE-backed MGX fund

02:55 | OpenAI's ChatGPT Hits 10M Paying Subscribers
- ChatGPT: 10M paying subscribers, 1M on higher-priced business plans
- Generates $225M in monthly revenue, or $2.7B annually
- Projected $4B in annual revenue in the next 12 months (up from $1.6B in late 2023)
- Valuation at $150B, 37.5x forward revenue

03:48 | Glean Raises $260M Series E, Valued at $4.6B
- Enterprise AI solutions company
- Raised $260M in Series E, valuing Glean at $4.6B (primary)
- Competes with Microsoft Copilot and Amazon's chatbot
- Global generative AI spending expected to rise to $143B by 2027

04:30 | Klarna Cuts Losses and Integrates AI Across Operations
- Consumer credit and payments company
- Severed ties with Salesforce and Workday, focusing on AI automation
- 2023 losses dropped to $241M (from $1B in 2022)
- AI-powered customer service assistant handled 2.3M interactions in its first month
- Headcount reduced from 4,500 to 3,800, aiming for 2,000
- Secondary market valuation: $10.1B (+50.4% vs Jul 2022 round)

05:33 | Poolside in Talks to Raise $500M, Potential $3B Valuation
- AI solution for software developers
- In talks to raise $500M, potentially valuing the company at $3B (primary)
- Co-founded by former GitHub CTO Jason Warner and Eiso Kant
- Secured $126M in seed funding; secured Nvidia GPUs with Iris Energy Ltd

06:17 | eToro Settles with SEC, Limits Crypto Offerings in the U.S.
- Retail brokerage company
- Agreed to $1.5M penalty with SEC over operating as an unregistered broker and clearing agency
- U.S. users can trade only Bitcoin, Bitcoin Cash, and Ether; 180-day window to sell/withdraw other tokens
- 38M registered users globally, offering over 100 cryptoassets outside the U.S.
- Secondary market valuation: $7.3B (+107.7% vs Mar 2023 round)

07:05 | Anduril Launches Modular, Autonomous Barracuda Air Vehicles
- Defense contractor
- Introduced Barracuda family of autonomous air vehicles with three versions
- Barracuda-100, 250, and 500 models: ranges from 85 to 500 nautical miles
- Systems are 30% cheaper and 50% faster to produce than competitors
- Secondary market valuation: $17.0B (+21.5% vs Aug 2024 round)

08:10 | Pre-IPO Stock Market Weekly Performance

09:08 | Pre-IPO Stock Vintage Index Wee

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00:00 - Intro
00:14 - OpenAI Hits 200M Weekly Active Users for ChatGPT
09:16 - Anthropic’s Claude AI Powers New Amazon Alexa
23:55 - X Launches Beta Version of TV App for Fire TV and Google TV

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PRE-IPO STOCK FUNDS CLOSING TO NEW INVESTORS ON SEP 13 (NEXT FRIDAY)
AG Dillon has seven (7) pre-IPO stock funds closing on Friday, Sep 13. Next Friday. See fund list at www.agdillon.com/product (page 3). Available for purchase at Schwab, Fidelity, or directly at AG Dillon. Email [email protected] to invest

Subscribe to AG Dillon Pre-IPO Stock Research at agdillon.com/subscribe;
- Wednesday = secondary market valuations, revenue multiples, performance, index fact sheets
- Saturdays = pre-IPO news and insights, webinar replays

00:07 | Safe Superintelligence Raises $1B for new AI LLM
- AI venture focused on creating safe AI models
- Co-founded by Ilya Sutskever, Daniel Gross, and Daniel Levy
- Raised $1B in May 2024 from investors like Andreessen Horowitz and Sequoia Capital
- Offices in Palo Alto and Tel Aviv
- For-profit entity addressing AI safety

00:43 | OpenAI Hits 200M Weekly Active Users for ChatGPT
- AI large language model business
- ChatGPT now has 200M weekly active users, doubling since Nov 2023
- 1M paid corporate users, up from 600K in April 2024
- Expected to generate $2B annually from $20/month premium subscriptions
- 50% of corporate users are in the U.S.; strong presence in Germany, Japan, U.K.
- Secondary market valuation: $103.8B (+20.7% vs Apr 2024 round)

01:33 | Salesforce Acquires Own Company for $1.9B
- Data management firm specializing in data backup and recovery
- Acquired by Salesforce for $1.9B in cash
- Previously valued at $3.35B in Aug 2021
- 7,000 customers; raised $507.3M from Tiger Global and Salesforce Ventures
- Global data backup market valued at $12.9B in 2023, growing at a 10.9% CAGR

02:14 | ByteDance Raises $600M for Dongchedi, Valued at $3B
- Chinese parent company of TikTok
- Raising $600M for car trading platform Dongchedi
- Dongchedi boasts 35.7M monthly active users
- Competing with platforms like Autohome and Bitauto
- Secondary market valuation: $300B (+11.8% vs Dec 2023 round)

03:00 | Anthropic’s Claude AI Powers New Amazon Alexa
- Amazon to release new Alexa powered by Anthropic’s Claude AI in October
- Paid version to cost $5-$10/month; current version remains free
- Estimated $600M in annual sales if 10% of Alexa’s 100M users opt for the paid version
- Anthropic has a $23.6B secondary market valuation (+31.4% vs Jan 2024 round)

03:49 | xAI’s Colossus System Becomes Most Powerful AI Trainer
- AI large language model business by Elon Musk
- Colossus built with 100,000 Nvidia H100 GPUs in 122 days, doubling to 200,000 GPUs
- Phase 1 cost estimated at $2B, located in Memphis
- Colossus will consume 150 megawatts of power and 1M gallons of water daily for cooling
- Secondary market valuation: $26.1B (+8.9% vs May 2024 round)

04:45 | X Launches Beta Version of TV App for Fire TV and Google TV
- Formerly Twitter, now focusing on becoming a "video-first" platform
- Launched beta version of TV app for Amazon Fire TV and Google TV
- Initial feedback suggests bugs, but fixes are anticipated soon
- Aimed at reviving ad revenue and attracting video creators

05:26 | Fidelity Cuts X Holdings Valuation by Another 4%
- Fidelity reduced X Holdings (formerly Twitter) valuation by 4% in July
- Total decrease of 72% since Elon Musk’s acquisition in Oct 2022
- New valuation implies X shares are worth $15, down from Musk’s original $54.20/share
- X’s total value now approximately $21B

06:03 | Pre-IPO Stock Market Weekly Performance

06:48 | Pre-IPO Stock Vintage Index Weekly Performance

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00:19 | FigureAI (humanoid robots)
- AI and humanoid robots drive efficiency and will drive cost of goods/services to $0, drive unlimited GDP
- $675m raise $2.6b valuation; OpenAI, Microsoft, Nvidia
- 10b humanoid robots by 2040
- Musk is projecting 16b to 32b humanoid robots, Telsa Optimus is a humanoid robot
- humanoid robots fit easily into a human world to easily replace humans

11:49 | Stripe
- These companies are so big they’re doing share buybacks!
- Planning new tender offer to repurchase shares from employees
- Entire offer financed with Stripe’s own cash, a shift from external funding
- Generated $615M in free cash flow in June quarter vs. $500M cash burn in 2022
- Valuation at $70B (secondary), up from $50B in 2022 and $65B in last tender
- Up to 8,000 employees can sell up to $50,000 of vested shares at $27.51/share
- Expanding beyond core payments into billing software; segment on track for $500M annual revenue

25:39 | xAI
- xAI differentiators are becoming clear; real time data, most accurate answers, Musk effect (i.e. unlimited capital)
- AI large language model platform business
- Released Grok-2 and Grok-2 Mini beta LLMs on X platform
- Enterprise API arriving later this month
- Top-four position on LMSYS chatbot leaderboard
- Grok-2 Mini: efficient, ideal for speed/resource-critical scenarios
- Focus on expanding multimodal understanding
- Available to Premium/Premium+ subscribers on X at $8/month
- Secondary market valuation: $25.7B (+6.9% vs May 2024 round)

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Subscribe to AG Dillon Pre-IPO Stock Research at agdillon.com/subscribe;
- Wednesday = secondary market valuations, revenue multiples, performance, index fact sheets
- Saturdays = pre-IPO news and insights, webinar replays

00:07 | xAI Launches Grok-2 and Grok-2 Mini on X Platform
- AI large language model platform business
- Released Grok-2 and Grok-2 Mini beta LLMs on X platform
- Enterprise API arriving later this month
- Top-four position on LMSYS chatbot leaderboard
- Grok-2 Mini: efficient, ideal for speed/resource-critical scenarios
- Focus on expanding multimodal understanding
- Available to Premium/Premium+ subscribers on X at $8/month
- Secondary market valuation: $25.7B (+6.9% vs May 2024 round)

02:11 | Klarna Expands into Banking with New Products
- Payments and consumer lending business
- Launched "Klarna balance" and "cashback" in 12 markets, including U.S. and Europe
- Klarna balance offers up to 3.58% interest in EU, no interest in U.S.
- Expansion to disrupt retail banking and increase customer loyalty
- Tied to lending products, potentially reducing default rates
- Secondary market valuation: $10.3B (+53.4% vs Jul 2022 round)
- Rumored tender offer could precede IPO

03:15 | Epic Games Targets Mobile Market with New Storefront
- Virtual reality and video game tech company
- Launching new mobile storefront, targeting 100M installs by year-end
- Aims for significant share of $188B games market, 50% from mobile
- 12% transaction fee vs. 30% from Apple/Google
- Store to open to third-party developers in December
- Secondary market valuation: $18.0B (-20.2% vs Feb 2024 round)

04:21 | Ramp’s AI-Powered Growth Drives $9.1B Valuation
- Fintech company founded in March 2019
- Valued at $9.1B (secondary), +19.6% vs Apr 2024 round
- Serving 25,000+ businesses, including Shopify and Boys and Girls Club of America
- AI used for transaction categorization, bookkeeping, expense management
- AI in sales and marketing boosts efficiency and profitability
- Rapid growth with lean operational structure

06:28 | X/Twitter Projects $2B in 2024 Ad Revenue
- Projected $2B in 2024 ad revenue, down from $2.5B in 2023 and $4.5B in 2021
- Focus on payments, video, and AI innovations
- Plans for payments system with "Payments" button in navigation
- X TV app launched on Amazon and Google platforms
- Competing directly with YouTube's massive market share
- Fidelity values X at $12.3B (-72% from Oct 2022 acquisition)

08:45 | Databricks Acquires Tabular in $2B Deal
- Analytics and AI company
- Acquired Tabular for nearly $2B, despite $1M in annual recurring revenue
- Tabular backed by $30M from Altimeter Capital, Andreessen Horowitz, Zetta Venture Partners
- Acquisition driven by competition with Snowflake
- Databricks' current valuation: $42.7B (secondary), -1.2% vs Nov 2023 round
- Snowflake's struggles compounded by a data breach affecting AT&T customers

09:49 | Hadrian Acquires Datum Source to Enhance Defense Capabilities
- Defense tech company
- Raised $220M since 2020, valued at $500M (secondary)
- Acquired Datum Source, valued at $30M, to better serve defense startups
- Acquisition brings 30 new customers, Datum's 14-person team
- Part of a broader trend of acquisitions in defense tech, with $129.3B VC invested since 2021

10:50 | Pre-IPO Stock Market Weekly Performance
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11:38 | Pre-IPO Stock Vintage Index Weekly Performance
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00:22 | Groq’s $640M series D drives valuation by 143%
- Semiconductor company focused on AI inference chips
- Raised $640M in Series D, valuation up to $2.8B (primary)
- 143% increase from Feb 2024 round
- Backed by Cisco, Samsung, BlackRock
- Funds to scale tokens-as-a-service and deploy 108,000 LPUs by 2025
- Aims to challenge Nvidia in AI chip market

09:12 | Anduril’s $1.5B round pushes valuation to $14B
- Defense tech company
- Raised $1.5B, new valuation $14B
- Significant increase from $10B in Dec 2023
- Revenue doubled to $500M; 28x valuation multiple
- Funding led by Founders Fund, Sands Capital; new backers: Fidelity, Baillie Gifford
- Investment to expand "Arsenal" manufacturing platform; 5M+ sq ft for mass production of military systems

19:41 | AI use cases playing out
- JP Morgan, Morgan Stanley, Goldman Sachs all announced live AI projects in the last two months
- Klarna replacing 70 employees per month with AI; headcount down from 4500 to 3700, $40m+ annual savings, more efficient and higher quality outcomes
- Businesses are adopting?!
- Agreed that usage will only increase from here?