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00:00 - Intro
00:22 - CoreWeave IPO disappointing
13:53 - Model Context Protocol great for AI agents
27:15 - AI App Cursor $9.6b valuation
42:13 - Respect to Musk taking care of his X shareholders with xAI deal

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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

00:00 - Intro
00:07 - CoreWeave Prices IPO at $19B Valuation  
01:18 - eToro Files for US IPO as Commissions Surge  
02:07 - Crusoe Secures $225M to Expand AI Data Centers  
03:15 - OpenAI Targets $29.4B in 2026 Revenue
05:43 - Databricks and Anthropic Strike Enterprise AI Deal  
06:39 - Flexport Misses Profit Target, Remains at $8B Valuation  
07:43 - Starlink Signs Distribution Deals in India  

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00:00 - Intro
00:22 - Exits are back! Wiz, CoreWeave, Klarna
11:34 - X raise at $44b! back to "par"
33:11 - Perplexity, an AI app, at $18b

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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

00:00 - Intro
00:08 - Wiz Acquired by Google for $32B in All-Cash Deal  
01:17 - CoreWeave IPO at $30B, Down From $35B 
02:53 - X Raises Nearly $1B, Back to Musk Purchase Price 
03:53 - Perplexity in Talks to Raise at $18B Valuation  
04:37 - xAI Joins $100B AI Infrastructure Partnership  
05:30 - Kraken Acquires NinjaTrader for $1.5B  
06:18 - Klarna Partners with DoorDash for BNPL in the US  
07:20 - Ualá Closes Series E Round at $2.75B Valuation  
08:13 - OpenAI to House 400K Nvidia Chips for Stargate Project  

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00:25 - Klarna's IPO is Big For Venture
The team kicks off the episode with a deep dive into Klarna’s upcoming IPO, highlighting its strong financials and competitive position. Klarna reported $2.8 billion in 2024 revenue, up 23% from the previous year, with net income reaching $232 million — a 108% increase. The company also processed $105 billion in gross merchandise volume, reflecting a 98% jump. Klarna now boasts 93 million active customers and 675,000 merchants, with a major win coming from Walmart’s decision to switch from Affirm to Klarna for its payment services. Klarna’s current secondary market valuation sits at $10.5 billion, up 57% from its July 2022 round — a promising setup for the IPO. Klarna and Affirm are direct competitors, while Affirm has higher gross margins, it remains unprofitable. Klarna has maintained profitability and stronger credit loss management. Klarna’s valuation at IPO, rumored to be around $15 billion, appears reasonable given its financial strength and market position. The company’s long-term presence in the fintech space and the strategic advantage of its cost-conscious approach, which has allowed it to outperform competitors like Affirm.

11:49 - Are You Ready to Give All Your Personal Data to Get A Proper AI Assistant?
The episode wraps up with a compelling conversation about AI’s growing influence on business and investing. The panelists share how they regularly use tools like ChatGPT Pro, Grok, and Claude for research, writing, and coding — saving time and improving efficiency. AI is helping with market analysis, investment strategy development, and even Python coding for data analysis. The group agrees that AI is poised to disrupt white-collar industries and could significantly change how financial and operational decisions are made.

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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

00:00 - Intro
00:08 - Klarna Plans NYSE IPO at $15B Valuation  
01:27 - Applied Intuition in Talks for $15B Valuation 
02:36 - Anysphere Eyes $10B Valuation After Rapid ARR Growth  
03:11 - Gemini Confidentially Files for IPO  
03:55 - CoreWeave Signs $11.9B AI Infrastructure Deal With OpenAI  
05:04 - Moveworks Acquired by ServiceNow for $2.85B  
05:57 - Chainguard in Talks for $3.5B Valuation  
06:31 - OpenAI and Oracle Launch $100B Stargate AI Infrastructure  
08:02 - xAI Expands Memphis Data Center to 350K GPUs  
08:43 - Anthropic Revenue +40% to $1.4B ARR  
09:49 - Binance Secures $2B Investment From MGX  
10:46 - TikTok US Deal with Oracle has High Potential

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00:27 - Are AI Apps now investable?

AI applications like Harvey ($3B valuation), Cursor ($10B), and Perplexity ($9B) may form a sub-asset class. They act as service providers, cutting operational costs (e.g., reducing law firm expenses by 30-50%), but face risks from AI platforms like OpenAI encroaching unless they secure proprietary data or niche use cases.

11:30 - Pre-IPO stocks that will never IPO?!

Companies increasingly avoid IPOs, leveraging private markets for higher valuations and liquidity without public burdens like quarterly earnings. This trend, seen with figures like the Colson brothers, boosts secondary market opportunities.

31:13 - Are AI Platform valuations justifiable?

AI platforms like OpenAI, with rumored $2K-$20K/month PhD-level agents, hold stronger moats via data and infrastructure. Apps built on top struggle to justify valuations (e.g., $10B for Cursor), though strategic investments (e.g., OpenAI Ventures backing Harvey) may offer protection.

New AI ventures like Safe Superintelligence ($30B) and Thinking Machines Lab ($9B), founded by ex-OpenAI billionaires, ride a valuation surge dubbed “greater fool theory.” High employee compensation (e.g., millions in 1-2 years) might misalign incentives, potentially slowing innovation.

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01:19 - CoreWeave Prepares for $35B IPO After 737% Revenue Growth  
04:00 - Stripe Hits $91.5B Valuation in Tender Offer  
05:12 - OpenAI Raises $40B at $300B Valuation, Partners with SoftBank  
07:59 - X Seeks $44B Valuation for New Fundraising Round  
09:01 - Thinking Machines Eyes $9B Valuation With $1B Raise  
09:34 - MrBeast Targets $5B Valuation for Media Business  
10:19 - Shein Plans London IPO at $50B Valuation Despite Profit Drop  
11:05 - SpaceX’s Starlink Becomes Nigeria's No. 2 ISP  
14:23 - Unitree Robotics Gains Traction in Global Markets  
16:12 - ByteDance Valued at $400B After Internal Buyback  
18:37 - Ramp Hits $13B Valuation After Secondary Sale  
19:40 - Safe Superintelligence Hits $30B Valuation With $2B Raise  
20:50 - Plaid Plans $6B Secondary Share Sale  
21:31 - Scale AI Secures Major US Military Contract  
22:47 - Epirus Raises $250M to Scale Counter-Drone Tech  
23:54 - Klarna Plans $15B IPO on NYSE in April  
24:56 - Discord Plans 2025 IPO, Valued at $5.6B  

THANK YOU TO OUR RIA/IBD PARTNERS*: AG Dillon closed 6 pre-IPO stocks funds on Mar 7, 2025. We’re making investments into Anduril, OpenAI, xAI, Groq, Figure AI, and a space economy company in this recently closed offering and raised a record $30 million with 33 RIAs/IBDs participating. A great result and a special thank you to our RIA/IBD partners. AG Dillon assets under management now stand at $93 million in just under two years since closing our first fund. If you’re a financial advisor and would like to use our single stock funds to build bespoke pre-IPO stock portfolios please drop us an email. You select pre-IPO stock company exposures and weight allocation to each pre-IPO stock to express your unique investment thesis. Our funds are available for purchase at Charles Schwab, Fidelity, and directly at AG Dillon Funds. $2,500 minimum investment. Email [email protected] to invest.

* NOTE: AG Dillon ("AGD") is not affiliated with any pre-IPO company. Some pre-IPO companies may require company approval for purchases (aka transfers). AGD has not been pre-approved by any pre-IPO company to purchase their stock. AGD purchases pre-IPO stocks in the secondary market and may gain exposure by directly purchasing the stock (on the company's capitalization table) and/or through a third-party fund (aka special purpose vehicle, or SPV).

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00:24 - The Capital Game! xAI Raising $10B at $75B Valuation, Maybe Higher? OpenAI raising $40b at $300b post … DILUTION!
13:10 - Figure AI Raises $1.5B at $39.5B Valuation  
17:21 - Anduril Doubles Valuation to $28B with $2.5B Raise 

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00:00 - Intro
00:53 - xAI Raising $10B at $75B Valuation, Maybe Higher?
02:21 - Figure AI Raises $1.5B at $39.5B Valuation  
03:13 - Anduril Doubles Valuation to $28B with $2.5B Raise  
04:01 - Groq Secures $1.5B Contract from Saudi Aramco  
04:35 - Klarna Plans April IPO at $15B Valuation  
05:23 - Safe Superintelligence Seeks $20B Valuation  
05:59 - Stripe Considers Share Sale at $85B Valuation  
06:39 - Eudia Secures $105M for Legal AI Expansion  
07:19 - Plaid Plans $300M-$400M Share Sale  
08:09 - Harvey Raises $300M at $3B Valuation  
08:59 - Mercury Eyes $3B Valuation in New Round  
09:39 - Databricks Partners with SAP, Valued at $63.6B  
10:35 - Canva Expands Daily Plans, Valued at $33.9B  
11:19 - OpenAI Prepares GPT-4.5 Launch, Valued at $300B