Podcasts about pre ipo

Send us a text00:27 - 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.

Vincent CEO Eric Cantor and Sacra co-founder Jan-Erik Asplund looked at Anthropic, the American AI startup behind LLM model Claude. They talked about the company's rapid growth, the competitive landscape in AI, and how the recent emergence of DeepSeek could affect Anthropic's outlook.

The lure of the high-stakes world of pre-IPO investing teases astronomical returns, but there are hidden risks and uncertainties.  Today's Stocks & Topics: FSLR - First Solar Inc., Market Wrap, Annuities, CLX - Clorox Co., Is Pre-IPO Investing Worth the Risk?, EADSY - Airbus SE ADR, BAESF - BAE Systems PLC, Key Benchmark Numbers: Treasury Yields, Gold, Silver, Oil and Gasoline, KPP Newsletter, VRT - Vertiv Holdings LLC, FDP - Fresh Del Monte Produce Inc., Trump and The Stock Market.Our Sponsors:* Check out Kinsta: https://kinsta.com* Check out Trust & Will: https://trustandwill.com/INVESTAdvertising Inquiries: https://redcircle.com/brands

Join Nataraj on Startup Project as he talks to Aatish, CEO and founder of EquityZen, a secondary market for private equities. They discuss the evolution of secondary markets, EquityZen's business model, the value proposition of secondary equity platforms, investor strategies, and the nuances of investing in secondary shares. They'll also delve into various IPO types and their pros and cons for investors, providing a glimpse into the future of secondary markets and IPOs by 2025.About the Episode:This episode explores how EquityZen created a market for secondary shares, connecting founders, employees, and early investors with individuals seeking pre-IPO investment opportunities. Aatish shares his personal journey from quant hedge fund employee to entrepreneur, highlighting how EquityZen helps late-stage private companies provide liquidity to shareholders. The conversation also covers:- Evolution of secondary markets- EquityZen's business model and platform- Investing in secondary shares- Different investor strategies- IPO types and their impact on investors- The future of secondary markets and IPOs in 2025About the Guest and Host:Aatish: CEO and founder of EquityZen, former co-founder and CTO of Nullsoft, and VP of product at Ampush.  Connect with Aatish:→ LinkedIn: https://www.linkedin.com/in/atishdavda/→ Website: https://equityzen.com/Nataraj: Host of the Startup Project podcast, Senior PM at Azure & Investor. → LinkedIn:  https://www.linkedin.com/in/natarajsindam → Twitter: https://x.com/natarajsindam→ Email: ⁠https://startupproject.substack.com/⁠→ Website: ⁠⁠⁠https://thestartupproject.io⁠⁠⁠Timestamps:00:00 - Introduction01:10 - What is EquityZen and How Did It Start?04:19 - The Evolution of Secondary Markets09:00 - Standardization in Secondary Transactions14:44 - Portfolio vs. Individual Company Investments20:10 - EquityZen's Business Model: Fees & Carry22:21 - EquityZen's Stats and User Base24:34 - EquityZen's Relationship with Companies and Issuers27:17 - Rights of First Refusal and Blocking Rights30:36 - Navigating the Secondary Market: Legitimacy and Risk33:33 - How EquityZen Uses Data37:14 - Marketing EquityZen in a Regulated Industry40:19 - IPOs vs. Direct Listings: What's the Difference?44:04 - Outlook for IPOs and Secondary Markets in 2025Subscribe to Startup Project for more engaging conversations with leading entrepreneurs!→ Email updates: ⁠https://startupproject.substack.com/⁠#StartupProject #EquityZen #PrivateEquity #SecondaryMarket #PreIPO #Investing #IPO #VentureCapital #Stocks #Finance #Podcast #YouTube #Tech #Innovation #Entrepreneur"

Vincent founder Slava Rubin and Sacra co-founder Jan-Erik Asplund, analyze SpaceX, the most valuable private company in the world. They talk about the company's growth, strengths, challenges, IPO prospects, and answer investor questions.

Vincent CEO Eric Cantor and Sacra co-founder Jan-Erik Asplund talked about OpenAI, the American AI giant.

Slava Rubin and Marcelo Ballvé, Pre-IPO analyst at Sacra, analyzed Stripe, the global payments platform last valued at $95 billion.

Send us a text00:00 - Intro00:27 - DeepSeek shakes up AI stocks17:27 - Crypto pre-IPO stocks are back with Trump?35:11 - Huge $s going into data centers in 2025

Send us a text00:00 - Intro01:06 - What investment themes popped in 2024?04:07 - What new developments happened in the pre-IPO stock market in 2024?11:23 - Which pre-IPO stock company was the big winner, big loser in 2024?17:14 - What emerging investment themes to look for in 2025?35:11 - What pre-IPO stock market developments do you expect in 2025?42:54 - Which pre-IPO stock company will be the big winner, big loser in 2025?

Спасти нельзя потерять! Как действовать инвестору при высокой волатильности, чтобы не уйти в минус? Какой прогноз по движению на валютном рынке можно строить уже сейчас? В этом выпуске вместе с Ярославом Кабаковым и Тимуром Нигматуллиным поговорим о мегатрендах на глобальном рынке: инвестициях в золото, криптовалюту, взлете индекса NASDAQ и акциях SpaceX - рекордном стартапе Илона Маска. А также обсудим другие компании на рынке Pre-IPO, в чьих размещениях точно стоило бы поучаствовать. 

Send us a text00:00 - Intro01:11 - Vuori tender offer09:34 - Tiktok in Canada17:18 - Outlook for pre-IPO stocks post election & Fed cut

Send us a text00:16 - Should pre-IPO stocks be part of a U.S. equity allocation06:00 - Importance of tech stocks and private companies in your portfolio12:00 - Difficulties in gaining access to long-private companies18:00 - Liquidity and growth trends in the pre-IPO secondary market24:00 - Alternative strategies for investing in private markets like defense30:00 - Understanding liquidity and fees in pre-IPO investments36:00 - Balancing public and private markets for diversification42:00 - Comparing pre-IPO stock performance with public indices48:00 - Exploring the risk-return profiles of pre-IPO companies54:00 - Predicting future developments in access to pre-IPO stocks

Send us a textSubscribe 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 replays00:07 | OpenAI Secures $6.6B Round, Expands Capabilities- Introduced real-time voice assistant capabilities through API for businesses- New API features and developer events announced to engage 3M+ developers- Workforce doubled to 1,700 employees from 770 in November 2023- Raised $6.6B funding round at $157B valuation (primary round)- Secured $4B revolving credit line with potential to expand to $10B in liquidity01:31 | Cerebras Files for IPO with 220% Revenue Growth- Specializes in AI hardware, particularly wafer-scale chips for AI training- Revenue of $136.4M in H1 2024 vs. $78.7M for full year 2023- Faces customer concentration risk with 87% of H1 2024 revenue from G42- Raised $715M in venture capital, valuation at $6.7B (secondary), up 124% since June 202403:11 | Anthropic Hires Former OpenAI Co-Founder, Valued at $25.2B- Added Durk Kingma, co-founder of OpenAI, to its growing talent pool- Continues attracting top talent from OpenAI and other tech giants- Positioned as a leader in responsible AI development under CEO Dario Amodei- Secondary market valuation: $25.2B (+40% vs Jan 2024), rumored to be raising at $40B04:09 | Flexport Restructures to Improve Profitability, Valuation Plummets- Logistics tech company plans to sublease warehouse space, integrate sales teams- Faced layoffs (20% in October, 15% in January) and loss of key customers like Crocs- Aiming for global expansion by 2027 with an asset-light model- Secondary market valuation: $1.95B (-75% vs Jan 2022 primary round)05:15 | Epic Games Files Antitrust Lawsuit Against Google and Samsung- Filed lawsuit over Samsung's "Auto Blocker" feature, alleging it blocks third-party app stores- Claims Google Play's dominance is reinforced by Samsung's preinstalled feature- Lawsuit follows mixed success in earlier legal battles against Google and Apple- Secondary market valuation: $16.6B (-26% vs Feb 2024 round)06:20 | CoreWeave Raises $421M, Valued at $23B- Cloud provider specializing in Nvidia GPUs for AI computing- Raised $421M in Series B, backed by Nvidia, Magnetar Capital, Blackstone- Secured $2.3B in debt financing in August 2024- Appointed former Google Cloud VP of finance as CFO, signaling potential IPO- Currently raising a primary round at a $23B valuation07:34 | Pre-IPO Stock Market Weekly Performance- agdillon.com/subscribe to receive weekly pdf report in your inbox- Pre-IPO +0.77% for week, +67.25% for last 1yr- Up week: Synk +17.1%, OpenAI +13.7%, Canva +6.9%, Rippling +5.9%, Notion +5.3%- Down week: xAI -5.3%, CoreWeave -2.2%, Cohere -1.7%, Epic Games -1.6%, Neuralink -0.6%- Top valuations: ByteDance $301b, SpaceX $229b, OpenAI $157b, Stripe $84b, Databricks $46b08:20 | Pre-IPO Stock Vintage Index Weekly Performance- agdillon.com/subscribe to receive weekly pdf report in your inbox- 2024 Vintage Index top contributors since inception: Revolut +201%, Rippling +113%, Anduril +76%, OpenAI +56%, Klarna +40% … the 2024 Vintage Index is up 63% since its inception, or year to date 2024- Key metric averages for all Vintage Indexes 5 years old or older…472% cumulative return since inception58% realized, distributed to investors5.72 TVPI; 3.31 DPI, 2.41 RVPI4.1 years to return the fund

Send us a textSubscribe 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 replays00:02 | 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 annually03:17 | 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 others07:40 | 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 certifications08:41 | 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- agdillon.com/subscribe to receive weekly pdf report in your inbox12:18 | Pre-IPO Stock Vintage Index Weekly Performance- agdillon.com/subscribe to receive weekly pdf report in your inbox

Send us a text00:00 - Intro00:18 - AI Agents are coming for our jobs and that's a good thing08:59 - Canva's 300% price increase17:04 - Pre-IPO stocks +70% in last 6 months alone

Atish Davda is the co-founder and CEO of EquityZen, a leading marketplace for private company stock. For a decade, he has been responsible for running the firm, designing the organization, managing the leadership team, and guiding product development. He has spent 15+ years in fintech and asset management as an engineer, quant, and investor. He is an established leader in identifying novel markets, capturing opportunity with inventive technology applications, and running highly capital efficient operations. He has been a World Economic Forum Technology Pioneer and contributor on Forbes, CNBC, and Bloomberg. Atish holds a Bachelors of Economics and Finance from The Wharton School and a Bachelors of Computer Science and Engineering from University of Pennsylvania.

Send us a Text Message.WEBINAR ANNOUNCEMENT: AG Dillon will be hosting a webinar on August 7 at 1:30pm ET titled An Introduction to the AG Dillon Top 10 Pre-IPO Stock Fund. Fund invests into the top 10 pre-IPO stock by valuation. Pre-IPO stock exposure to artificial intelligence, robotics, space economy, fintech, virtual/augmented reality in one fund. Pre-IPO Indexing delivers 450% cumulative returns over the last 20 yrs, on average*. Register at www.agdillon.com/webinar. - - - - - - - - - - -Weekly pre-IPO reports…- Valuations, revenue multiples, performance = www.agdillon.com/reports- Market update pdf = www.agdillon.com/update- Index fact sheet = www.agdillon.com/index00:06 | Cerebras Targets October IPO- AI semiconductor company- Targeting IPO launch as soon as October- Enlisted Barclays and Citigroup as lead banks- Confidentially filed with the SEC- 2021 funding round: $4B valuation (primary)- Raised $250M in Series F- Flagship system CS-3 for AI workloads- Secondary market valuation: $5.4B (+26% vs Nov 2021 round)01:01 | OpenAI Rolls Out Advanced Voice Mode- AI large language model company- Launching ChatGPT's Advanced Voice Mode- Initially for ChatGPT Plus users, full rollout in fall 2024- Features hyperrealistic audio responses, emotional recognition- Tested by over 100 external red teamers- Secondary market valuation: $105B (+22% vs Apr 2024 round)01:54 | Harvey's $100M Series C Round- AI startup for lawyers- Raised $100M in Series C led by Google Ventures- Total funding: $206M- Valued at $1.5B (primary)- Uses OpenAI's GPT-4 for legal tasks- Annual recurring revenue and workforce tripled since December03:08 | Canva Acquires Leonardo.ai- Graphic design tech company- Acquired Leonardo.ai to enhance AI tech stack- Leonardo.ai to continue operating independently- Canva's valuation: $28.4B (secondary)- Over 19M registered users, 1B+ images generated- Canva's revenue close to $2B with 180M monthly users04:16 | Ramp's AI-Powered Financial Tools- Business-focused fintech- Uses AI to streamline financial processes for 25,000+ businesses- Customers include Shopify and Boys and Girls Club of America- AI capabilities: OCR for receipt matching, fraud detection, spend optimization- Tripled annual recurring revenue and workforce since December- Secondary market valuation: $8.8B (+15% vs Apr 2024 round)05:44 | Anduril Secures Air Force Contracts- Tech-focused defense contractor- Developing prototypes for Collaborative Combat Aircraft (CCA)- Expected production contracts by 2026- CCA to perform strike, reconnaissance, electronic warfare missions- Secondary market valuation: $15.5B (+11% vs May 2024 round)06:45 | Airtable Acquires Dopt- Productivity SaaS company- Acquired Dopt to enhance AI capabilities- Dopt to wind down service on August 15- Airtable's AI group to integrate Dopt's team- Launched Airtable Cobuilder for app creation via chat interface- Secondary market valuation: $3.5B (-70% vs Dec 2021 round)07:44 | Pre-IPO Stock Market Weekly Performance- www.agdillon.com/reports for full pdf- Pre-IPO +2.91% for week, +69.42% for last 1yr- Up week: Snyk +80.2%, Notion +13.2%, Revolut +8.1%, Airtable 6.9%, Plaid 5.2%- Down week: Hugging Face -16.1%, Groq -10.4%, Cohere -5.6%, Klarna -3.5%, ByteDance -2.5%- Top valuations: ByteDance $286b, SpaceX $210b, OpenAI $105b, Stripe $70b, Databricks $44b08:40 | Pre-IPO Stock Vintage Index Weekly Performance- www.agdillon.com/index for pdf with constituent level perfo

Send us a Text Message.Subscribe to The Compound…Apple Podcast = hereYoutube = hereVisit www.agdillon.com to learn more about AG Dillon Pre-IPO Stock Funds.00:00 – Intro00:48 – 2024 IPO Overview06:00 – Current Pre-IPO Market Analysis13:33 – Liquidity in the Private Pre-IPO Stock Market13:41 – RIA Demand for Pre-IPO Stocks14:37 – Two US Stock Markets; Public & Pre-IPO Market

Send us a Text Message.Weekly pre-IPO reports…- Valuations, revenue multiples, performance = www.agdillon.com/reports- Market update pdf = www.agdillon.com/update- Index fact sheet = www.agdillon.com/index00:07 | Wiz walks away from $23B Google deal- Cloud security company- Opted for IPO over $23B Google deal- Influenced by antitrust concerns- Aims for $1B annual revenue; reached $350M last year- 40% of Fortune 100 clients- Valuation $13.1B (+9.1% vs May 2024)- 37x revenue multiple; Google deal 65x- Potential $20B IPO at 20x revenue01:34 | Revolut's $45B valuation surge- UK online bank- Nearing $500M employee share sale- Valuation up to $45B (previously $40B)- Investors: Coatue Management, Tiger Global- $429M net income in 2023, forecast $976M in 2024- Revenue: $2.2B in 2023, projected $3.7B in 2024- 20M customers (March 2024)- Aiming for $9.3B revenue by 2026- 17x revenue multiple02:32 | Revolut secures UK banking license- Secured UK banking license- Can offer credit products, take deposits- Serves 45M global customers, 9M in UK- Previously relied on EU banking license- "Mobilisation" phase, capped at £50K deposits for up to 12 months03:22 | OpenAI launches SearchGPT- AI large language model company- Launching SearchGPT search engine- Summarizes info, cites sources like WSJ- Follow-up questions, linked sources- Sidebar for more results- Data: reputable news sources; e.g. News Corp, Axel Springer- Valuation $103B (+20% vs Apr 2024)04:04 | Cohere's $5.5B valuation boost- AI large language model company- Valued at $5.5B after $500M Series D- Led by PSP Investments, new backers include Cisco, Fujitsu- Doubled from $2.7B in 2022- Annual revenue: $13M (2023) to $35M (March 2024)- Headcount to double from 250- Models support 10 languages- Valuation $5.7B05:17 | Goldman's pre-IPO investment- Goldman leading $540M investment in NEA's continuation vehicle- Includes stakes in 11 companies: 38% Databricks, 10% Plaid- Provides liquidity to NEA's partners- Investors: Industry Ventures, Pathway Capital, Goanna Capital- Priced at 19% discount to NEA valuations- Highlights venture capital innovation07:23 | Neuralink tender?- Brain computer interface company- Preparing stock buyback for employees, investors- Valuation up to $8B (from $3.5B)- Secondary market trades reflect 117% premiums- Employees compensated in shares; trade at $50 (up from $35 in January)- Prefers controlled tender offers08:10 | Tesla to invest $5B in xAI?- AI large language model business by Elon Musk- Polled users on Tesla investing $5B in xAI- Raised $6B, valuation $24B post-money- X rumored to have 25% ownership- Valuation $26.1B (+8.6% vs May 2024)08:54 | Klarna replacing 70 employees per month with AI- Consumer lender and payments company- AI enhances efficiency across operations- AI-driven customer service cut backlog from 30 days to zero- Saved $40M; reduced 700 outsourced personnel- AI handles 80% of marketing copywriting- Headcount down from 4500 to 3700- Increased cost per employee; higher salaries, more equity- Valuation $10.7B (+60% vs Jul 2022)11:27 | Pre-IPO Stock Market Weekly Performance- www.agdillon.com/reports for full pdf- Pre-IPO +0.30% for week, +63.28% for last 1yr- Up week: xAI +8.8%, Stripe +5.7%, Anthropic +3.7%, Rippling +3.3%, Ramp +2.8%- Down week: Groq -7.6%, Chime -7.5%, CoreWeave -4.2%, OpenAI -2.8%, Canva -1.3%- Top valuations: ByteDance $294b, SpaceX $210b, OpenAI $103b, Stripe $70b, Databricks $

Since May 2022 we've seen 13 rate rises in Australia. On the 6th of August we'll hear from the Reserve Bank again and markets are predicting a 14th rate rise. We take a look at what is driving inflation and ask: will a 14th rate rise change anything? We then look at the rise of pre-IPO ETFs. They're having a moment (at least on Bryce's Instagram) but when we go under the hood we quickly realise they're not all they're cracked up to be. We'll unpack why in this episode. Finally, we take a look at a worrying trend that has popped up on TikTok - applying Astrology and Numerology to investing. Naturally we had to see if it could predict the next Afterpay. Spoiler alert: it couldn't. Resources discussed:Equity Mates Instagram posts on Numerology and Astrology—------Have an investing question?Ask via our website and we'll answer it on the podcast.Join the conversation in the Facebook Discussion GroupOr get put in touch with a professional financial advisor by filling out this formWant more Equity Mates?Sign up to our email to keep up with business news Listen to our basics-of-investing podcast: Get Started Investing (Apple | Spotify)Watch Equity Mates on YouTubePick up our books: Get Started Investing and Don't Stress, Just Invest—------In the spirit of reconciliation, Equity Mates Media and the hosts of Equity Mates Investing acknowledge the Traditional Custodians of country throughout Australia and their connections to land, sea and community. We pay our respects to their elders past and present and extend that respect to all Aboriginal and Torres Strait Islander people today. —------Equity Mates Investing is a product of Equity Mates Media. This podcast is intended for education and entertainment purposes. Any advice is general advice only, and has not taken into account your personal financial circumstances, needs or objectives. Before acting on general advice, you should consider if it is relevant to your needs and read the relevant Product Disclosure Statement. And if you are unsure, please speak to a financial professional. Equity Mates Media operates under Australian Financial Services Licence 540697. Hosted on Acast. See acast.com/privacy for more information.

Send us a Text Message.Weekly pre-IPO reports…- Valuations, revenue multiples, performance = www.agdillon.com/reports- Market update pdf = www.agdillon.com/update- Index fact sheet = www.agdillon.com/index00:07 | Stripe's $70b valuation- Online payments company- Sequoia inter-fund transaction- $27.51/share at $70b valuation, +7.7% vs its last round- Sequoia LPs get liquidity, realized returns- Emerging tech is staying private for longer- Growth companies are private not public, time to allocate to pre-IPO stocks01:41 | Revolut $40b valuation- UK online bank- Tiger Global to lead $40b round- $2.2b 2023 revenue, 2x vs 2022- $574m 2023 pretax profit vs -$33m in 2022- 18.1x revenue multiple- $25b secondary market valuation, +60% overnight return!02:25 | Anthropic, Menlo launch fund- Anthropic is AI large language model biz, Menlo is premier Silicon Valley VC firm- $100m fund to invest into AI startups- Menlo makes investment- Anthropic provides AI LLM credits- Anthropic = $22b secondary market valuation, +20% vs Jan 2024 round03:22 | $267m for Human Interest- 401k focused fintech- 3 minutes to open 401k account- 25,000 small business customers- $100m in ARR- 70% projected 2024 sales growth- IPO planned within two years04:03 | Tekion $4b valuation- Automotive technology business- $200m investment from Dragoneer- Founder is former Tesla CIO, jay Vijayan- 2025 to be 1st profitable year- Other investors = Index Ventures, BMW i Ventures, Advent International04:53 | Starlink approved in South Sudan- SpaceX's satellite internet business- Only 36% of South Sudan citizens connected to internet- SpaceX seeks official distributor in South Sudan- $210b valuation based on current tender offer in process05:44 | OpenAI GPT-4o Mini launched- AI large language model business- 4o Mini is 60% cheaper vs 4o proper- 4o Mini is replacing GPT-3.5 Turbo- Businesses like smaller models as they get job done but at lower expense- Lower expense improves ROIs- Watch for big earnings pop and acquisitions from businesses that implement AI07:32 | Pre-IPO Stock Market Weekly Performance- www.agdillon.com/reports for full pdf- Pre-IPO +0.19% for week, +65.28% for last 1yr- Up week: Revolut +8.0%, Chime +5.5%, Deel 4.4%, Ramp +3.4%, SpaceX 3.2%- Down week: Cohere -11.2%, Epic Games -3.2%, Anduril -2.8%, Neuralink -2.4%, eToro -2.3%- Top valuations: ByteDance $290b, SpaceX $205b, OpenAI $106b, Stripe $70b, Databricks $44b08:23 | Pre-IPO Stock Vintage Index Weekly Performance- www.agdillon.com/index for pdf with constituent level performance by year- 2024 Vintage Index top contributors since inception: Rippling +107%, Revolut +68%, Anduril +51%, Klarna +46%, Epic Games +32%- Key metric averages for all Vintage Indexes 5 years old or older…445% cumulative return since inception61% realized, distributed to investors5.45 TVPI; 3.31 DPI, 2.14 RVPI4.1 years to return the fund

Pre-IPO stock valuations = www.agdillon.com/reportsPre-IPO weekly market update pdf = www.agdillon.com/updatePre-IPO stock index fact sheet = www.agdillon.com/index00:07 | Axiom Space, Gravitics space station deal- Axiom Space, Gravitics develop space stations- $125m deal to develop new space station- Drive in-space manufacturing (new industry!)- SpaceX rockets will deliver new space station to orbit- Axiom Series C in Aug 2023 put the company at a $2.5b valuation- Gravitics posted a seed round in Dec 2022 at a $100m valuation01:41 | $50m for Athletic Brewing- Non-alcoholic beer- General Atlantic led- 10th largest US craft brewery- 19% non-alcoholic beer market share- $90m 2023 revenue, 3m cases sold- $800m valuation- 40% of Americans … 49% millennials, 61% Gen Z … trying to drink less alcohol02:25 | Neuralink second patient next week- Brain computer interface company- First patient, Noland Arbaugh (Jan 2024), can control a computer with just thoughts- Goal is to mitigate chip “thread” retraction and improve thread placement- $7.7b secondary market valuation, +122% vs its Nov 2023 round03:22 | xAI kills Oracle deal- AI large language model company- Owned by Elon Musk, X owns 25%- xAI was renting 24k Nvidia chips from Oracle- Deal ended as xAI building 100k Nvidia chip facility in Tennessee- $24b secondary market valuation, flat to its May 2024 round04:03 | $270m “investment” fund from Shein- Fast fashion company, direct to consumer- $270m into UK/Europe to combat industry waste, support regional brands- IPO expected on London Stock Exchange- Headquartered in Singapore, developed market company?- $66b valuation in its May 2023 Series G04:53 | AGI test from OpenAI- AI large language model business- New test details exactly what an artificial general intelligence (AGI) is- 5 “Levels”, OpenAI currently at Level 1- Level 5 has AI performing organizational work, or AI has autonomous decision making- CEO Altman believes AGI will be accomplished by 2030- $105b secondary market valuation, +22% vs its Apr 2024 last round05:44 | Apple, Microsoft off OpenAI board- Microsoft is $13b investor in OpenAI- OpenAI to power Apple Siri assistant- US/EU regulators voices antitrust concerns- Both companies recused themselves from board observer roles- OpenAI plans to consistently meet with both in future, so no real change?06:35 | 400% increase in SpaceX Starship launches- Space payload delivery and satellite internet company (Starlink)- Seek FAA approval to increase from 4 to 25 Starship launches- Starship has 4x the payload capacity of the current Falcon 9 and 97% less expensive per launch ($2m vs $62m)- $199b secondary market valuation, +10% vs its Jan 2024 round- Note that SpaceX is currently closing a tender round at a $210b valuation07:32 | Pre-IPO -0.23% for week, +62.79% for last 1yr- www.agdillon.com/reports for full pdf- Up week: Chime +13.6%, CoreWeave +8.5%, SpaceX +2.3%, Anthropic +1.8%, ByteDance +1.3%- Down week: Groq -21.9%, Ramp -8.5%, eToro -2.0%, Notion -1.2%, Scale AI -1.0%- Top valuations: ByteDance $289b, SpaceX $199b, OpenAI $105b, Stripe $78b, Databricks $44b08:23 | 2024 Pre-IPO Stock Vintage Index week performance- www.agdillon.com/index for pdf with constituents level performance by year- 2024 Vintage Index top contributors since inception: Rippling +107%, Anduril +56%, Revolut +56%, Klarna +45%, Epic Games +37%- Key metric averages for all Vintage Indexes 5 years old or older…444% cumulative return since inception61% realized, distributed to investors5.44 TVPI; 3.31 DPI, 2.13 RVPI4.1 years to return the fund

This episode features Cole Shepherd, who shares his transition from a corporate role in M&A at PWC in Hong Kong to entrepreneurship in Medellín, Colombia. It covers his ventures in distressed real estate and commodity trading, particularly in fresh cut flowers, before founding the Green Coffee Company. The discussion delves into the challenges and opportunities in the coffee industry, focusing on vertical integration, innovation, and future plans, including byproduct utilization. The episode also includes Cole's insights into private equity, M&A, investor-focused strategies, and recommendations for Colombian dishes and destinations. Topics Discussed: Cole's transition from M&A at PWC in Hong Kong to entrepreneurship in Medellín, Colombia. Ventures in distressed real estate and commodity trading, particularly fresh cut flowers. Founding and evolving Green Coffee Company, focusing on vertical integration in the coffee industry. Challenges in the coffee industry, such as banking penetration and innovation gaps. The company's approach to innovation and future plans, including byproduct utilization. Key Takeaway: The journey from corporate structured environments to innovative entrepreneurship, and leveraging opportunities in emerging markets. Timestamps: [00:00:00] Introduction to Cole Shepherd and his career shift. [00:01:12] Discussion on moving to Colombia and initial business ventures. [00:02:33] Transition to Green Coffee Company and its growth. [00:03:34] Insights into private equity, M&A, and investor-focused strategies. [00:04:48] Cole's role adjustment for business growth and success. [00:05:50] Current status and future plans for Green Coffee Company. [00:06:50] Importance of investor communication and inclusivity in business. [00:07:42] Recommendations for Colombian dishes and destinations. [00:08:31] Closing remarks and investment opportunities. Episode Sponsored By: Discover Financial Millionaire Mindcast Shop: Buy the Rich Life Planner and Get the Wealth-Building Bundle for FREE! Visit: https://shop.millionairemindcast.com/ MY FIRST 50K!: Visit https://wiseinvestorcollective.com/ and submit your application to join! Uplift Desk: Visit https://www.upliftdesk.com/mindcast or use the code MINDCAST for a 5% discount! Gusto: Visit https://www.gusto.com/millionairemindcast to get 3 Months free! LinkedIn Sales Solutions: Visit http://www.linkedin.com/mindcast to get your free 60-Day Trial!

Pre-IPO stock valuations = www.x.com/aarongdillon (see pinned post)Pre-IPO stock index fact sheet = www.agdillon.com/index00:07 | Revolut revenue +95% yoy- UK online bank- $553m 2023 pre-tax revenue vs -$32m 2022- $2.2b 2023 revenue, +95% vs 2022 ($1.1b)- $638m 2023 interest income vs $106m 2022- $638m 2023 customer loan book vs $260m 2022- 45m customers as of Jun 2024, 12m added in 2023- $23b secondary market valuation- Out for a $40b primary round now, +75% vs secondary valuation01:30 | Chime acquires Salt Labs- US online bank- Acquired Salt Labs, employee rewards platform- Chime Enterprises will focus on driving deposits and payment volumes through employer relationships- $6.6b secondary market valuation, -74% vs its Sep 2021 last round02:32 | xAI announces new AI models- Elon Musk AI large language model biz- Grok 2 launching Aug 2024- Grok 3 launching Dec 2024- Grok 3 to be trained on 100,000 Nvidia H100 GPUs- xAI has exclusive access to X/Twitter real-time date, a huge differentiator- $23.8b secondary market valuation, flat from its May 2024 round03:37 | Apple joins OpenAI board- AI large language model biz (ChatGPT)- ChatGPT will power Apple Siri- Phil Schiller, head of Apple App Store, will observe at OpenAI board meetings- $104b secondary market valuation, +21% vs its Apr 2024 round04:20 | $300m for Thiel's The Enhanced Games- The Enhanced Games is Olympics + performance enhancing drugs- Peter Thiel is an investor- Raising $300m in debt, equity … valuation not disclosed- 10 sports; freestyle swimming, 100m dash- International Olympic Committee doesn't approve (naturally)05:12 | Klarna wins Adobe deal- Payments and consumer credit company- Klarna buy now pay later product offered to Adobe Commerce merchants- 85% of merchants noted an increase in BNPL usage at online checkouts in 2023- Other Klarna customers = Away, Uber, and Expedia- $10.7b secondary market valuation, +60% vs its Jul 2022 round06:13 | Kapoor new CPO at CoreWeave- AI cloud provider- Chetan Kapoor now chief product officer- Kapoor was previously at Amazon Web Services- $19.8b secondary market valuation, +4% vs its May 2024 round07:17 | Apple, Alibaba AI models on Hugging Face- AI developer solutions platform- Apple adds 20 AI models, 4 data sets to Hugging Face- Alibaba Qwen models now 3 of top 10 on Hugging Face LLM Leaderboard- Hugging Face is the go to platform for AI developers- $5.4b secondary market valuation, +20% vs its Aug 2023 round08:13 | Groq wins Saudi Aramco deal- AI chip and cloud service provider- Huge Saudi Aramco deal win- 70,000 AI developers registered, 19,000 AI applications running- Groq LPUs for inference (vs Nvidia GPUs for training)- LPUs faster responses, lower electricity use- 42,000 LPUs in 2024, 1.5 million LPUs by Dec 2025- $2.8b secondary market valuation, +147% vs its Feb 2024 round- Note: Groq currently closing primary round at $2.5b09:33 | Pre-IPO +0.29% for week, +62.29% for last 1yr- Up week: Ramp +5.7%, Revolut +4.1%, Hugging Face +3.5%, CoreWeave +2.8%, SpaceX +2.8%- Down week: Deel -2.7%, eToro -2.6%, Databricks -2.2%, Wiz -2.1%, Notion -1.4%- Top valuations: ByteDance $285b, SpaceX $194b, OpenAI $104b, Stripe $79b, Databricks $44b10:12 | 2024 Pre-IPO Stock Vintage Index week performance- www.agdillon.com/index for fact sheet pdf- 2024 Vintage Index top contributors since inception: Rippling +107%, Anduril +56%, Revolut +55%, Klarna +45%, Epic Games +37%- Key metric averages for all Vintage Indexes 5 years old or older…440% cumulative return since inception61% realized, distributed to investors5.40 TVPI; 3.31 DPI, 2

I'm honored to host Chris Ruddy, Founder and CEO of NEWSMAX. Chris said Joe Biden is the “chaos President”. He spoke with President Trump this morning. Chris suggested to President Trump, whom he has known for 25-years, that Trump wins by focusing his time at the debate on all of his successes. That's it! Chris discusses the process of buying ‘Pre-IPO' preferred shares in Newsmax. He wants the public to be his “partner”. In the last few years Newsmax's paths of growth will pale in comparison to the future plans for growth. Chris Ruddy is on the leading edge of a new diversity of broadcast media paths. The overnight changes in technology have forced Newsmax to protect itself with content that goes far beyond America's border and far beyond a narrow political/social bent. Chris articulated Newsmax's flexibility to various points of view, without compromising sound journalistic principles. “The old media and old journalism ways are hostage to ‘left liberalism', with media owners that are unlikely able to morph to the future's changing information demands. We're fair. We always try to have balance on our network. We want both sides of the story,” he said. NEWSMAX STANDS APART IN THIS BRAVE NEW WORLD. ENJOY OUR EPISODE. Please share it with family and friends.Interested in Investing?http://www.newsmaxinvest.comWant More Newsmax? http://www.newsmax.comCEO Chris Ruddy ~ The NEWSMAX 20-Year Story ~ With Gene Valentinoon the GrassRoots TruthCast with Gene ValentinoORIGINAL MEDIA SOURCE(S):‣ Originally Recorded on June 25, 2024‣ GrassRoots TruthCast: Season 2, Episode 250‣ Image courtesy of: GeneValentino.com➡️ Join the Conversation: https://GeneValentino.com➡️ WMXI Facebook Page: https://www.facebook.com/NewsRadio981➡️ More WMXI Interviews: https://genevalentino.com/wmxi-interviews/➡️ More GrassRoots TruthCast Episodes: https://genevalentino.com/grassroots-truthcast-with-gene-valentino/➡️ More Broadcasts with Gene as the Guest: https://genevalentino.com/america-beyond-the-noise/ ➡️ More About Gene Valentino: https://genevalentino.com/about-gene-valentino/

Pre-IPO stock valuations = www.x.com/aarongdillon (see pinned post)Pre-IPO stock index fact sheet = www.agdillon.com/index00:06 | MStanley OpenAI solution yields 2,800 more financial advisors- “Debrief” acts as notetaker, summarizer, and 1st draft email composer for client meetings- Powered by OpenAI ChatGPT-4- Estimated 30 mins of advisor time saved per meeting- Assume 1.5 hrs saved per day per advisor across 15,000 total MStanley advisors is equivalent to adding 2,800 new advisors to ranks- Productivity gains to show in revenue, net income in 2025?01:18 |OpenAI acquires Multi- Multi allows developers to screenshare, work on code together- OpenAI Enterprise division aims to integrate collaboration tools with OpenAI's AI solutions- Multi has 5 employees and raise only $13m, most of team will join OpenAI (acqui-hire)- OpenAI Enterprise has 600,000 users, 93% of Fortune 500 companies- OpenAI has a $105b secondary market valuation; +22% vs its last round in Apr 202402:30 | Parker, Schmidt invest into Stability AI- AI image and video generation business- Parker (ex-Facebook pres), Schmidt (ex-Google CEO), + others to invest $80m- $100m in debt, $300m in cloud obligations negotiated away- Prem Akkaraju (CEO) to provide a commercial strategy in 3 months- Focus on Hollywood studios as customers04:01 | SpaceX wins NASA/ISS contract- International Space Station (ISS) to be decommissioned- SpaceX won $843m contract to build the US Deorbit Vehicle to safely deorbit the ISS- Deorbit occurs in 203005:04 | SpaceX tender now at $210b- Current tender raised from $200b to $210b- Last round was $180b ($97/share) to $210b ($112/share)- Bloomberg reported 2024 revenue forecast to be $15b with Starlink delivering big revenue gains in the year- At 20x revenue multiple that is $300b valuation- $210b is a very attractive valuation, in our opinion06:12 | Hyperplane acquired by Nubank- Builds foundation AI models for banks re: risk, collections, and marketing- Acqui-hire as Hyperplane just raised a $6m seed 7 months ago- Nubank has $10.8b in ARR, serves 100m customers in Brazil, Mexico, Colombia07:03 | Perplexity gets SoftBank investment- AI search that competes with Google Search- SoftBank to invest $10m to $20m at $3.0b valuation- Part of a broader $250m round- SoftBank to make $100b in AI investments07:48 | Pre-IPO +0.77% for week, +63.08% for last 1yr- Up week: Scale AI +19.1%, Stripe +3.0%, Chime +2.9%, Databricks +2.8%, Wiz +2.1%- Down week: CoreWeave -2.8%, Anduril -2.3%, Revolut -1.8%, Notion -1.6%, SpaceX -1.5%- Top valuations: ByteDance $285b, SpaceX $189b, OpenAI $105b, Stripe $78b, Databricks $45b08:29 | 2024 Pre-IPO Stock Vintage Index week performance- www.agdillon.com/index for fact sheet pdf- 2024 Vintage Index top contributors since inception: Rippling +107%, Revolut +49%, Klarna +43%, Epic Games +36%, Anduril +27%- Key metric averages for all Vintage Indexes 5 years old or older…435% cumulative return since inception62% realized, distributed to investors5.35 TVPI; 3.31 DPI, 2.04 RVPI4.1 years to return the fund

Penfolds is planning to re-enter the Chinese market with a bang after the monster tariffs have been removed from winemakers. Revolut, the UK-based neobank, is looking to sell $500 million of shares as it prepares for one of the biggest IPOs of the year. Kathmandu's owner, KMD Brands, has seen half-year sales drop 8.4% and its winter sales are going to be worse-than-expected. —Build the financial wellbeing of your team with Flux at Work: https://bit.ly/fluxatworkDownload the free app (App Store): http://bit.ly/FluxAppStoreDownload the free app (Google Play): http://bit.ly/FluxappGooglePlayDaily newsletter: https://bit.ly/fluxnewsletterFlux on Instagram: http://bit.ly/fluxinstaFlux on TikTok: https://www.tiktok.com/@flux.finance—-The content in this podcast reflects the views and opinions of the hosts, and is intended for personal and not commercial use. We do not represent or endorse the accuracy or reliability of any opinion, statement or other information provided or distributed in these episodes.See omnystudio.com/listener for privacy information.

Pre-IPO stock valuations = www.x.com/aarongdillon (see pinned post)Pre-IPO stock index fact sheet = www.agdillon.com/indexPre-IPO stock funds = www.agdillon.com/funds00:06 | No IPOs for Stripe- Online payments company- Stripe co-founder, John Collison; Stripe will continue to do tenders in the future- Two tenders in the last two years, perhaps one tender a year?- Tender offers = no IPO on the horizon- $76b secondary market valuation, +16% vs its last round in Feb 202401:03 | X as “everything app”- X Payments being stood up now- Approved in 28 states, aims to be live by Dec 2024- X Payments will compete with Venmo, Cash App, Zelle- No crypto- Fidelity has X at a $12.5b valuation, ballpark 3x-4x revenue multiple- Payments are foundational to be an everything app, we believe an X App Store is next02:40 | Starlink Mini launched- Starlink Mini is a compact version of standard satellite internet antenna- Weighs 2lbs, 12x10x1.5 inches in size- $599 for mini antenna, $150/month service fee- Starlink has 6,000 satellites in orbit, 3m customers in 100 countries- $192b secondary market valuation, +7% vs its last round in Jan 2024 … $200b tender announced expected to close late summer03:55 | Cerebras AI chip IPO- Hired Citigroup to lead IPO- 2H 2024 for listing- $4b+ IPO valuation, above last round in 202104:36 | SoftBank's $100b for AI companies- Goal is to deliver “artificial super-intelligence”, or ASI- SoftBank owns Arm, AI chip maker- SoftBank activity in the VC market led to the inflated valuations in 2021, could same happen now in AI ecosystem05:17 | New Anthropic AI model- AI large language model company- Claude 3.5 Sonnet launching- 2x as fast as Claude 3 Sonnet; excels in coding, text-based reasoning vs OpenAI GPT-4o- Enterprise pricing = $3 per million tokens fed into the model, $15 per million tokens generated- $1b 2024 revenue forecast- $21b secondary market valuation, +18% vs its last round in Jan 202406:21 | HeyGen raised $60m- AI-driven video content company- $500m valuation- Product = upload video of yourself, photorealistic avatar created, upload transcript, AI avatars reads as if you, translate to 40+ languages- $24/month subscription fee- 40,000 customers- $35m ARR in 2023- HeyGen builds on top of OpenAI and ElevenLabs (“last mile” AI app)08:10 | Revolut tender at $40b!- Morgan Stanley to bank tender offer- $500m raise- £1.7 billion 2023 revenue, +84% vs 2022- $23b secondary market valuation, -31% vs its last primary round in Jul 2021- Recent secondary market buyers stand to make a quick +75% return if $40b valuation holds09:30 | Pre-IPO -1.07% for week, +65.20% for last 1yr- Up week: Chime +22.3%, CoreWeave +19.3%, Wiz +13.1%, Cohere +11.3%, Scale AI +8.8%- Down week: OpenAI -5.5%, Epic Games -4.0%, Deel -2.9%, Bytedance -2.1%, Notion -1.9%- Top valuations: ByteDance $292b, SpaceX $191b, OpenAI $104b, Stripe $76b, Databricks $43b10:27 | 2024 Pre-IPO Stock Vintage Index week performance- www.agdillon.com/index for fact sheet pdf- 2024 Vintage Index top contributors since inception: Rippling +106%, Revolut +52%, Epic Games +44%, Klarna +43%, Anduril +27%- Key metric averages for all Vintage Indexes 5 years old or older…3.31 distributed paid in capital2.05 residual value to paid in capital5.36 total value to paid in capital4.1 years to return the fund

Pre-IPO stock valuations = www.x.com/aarongdillon (see pinned post)Pre-IPO stock index fact sheet = www.agdillon.com/index00:07 | Mistral's new $6.2b valuation- French AI large language model company- Raised $645m at $6.2b valuation- General Catalyst led; Nvidia, Salesforce, IBM participated- Capital to be used to expand globally- Tech is compliant with new EU AI regulation00:48 | OpenAI $3.4b ARR- AI large language model provider, partnerships with Apple and Microsoft- $3.4b ARR as of May 2024, $2.0b ARR in Dec 2023, $1.0b in Jun 2023- Anthropic $100m ARR, Cohere $22m ARR- OpenAI has a 25x revenue multiple- $200m ARR from Microsoft partnership- New products; search engine, video generating models01:30 | OpenAI + Apple deal terms unveiled- OpenAI's ChatGPT to be integrated into iPhones, iPads, Macs- No Apple to OpenAI payment- Apple believes brand and product exposure to Apple's millions of customers is more valuable- Users will need an OpenAI subscription for some Apple interface use cases; both OpenAI and Apple will make incremental revenue- Apple deal is not exclusive; in talks with Google Gemini and Anthropic02:21 | OpenAI new CFO, CPO- Sarah Friar new CFO; Nextdoor holdings CEO, Square CFO, current Walmart board member- Kevin Weil new CPO; Instagram, Twitter, Planet Labs PBC- Focus on driving international revenue growth and enterprise customer revenue growth- $103.8b secondary market valuation, +21% vs its Apr 2024 round03:15 | Brex revenue +35% in 2023- Online banking company for businesses- Restructured leadership; co-CEO to Franseschi sole CEO, Dubugras as chairman- Raised over $1.5b in capital- 30,000 business customers; DoorDash, Roblox- 20% staff reduction in 2024- Reduced cash burn by 50%, extends runway 4 yrs- 2023 revenue +35%, gross profit +75%- $3.8b secondary market valuation, -69% vs its Jan 2022 round04:18 | Investment case for electricity?!- PG&E, California electric utility, reports 3.5 gigawatts of incremental electricity demand from 24 new data centers- Equal to output of 3 nuclear power plants- New data centers coming in next 5 yrs- Electricity demand to grow 2% to 4% annually through 2040- Electricity stands to be an incredible investment opportunity05:19 | Databrick's new chart/graph tool- Data management, analytics, and AI company- Launching AI/BI, a new visualization tool- Competes with Salesforce Tableau, Microsoft Power BI- AI/BI = uses AI to create charts/graphs via typed queries- AI/BI is free to Databricks users, vs Saleforce/Microsoft which have fees06:12 | Databricks revenue +60% vs 2023- $2.4b ARR forecast as of Jun 2024, +60% vs 2023- $1.6b in 2023 full year revenue, +50% vs 2022- 221 sales deals over $1.0m- Net revenue retention +140%- R&D is 33% of revenue over last 3yrs- 80% subscription gross margin over last 3yrs- $400m ARR from data warehouse product- $42.8b secondary market valuation, -1% vs its Nov 2023 round07:17 | Pre-IPO +2.56% for week, +71.53% for last 1yr- Up week: Chime +22.3%, CoreWeave +19.3%, Wiz +13.1%, Cohere +11.3%, Scale AI +8.8%- Down week: OpenAI -5.5%, Epic Games -4.0%, Deel -2.9%, Bytedance -2.1%, Notion -1.9%- Top valuations: ByteDance $292b, SpaceX $191b, OpenAI $104b, Stripe $76b, Databricks $43b07:54 | 2024 Pre-IPO Stock Vintage Index week performance- www.agdillon.com/index for fact sheet pdf- 2024 Vintage Index top contributors since inception: Rippling +106%, Revolut +52%, Epic Games +44%, Klarna +43%, Anduril +27%- Key metric averages for all Vintage Indexes 5 years old or older…3.31 distributed paid in capital2.05 residual value to paid in capital5.36 total value to paid in capit

Pre-IPO stock valuations = www.x.com/aarongdillon (see pinned post)Pre-IPO stock index fact sheet = www.agdillon.com/index00:07 | 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 valuation00:57 | 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 Q203:29 | 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 round04:31 | 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 May05:51 | 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 Oracle06:52 | 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 ecosystem09:15 | 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 income10:09 | 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 $42b10:52 | 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 capital2.04 residual value to paid in capital5.35 total value to paid in capital4.1 years to return the fund

AI SHOPS SELLING-Inflection AI sold to Microsoft and Stability AI, Humane looking to sell-Inflection AI sold for $650m; investors get 10% to 50% return on investment-Stability AI last published round in Oct 2022 at $1.0b; $5m Q1 2024 revenue, -$30m Q1 2024 net income, $100m in outstanding payables to cloud computing providers-Humane looking for a $750m to $1b price tag-Winners and losers are starting to shape up in the AI play?-AI "asset classes" ; chips, cloud, data, models, application/implementationPRIMARIES LOWER THAN SECONDARIES-YES! Anduril targeting $12.5 valuation, secondaries at $13.2b-YES! Groq targeting $3.0b valuation, secondaries at $4.4b (-32%)-NO! Revolut targeting $33b valuation, secondaries at $21.6b-NO! Scale AI closed $13.8b valuation, secondaries at $7.4b last week-Super interesting price activity here in primaries vs secondaries

00:07 | OpenAI inks PwC deal01:16 | OpenAI inks deal with Grab02:07 | OpenAI data deal with The Atlantic, Vox Media03:13 | OpenAI ChatGPT Edu launches04:43 | Grafana Labs new funding round05:24 | Klarna profitable in Q106:53 | Mistral AI coming to US07:30 | Stripe's new UK products08:48 | Databricks' $1.6b revenue09:45 | Revolut and Africa11:01 | Epic Games following YouTube playbook12:53 | xAI's $24b valuation, 8th largest pre-IPO stock13:52 | CoreWeave 1H 2025 IPO15:17 | Canva cuts HP deal16:06 | Perplexity new round17:07 | Zhipu AI new round17:48 | Pre-IPO +0.87% for week, +40.83% for last 1yr18:30 | +0.94% 2024 Pre-IPO Stock Vintage Index

00:08 | Revolut new round- UK online bank- Launching new payment terminal in 2H 2024, expanding Europe availability for product- Raising $500m tender at $33b valuation- 40m customers, +144% from 2021- $2.2b 2023 revenue, +100% vs 2022- $21.6b secondary market valuation, - 35% from Jul 2021 round- 9.8x revenue multiple at $21.6b secondary valuation- 15x revenue multiple at target $33b valuation- +53% return for secondary investors if $33b valuation plays out02:06 | CoreWeave new debt financing- AI-focused cloud provider- $7.5b private debt financing- Blackstone led; Carlyle Group, BlackRock participated- $19b valuation from $1.1 equity round this month- 14 to 28 data centers by Dec 202402:48 | Blue Origin resumes launches- Bezos owned, space rocket company- NS-25 mission successful- Resumed crewed flights after 2yrs, 21 corrective actions- 25th mission, 7th with humans … 37 total people to space03:35 | Scale AI new round- Data-labeling service provider for machine learning model training- Raised $1b- $13.8b valuation, +97% from 2021 round- Accel led; Cisco, Intel, AMD, Nvidia, Tiger Global participated- Clients; Microsoft, Toyota, GM, Meta, US DoD, OpenAI- $7.4b secondary market valuation as of last week, some investors got a +86% pop04:30 | Anthropic hires new CFO- AI large language model company- Hires Krishna Rao as CFO, formerly of Fanatics and Airbnb- $18.1b secondary market valuation, +0.6% vs last round (Jan 2024)05:17 | Anduril new round- Military defense tech company- Raising $1.5b- Targeting $12.5b+ valuation, +25% from Dec 2023 round- $500m in 2023 revenue, +100% vs 2022- $670m in govt contracts, +50% vs 2022- $12.5b primary round is -5.3% from current secondary market valuation levels, $13.2b06:06 | DeepL new round06:45 | OpenAI deals with News Corp, BBVA- News Corp data deal; OpenAI to train on WSJ, MarketWatch, Barrons, NY Post data- BBVA to use ChatGPT Enterprise solutions; 3,000 licenses to enhance productivity, innovation in business decisions and customer service- BBVA is first European bank to partner with OpenAI- $97b secondary market valuation, +12.8% from Apr 2024 round08:06 | Humane looking for buyer- AI personal device startup- Seeking buyer at $750m to $1b- Last round at $850m, 202308:34 | Groq new round- AI chip startup- $300m raise, MStanley as banker- $3b valuation, +161% from Feb 2024 round- Groq's language processing units, LPUs, designed to generate LLM results faster with lower electricity use- Monetization starts in Jun 2024- $3b primary round is -32% from current secondary market valuation, $4.4b09:30 | Pre-IPO +0.10% for week, +39.95% for last 1yr- Up week: Cohere +7.5%, Klarna +3.8%, Wiz +2.1%, Anduril +1.6%, Revolut +1.5%- Down week: Groq -10.3%, SpaceX -2.8%, Anthropic -0.9%, Airtable -0.4%, Neuralink -0.4%- Top valuations: ByteDance $294b, SpaceX $186b, OpenAI $97b, Stripe $75b, Databricks $43b10:12 | +0.42% 2024 Pre-IPO Stock Vintage Index- www.agdillon.com/index for fact sheet pdf- 2024 Vintage Index top contributors since inception: Epic Games +172%, Rippling +100%, Revolut +44%, Klarna +41%, Anduril +27%- Looking at all 20 vintages … here are the contributors and detractors for the week; winners = Klarna +3.8%, Anduril +1.6%, Revolut +1.5% and losers = SpaceX -2.8%, Anthropic -0.9%, Chime -0.3%- Key metric averages for all Vintage Indexes 5 years old or older……3.31 distributed paid in capital (DPI)…2.01 residual value to paid in capital (RVPI)…5.32 total value to paid in capital (TVPI)…4.1 years to “return the fund”

Pre-IPO stock valuations = www.x.com/aarongdillon (see pinned post)Pre-IPO stock index fact sheet = www.agdillon.com/index00:07 | OpenAI impresses with GPT-4o- Capable of handling text, speech, and video- Refreshed ChatGPT UI and a macOS desktop app- Verbal conversation improvement was the big surprise, in my opinion- Watch live demos here = https://x.com/OpenAI- $97b secondary market valuation, +13% vs last round (Apr 2024)01:53 | Reddit + OpenAI data deal- OpenAI to license Reddit data for training- $ amount OpenAI pays Reddit not disclosed- Follows OpenAI data deals with Dotdash Meredith, Financial Times02:53 | Klarna IPO rumored at +100% vs 2ndary mrkt- $20b IPO could come as early as Q1 2025- 150m global customers, 40m US customers- UK based holding company established, sign IPO is coming- $10b secondary market valuation, +49% vs last round (Jul 2022)- Investors could make a quick 100% return if entering in the secondary and $20b IPO plays out03:55 | Anthropic hires new CPO, launches in Europe- Mike Krieger is new chief product officer- Krieger co-founded Instagram and sold to Facebook for $1.0b- Anthropic also launched in Europe; full product suite- $18.1b secondary market valuation, +0.6% vs last round (Jan 2024)05:22 | Chime vs payday lenders- cash advance of $500- customer must have completed two payroll cycles- $2 fee, 1-2 day wait to access advance- 7m customers, profitable in Q1 2024- $5.3b secondary market valuation, -79% vs last round (Sep 2021)06:14 | $625m cash for Reka AI founders/employees- Snowflake rumored to acquire Reka AI for $1.0b- Reka AI investors; DST Global, Snowflake's venture arm- Reka AI founded in 2022, founders/employees still own 62.5% of company (my math)- $625m for Reka AI's founders/employees if Snowflake deal goes through07:14 | Starlink live in Indonesia, Carnival ships- Starlink live in Indonesia on May 19; Starlink available in 75+ countries- Starlink live on all 90 Carnival Cruises ships; $15 to $19 per person per day- $192b secondary market valuation, +6.4% vs last round (Jan 2024)08:41 | Rippling launches performance mgmt product- New product to help employers monitor performance continuously and free up HR for complex tasks- $14.9b secondary market valuation, +11% vs last round (Apr 2024)09:54 | Figma $12.5b tender- $600m to $900m deal size- Current investors, including current and former employees, allowed to sell- a16z, Sequoia, Kleiner Perkins to invest- Adobe $20b deal blocked by European regulators, paid Figma $1b breakup fee10:53 | Pre-IPO -0.67% for week, +30.73% for last 1yr- Week winners: Rippling +5.9%, Chime +4.2%, Discord +4.1%, Bytedance +2.2%, Revolut +1.3%- Week losers: Flexport -27.5%, Canva -6.6%, OpenAI -2.4%, Epic Games -2.0%, Anthropic -1.1%- Top valuations: ByteDance $295b, SpaceX $192b, OpenAI $97b, Stripe $74b, Databricks $43b11:39 | +0.26% 2024 Pre-IPO Stock Vintage Index- www.agdillon.com/index for fact sheet pdf- 2024 Vintage Index top contributors since inception: Epic Games +172%, Rippling +100%, Revolut +42%, Klarna +35%, Anduril +33%- Looking at all 20 vintages … here are the winners and losers for the week; winners = Rippling +5.9%, Chime +4.2%, Discord +4.1% and losers = Tanium -10.9%, OpenAI -2.4%, Epic Games -2.0%- Key metric averages for all Vintage Indexes 5 years old or older……3.31 distributed paid in capital (DPI)…2.05 residual value to paid in capital (RVPI)…5.36 total value to paid in capital (TVPI)…4.1 years to “return the fund”

00:08 | Wayve raises $1b- UK AI-autonomous driving technology company, licenses AI-tech to car manufactures- Softbank, D1, Nvidia, Microsoft investors- Round valuation was not disclosed- Last published valuation was $1.35b in Jan 2022 Series B01:49 | Chime fined by CFPB - online checking and savings accounts- fined $3.25m for failing to refund customer funds on a timely basis- growing pains, nothing to see here- $5.1b secondary market valuation; -80% from Sep 2021 round03:13 | Wiz $12b valuation- NYC cloud security firm- $12b post-money after $1b cap raise- a16z, Lightspeed, Thrive invested- $350m in 2023 annual recurring revenue- 34x revenue multiple (HIGH!)04:13 | Titkok sues US govt (obviously)- challenging divest/ban law passed last month- 170m US users- $16b in TikTok US 2023 revenue- estimated $152b valuation is Meta price-to-sales multiple applied05:43 | OpenAI cuts another training data deal - licensing partnership with Dotdash Meredith- brands include People Magazine, Better Homes & Gardens, Investopedia- OpenAI has data deals with FT, Axel Springer, Le Monde, Prisa, AP, StackOverflow- $99.4b secondary market valuation, +16% from Jan 2024 last round06:58 | FTX customers made whole!- $11b owed to 2m customers- $16.3b in total assets recovered- customers and creditors made whole + interest, 118% of original value08:43 | Pre-IPO +1.41% for week, +31.09% for last 1yr- Week winners: Ramp +15.9%, Groq +12.1%, Notion +5.4%, Revolut +4.4%, Chainalysis +4.2%- Week losers: Hugging Face -5.6%, Chime -2.9%, Bytedance -1.7%, Databricks -1.6%, Epic Games -0.9%- Top valuations: ByteDance $288b, SpaceX $192b, OpenAI $99b, Stripe $75b, Databricks $43b09:25 | +1.07% 2024 Pre-IPO Stock Vintage Index- www.agdillon.com/index to see all 20 Pre-IPO Stock Vintage Indexes- 2024 Vintage Index top contributors since inception: Epic Games +177%, Rippling +89%, Revolut +40%, Klarna +36%, Anduril +34%- 2024 Vintage Index top detractors since inception: None. All 10 constituents are in positive territory. - Looking at all 20 vintages … here are the winners and losers for the week; …winners = Rippling +3.2%, SpaceX +1.6%, Databricks +1.5% and…losers = Automation Anywhere -20.9%, OpenAI -3.3%, Tanium -2.2%- Rippling is in 2024 Vintage Index; 14% weight, +73% from index inception, +1.4% from last primary round- Key metric averages for all Vintage Indexes 5 years old or older……3.31 distributed paid in capital…2.06 residual value to paid in capital…5.37 total value to paid in capital…4.1 years to return the fund

00:07 | X Payments approved in 25 or 50 states- X Payments functionality; pay a friend, pay a merchant, earn interest, shop, buy content- X = YouTube, WhatsApp, Venmo, Amazon, NYT/CNN, Apple App Store … all in one app- X needs “X Apps” to become everything app like WeChat in China- $12.5b current valuation (Fidelity), -71% from Musk's Oct 2022 $44b purchase price02:42 | OpenAI cuts data deal with Financial Times- OpenAI to use FT data to train models, users to access FT summaries, quotes, and links- FT to use OpenAI for AI-focused journalism tools- $98.7b secondary market valuation, +14.8% from Apr 2024 primary round03:53 | CoreWeave's $19b valuation, +171% in 5 months- AI-focused cloud provider- $1.1b raised at $19b post-money valuation- +171% from last round in Dec 2023, just 5 months ago- Use of proceeds = increase data center infrastructure, expand to Europe- Coatue led w/ Altimeter, Nvidia, Fidelity participating05:08 | Anthropic launches mobile app- iPhone app for Claude chatbot- new subscription plan; $30/month/user for increased chatbot usage + new collaboration tools- $18.4b valuation, +2.3% from Jan 2024 primary round06:14 | Pre-IPO +0.16% for week, +25.87% for last 1yr- Week winners: Neuralink +4.5%, Ramp +4.4%, Rippling +3.2%, Chainalysis +3.2%, Groq +2.5%- Week losers: ConsenSys -8.8%, OpenAI -3.3%, Anthropic -1.9%, Chime -1.2%, eToro -1.0%- Top valuations: ByteDance $293b, SpaceX $189b, OpenAI $99b, Stripe $74b, Databricks $43b06:58 | +0.17% 2024 Pre-IPO Stock Vintage Index- www.agdillon.com/index to see all 20 Pre-IPO Stock Vintage Indexes- 2024 Vintage Index top contributors since inception: Rippling +73%, Stripe +58%, Klarna +34%, Revolut +34%, Anduril +30%- 2024 Vintage Index top detractors since inception: None. All 10 constituents are in positive territory. - Looking at all 20 vintages … here are the winners and losers for the week; …winners = Rippling +3.2%, SpaceX +1.6%, Databricks +1.5% and…losers = Automation Anywhere -20.9%, OpenAI -3.3%, Tanium -2.2%- Rippling is in 2024 Vintage Index; 14% weight, +73% from index inception, +1.4% from last primary round

00:08 | Flexport wins Shein business- Flexport wins Shein US shipping business with deep tech integration- Shein to expand products outside of fashion and manufacturing from India/Latin America- Flexport has $1.5b secondary market valuation, -81% from last primary round in Mar 2022- Shein has $45b-$55b secondary market valuation, May 2023 primary round at $66b01:29 | X/Twitter to launch TV app- X TV App on all smart TV platforms- X seeks to directly compete against YouTube- Half of YouTube views are on its TV app and YouTube's TV app has more viewership vs Netflix- Fidelity, a X shareholder, has a $12.5b valuation for the company, -72% vs Musk's Apr 2022 purchase price02:55 | Tiktok US to have a $152b valuation- US govt has passed a law requiring ByteDance to divest Tiktok US business in 1 year or less- TikTok US has 170 million users- AG Dillon believes TikTok US could have a valuation up to $152b if sold “as is”- A $152b valuation places TikTok US as the 3rd largest pre-IPO stock globally05:24 | xAI raising $6b at $18b valuation- xAI is Elon Musk's AI large language model business sourcing data from X/Twitter- Sequoia leading $6b round- Musk has already invested nearly $1b into xAI06:19 | Stripe tech to accept stablecoin payments- Online merchants using Stripe payment solutions will be able to accept payment in stablecoin cryptocurrencies- Solana, Ethereum, and Polygon platforms will be initially accepted- Stripe has a $74.1b secondary market valuation, +14% vs its Feb 2024 primary round07:43 | Anduril wins another govt contract (unmanned jets)- Anduril to develop and test unmanned fighter jets- Potential to win multi-billion-dollar production contract in 2026- US military aims to have a fleet of 1000 unmanned fighter jets- Anduril has a $13.0b secondary market valuation, +53% vs its Dec 2022 primary round08:42 | Pre-IPO +1.31% for week, +24.96% for last 1yr- Week winners: Chime +17.2%, Ramp +3.5%, Stripe +1.5%, Chainalysis +1.2%, Bytedance +1.1%- Week losers: OpenAI -2.7%, Anthropic -1.9%, Groq -1.5%, Flexport -0.9%, Revolut -0.7%- Top valuations: ByteDance $289b, SpaceX $185b, OpenAI $100b, Stripe $74b, Databricks $42b09:25 | +1.92% 2024 Pre-IPO Stock Vintage Index- www.agdillon.com/index to see all 20 Pre-IPO Stock Vintage Indexes- 2024 Vintage Index top contributors since inception: Stripe +56%, Rippling +50%, Klarna +32%, Revolut +28%- 2024 Vintage Index top detractors since inception: None. All 10 constituents are in positive territory. - Looking at all 20 vintages … here are the winners and losers for the week; …winners = Chime +17.2%, Automation Anywhere +1.8%, Stripe 1.5% and…losers = OpenAI -2.7%, Anthropic -1.9%, Revolut -0.7%- Chime is in the 2021, 2022, and 2023 Vintage Indexes; 3% to 4% weight in these indexes so not a material impact to overall TVPI for indexes

00:09 | Rippling raises at $13.4b- HR tech company, constituent in AG Dillon Pre-IPO Stock 2024 Vintage Index- $870m raise at $13.4b post-money valuation- $200m in capital for company- $670m in secondaries for existing shareholder liquidity- $13.4b valuation is +25% from current secondary market valuation of $10.7b01:31 | Ramp raises at $7.6b- Spend management company- $150m raises at $7.6b post-money valuation- 4x revenue increase vs 2022- Surpassed $300m annualized revenue summer 2023- 25,000 business customers- Capital will be used to integrate AI into product suite- $7.65b valuation is +14% from current secondary market valuation of $6.7b02:44 | Klarna's new US credit card- Consumer credit tech company, constituent in AG Dillon Pre-IPO Stock 2024 Vintage Index- Launching a credit card; pay by (a) buy now pay later installments or (b) revolving credit line- Physical card and tap-and-pay with Apple/Google- Up to 10% cash back on Klarna shopping marketplace app (like Amazon marketplace)- $9.8b secondary market implied valuation, +45.6% vs its last primary round in Jul 202204:16 | AI clones in Hollywood- Creative Artists Agency creating AI avatars of Brad Pitt, Reese Witherspoon- Clear Angle Studios and Racket Sound scan/capture the actors' bodily and vocal characteristics- Actors have ownership of their digital likenesses- Applications; reshooting scenes, dubbing in different languages05:42 | Mistral raises at $5b- AI large language models for developers to access with APIs- Raising at a $5b valuation- $2b valuation last round in Dec 2023- $3b valuation increase in just 4 months!06:54 | Anduril autonomous submarine for Australia Navy- Defense technology company, constituent in AG Dillon Pre-IPO Stock 2024 Vintage Index- Delivered Ghost Shark autonomous submarine for Australian Navy- $90m contract for 3 Ghost Sharks- $18.7b secondary market implied valuation, +39% vs its last primary round in Dec 202208:38 | Revolut changes bank partners in US- Mobile banking company, constituent in AG Dillon Pre-IPO Stock 2024 Vintage Index- Changes partner banks from Metropolitan Commercial Bank to Community Federal Savings Bank- Metropolitan Commercial Bank fined $30m by the Fed/NY State banking regulators re: compliance issues for 3rd party program, MovoCash … could have contributed to decision- No changes to product features or pricing- $19.1b secondary market implied valuation, -42% from its last primary round in Jul 202109:33 | Pre-IPO +0.64% for week, +20.29% for last 1yr- Week winners: Chime +17.2%, Ramp +3.5%, Stripe +1.5%, Chainalysis +1.2%, Bytedance +1.1%- Week losers: OpenAI -2.7%, Anthropic -1.9%, Groq -1.5%, Flexport -0.9%, Revolut -0.7%- Top valuations: ByteDance $289b, SpaceX $185b, OpenAI $100b, Stripe $74b, Databricks $42b10:20 | -0.23% 2024 Pre-IPO Stock Vintage Index- www.agdillon.com/index to see all 20 Pre-IPO Stock Vintage Indexes- 2024 Vintage Index top contributors since inception: Stripe +56%, Rippling +50%, Klarna +32%, Revolut +28%- 2024 Vintage Index top detractors since inception: None. All 10 constituents are in positive territory. - Looking at all 20 vintages … here are the winners and losers for the week; …winners = Chime +17.2%, Automation Anywhere +1.8%, Stripe 1.5% and…losers = OpenAI -2.7%, Anthropic -1.9%, Revolut -0.7%- Chime is in the 2021, 2022, and 2023 Vintage Indexes; 3% to 4% weight in these indexes so not a material impact to overall TVPI for indexes

00:08 | ByteDance/TikTok stock buyback!- Expanding Q4 2023 buyback to non-US employees- $171/share for employees, $145/share for former employees- $112b in 2023 annualized revenue (run rate as of YTD Q3 2023)- $285b current secondary market valuation- Meta, about same revenue, at $1.32 trillion market cap01:09 | OpenAI extends $86b tender- Extending $86b tender to former employees- $150/share price- Revenue: $2.0b in Dec 2023 annualized, $5.0b in Dec 2024 forecast- $103b current secondary market valuation based on $150/share price02:14 | Humane AI Pin officially launches- Alternative to a smartphone, pin onto your shirt- Engage by talking to the AI Pin- $699 for AI Pin + $24/month subscription- Rabbit R1 is main competitor; “large action model” is very cool- Closed in Series C in Jul 2023 raising $100m at a $850m valuation03:36 | Revolut's India regulatory approval - Reserve Bank of India approves for Prepaid Payment Instruments, including prepaid cards and wallets- Revolut already has RBI approval for Category-II Authorized Money Exchange Dealer, multi-currency forex cards, and cross-border remittance services- Received bank approval from Mexican regulators last week- $19.2b secondary market valuation, -42% from its last primary round in Jul 202104:44 | Pre-IPO +0.38% for week, +20.43% for last 1yr- Week winners: Groq +10.8%, Klarna +5.1%, Neuralink +3.8%, ConsenSys +2.9%, Hugging Face +2.7%- Week losers: Ramp -17.9%, Chime -1.3%, Cohere -1.1%, Chainalysis -0.8%- Top valuations: ByteDance $286b, SpaceX $185b, OpenAI $103b, Stripe $94b, Databricks $42b05:38 | +0.98% 2024 Pre-IPO Stock Vintage Index- www.agdillon.com/index to see all 20 Pre-IPO Stock Vintage Indexes- 2024 Vintage Index top contributors since inception: Stripe +54%, Rippling +50%, Revolut +28%- 2024 Vintage Index top detractors since inception: None. All 10 constituents are in positive territory. - Looking at all 20 vintages … here are the winners and losers for the week; …winners = Automation Anywhere +22.3%, Klarna +5.1%, Databricks +2.3% and…losers = Tanium -3.2%, Chime -1.3%- Automation Anywhere is only in the 2020 Vintage Index. It has a 2% current weight in the index so not a major impact to TVPI.

Flix hat im Jahr 2023 mehr als 2 Milliarden Euro umgesetzt, mehr als 80 Millionen Menschen befördert und eine EBITDA-Marge von mehr als 5 % erreicht. Das einstige Startup befindet sich nun langsam in der Vorbereitung auf einen Börsengang.Im Podcast spricht Mitgründer Daniel Krauss offen über die Herausforderungen, die das Team in den letzten 13 Jahren gemeistert hat.Wir sprechen darüber, wie Daniel Mitarbeitende gehen lässt, wie das Gründerteam große Entscheidungen trifft und sich einig wird, aber auch über die Effekte schneller Skalierung.Was du lernst:Wie findet man ein passendes Gründerteam für eine Idee wie Flix und welche Voraussetzungen müssen erfüllt sein?Welche Stolpersteine lauern auf dem Wachstums-Weg, denen du als Gründer besondere Beachtung schenken solltest?Wie führt man als Dreier-Gründerteam erfolgreich ein großes Unternehmen mit knapp 1000 Mitarbeitenden?So triffst du als Gründer unangenehme EntscheidungenDu suchst 100.000€ in Cloud Credits, dann bewirb dich für das OVHcloud Startup Programm: https://startup.ovhcloud.com Hier findest du Tickets für MERGE: https://merge.berlin Vergiss nicht, den Code UNICORN für 30% Rabatt zu verwenden.ALLES ZU UNICORN BAKERY:https://zez.am/unicornbakeryDaniel Krauss:LinkedIn: https://www.linkedin.com/in/danielmkrauss/Flix: https://www.flix.com/de Unicorn Bakery Whatsapp Broadcast:Hier erfährst du alles, was du als Gründer wissen musst: https://drp.li/jrq5S Unser WhatsApp Broadcast hält dich mit Einblicken in die Szene, News und Top-Inhalten auf dem Laufenden.Kapitel:(00:00:00) Wie gehst du mit externen Einflüssen um?(00:07:09) Wie trefft ihr als Gründerteam große Entscheidungen?(00:15:16) Welchen Herausforderungen sollten Gründer besondere Beachtung schenken und von welchen lieber die Finger lassen?(00:21:07) Wo ist der schmale Grat zwischen "operational excellence" und "es reicht nicht ganz"?(00:28:13) Was waren die bisher größten Stolpersteine im Bereich People & Culture?(00:33:51) Wie managst du Entlassungen?(00:37:43) Holding im Gründerteam zusammen gründen - ja, nein und warum?(00:40:28) Wer sollte deiner Meinung nach Geld von Investoren annehmen? Hosted on Acast. See acast.com/privacy for more information.

00:10 | Rubrik IPO, $5.7b valuation- $5.7b secondary market valuation- 1,700 business customers- $627m fiscal 2024 revenue- 91% of revenue is subscriptions- $354m in net loss- First major unprofitable tech IPO of the year01:29 | OpenAI 600,000 business users- Custom model program is driving growth in business users- 600,000 business users, +300% increase from Jan 2024 (just 3 months ago)- OpenAI raised a round at $100b valuation in Jan 202402:37 | SpaceX Starship test #4 in early May- 3rd test flight was a massive success- Starship has 5x payload capacity of Falcon 9 rocket- Starship has more revenue, less cost per launch vs Falcon 9- $187b secondary market valuation, +3.9% vs Dec 2023 tender round04:10 | Starlink going live in Indonesia- Starlink already in Malaysia, Philippines- 2b+ people have no access to internet globally- Starlink has a satellite internet monolopy- $50 to $110 per month satellite internet fee, based on location- We estimate Starlink to be $1.0 trillion valuation business, at scale05:26 | Mexico approves Revolut Bank- Mexican banking regulator approves Revolut Bank to operate in Mexico- 35 million customers across 38 countries- most downloaded finance app in 9 countries, top 3 position in financial app rankings in 15 European countries- $19.2 billion secondary market valuation, -42% from its last primary round in Jul 202105:26 | Anduril wins US Army mandate- Develop a software framework essential for testing and deploying payloads for future robotic combat vehicles, or RCVs- Contract value and duration not disclosed- $11.6 billion valuation, +37% from its last primary round in Dec 202205:26 | Klarna buy now pay later better vs credit cards!- 41% of US credit card users carry revolving debt, 23% pay late fees, 8.5% were delinquent (Q4 2023)- 31% of Klarna's US buy now pay later users paid early, 65% on time, 4% incurred late fees, default rate under 1%- $9.3b secondary market valuation, +38% from its last primary round in Jul 202207:16 | Pre-IPO +0.88% for week, +12.59% for last 1yr- Week winners: Ramp +32.0%, Scale AI +13.6%, Revolut +5.7%, Anthropic +4.1%, Chainalysis +3.5%- Week losers: Discord -5.6%, Groq -2.64%, Chime -1.6%, Cohere -1.6%, Databricks -1.2% … we picked up research coverage of Groq this week- Top valuations: ByteDance $285b, SpaceX $187b, OpenAI $96b, Stripe $94b, Databricks $41b … We got our hands on some new data … the actual share price of the last primary rounds. Where we have that data it is now included and it has materially impacted several companies' implied secondary market valuations. Make sure to look at the full report to understand the company by company impact.08:01 | +2.23% 2024 Pre-IPO Stock Vintage Index- www.agdillon.com/index to see all 20 Pre-IPO Stock Vintage Indexes- 2024 Vintage Index top contributors since inception: Stripe +53%, Rippling +49%, Revolut +28%- 2024 Vintage Index top detractors since inception: Just Epic Games but they're only down 1% … so really no detractors in the 2024 Vintage Index - Looking at all 20 vintages … here are the winners and losers for the week; …winners = Tanium +33.8%, Revolut +5.7%, Anthropic +4.1% and…losers = Discord -5.6%, Chime -1.6%, Databricks -1.2%- Tanium is in four Vintage Indexes; 2017, 2019, 2020, and 2021. Tanium only has a 1% to 2% current weight in any of those four indexes so this 34% increase is not a major impact to the Indexes' performance.- Revolut is in the 2022, 2023, and 2024 index. Anthropic is in just the 2024 index- Discord is in the 2022 and 2023 index

00:10 | Cohere $5b valuation- Cohere has LLM and competes with OpenAI ChatGPT- PSP Investments (Canadian pension fund) to co-lead $500m round- 227x revenue multiple!- $22m annualized revenue as of Feb 2024- $4.3b current secondary market valuation01:29 | Amazon $4b total into Anthropic- Amazon puts in $2.75b for a $4.0b into Anthropic- Amazon largest investment in external company in 30 yr history- Anthropic to spend $4b at AWS and $3b at Google Cloud (also an investor)- $18.4b valuation02:37 | $26b Canva buys Affinity- Acquisition to drive corporate division revenue- $2.1b in 2023 revenue, +50% yoy- 13x revenue multiple- Tender closed in Jan 2024, Canva +5.8% to $27.5b in secondary04:10 | Scale AI $13 valuation- Accel targeting to lead next round- $13b is +103% above $6.4b secondary market valuation- $675m in 2023 revenue, +150% yoy- 19x revenue multiple05:26 | xAI launches Grok-1.5- rival to Google Gemini and OpenAI ChatGPT- Grok is available through X (formerly Twitter)- Rumored to raise $6b at a $20b valuation in Jan 2024, unconfirmed if that round closed07:16 | Pre-IPO +0.88% for week, +12.59% for last 1yr- Week winners: Rippling +11.0%, OpenAI +4.7%, Airtable +3.6%, Anduril +2.4%, SpaceX +2.1%- Week losers: Neuralink -2.8%, Chainalysis -2.7%, Chime -2.0%, Canva -1.6%, ConsenSys -0.5%- Top valuations: ByteDance $278b, SpaceX $187b, OpenAI $94b, Stripe $67b, Databricks $50b08:01 | +2.65% 2024 Pre-IPO Stock Vintage Index- Tempus looks to IPO, hires MStanley … in 2021 Vintage Index, 5.1% index weight, -26% since index inception- Week Winners: Rippling +11.0%, OpenAI +5.0%, Anduril +2.4% … all three in 2024 Vintage Index- Week Losers: Tanium -22.7%, Chime -2.0%, Revolut -0.1% … Tanium in 4 Vintage Indexes; 2017, 2019, 2020, 2021 … only 1-2% index weight so negative performance will have little impact on indexes' performance- 2024 Vintage Index Update: +2.65% for week, +32.7% since inception, Epic Games and Rippling drive 68% of since inception return, Epic +178% since index inception

After working with global companies, Nick Gerostathos got into the venture capital and private equity game, helping companies on the road to going public. Today he's the Chief Accounting Officer and Corporate Controller at Talkdesk. Catherine Tsai and Josh Gertsch ask him about challenges facing private companies.

00:09 | Noland Arbaugh controls a computer with his brain (Neuralink)- 29yr old is a quadriplegic, Neuralink implanted into his brain last month- Live stream of Arbaugh using only his brain to move a computer cursor, play chess, and play video games- Implant is size of a large coin; 1,024 electrodes connected to brain for neural signal transmission- Neuralink is pre-revenue; $4b secondary market valuation, +14.5% from its last round in Nov 202301:52 | Reddit IPO +48% day 1- Social me2dia platform, entering the AI data business- $9.5b market cap after day 1 of trading- Raised $519m in IPO- Advance Publications (Conde Nast) shares worth $2.1b, OpenAI CEO Sam Altman's at $613m, Reddit CEO Steve Huffman sold 500,000 shares ($17m net)- If higher price holds can be good signal IPO market is opening for private tech companies03:37 | Astera Labs IPO +72% day 1- AI-focused data warehouse infrastructure business- Strategic partnership with Amazon- $9.5b market cap after day 1 of trading- Raised $713m in IPO- If higher price holds can be good signal IPO market is opening for private tech companies05:12 | $891b SpaceX 5yr valuation forecast- Current Valuation = $184 billion- 5yr Estimated Valuation = $891 billion- 5yr Estimated Cash-on-Cash Return = 4.8x- 2023 Revenue = $9.0 billion- 2024 Revenue Forecast = $15.0 billion (source SpaceX)- 5yr Estimated Revenue = $44.0 billion- Current Revenue Multiple = 20.0x- Starlink Subscribers, Jan 2021 = 0- Starlink Subscribers, Mar 2023 = 2.6 million- Starlink 2023 Average Monthly New Subscribers = 100,000- SpaceX Falcon 9 Launches, 2023 = 98 (China was #2 with 67 launches)- SpaceX Falcon 9 Launches, 2024 Forecast = 144 (source SpaceX)07:19 | $610b OpenAI 5yr valuation forecast- Current Valuation = $100 billion- 5yr Estimated Valuation = $610 billion (base case), $1,000 billion (bull case)- 5yr Estimated Cash-on-Cash Return = 6.1x (base), 10.0x (bull)- Dec 2023 Run Rate Revenue = $2.0 billion- Dec 2024 Run Rate Revenue Forecast = $5.0 billion (source OpenAI)- 5yr Estimated Revenue = $12.2 billion- Current Revenue Multiple = 50.0x- $0 to $2b run rate revenue in only 1 year- Google 5 yrs to reach $1b in revenue, Meta 6 years- 92% of Fortune 500 use OpenAI- 100m weekly users- 18,000 OpenAI business customers through Microsoft Azure09:40 | Pre-IPO -1.02% for week, +7.61% for last 1yr- Week winners: eToro +9.0%, Chainalysis +5.4%, Brex +4.1%, Klarna +3.7%, Anthropic +2.8%- Week losers: Chime -30.0%, OpenAI -12.7%, ScaleAI -5.4%, Anduril -3.7%, Discord -2.1%- Top valuations: ByteDance $277b, SpaceX $183b, OpenAI $89b, Stripe $67b, Databricks $49b

Stocks taking a breather, as gold breaks out to a new high, topping $2200 for the first time ever. All while crypto continues its climb, with Bitcoin hitting $70,000. Could the moves have broader implications for the recent market rally? Plus… All eyes on Reddit. The social media company kicking off its pre-IPO roadshow on Monday. Where it will price, and the value drop it's seen over the last few years. Fast Money Disclaimer 

This is our Monday show, in which we take a look back at the weekend and what's ahead in the week. Over the weekend we had a great chat with Nubank's CEO, which you can find here. Ok, onto the show notes!Stocks and Crypto: With some indices reaching fresh record highs, the good times are also rolling along in crypto where token prices are also on the ascent.Apple and the EU: Apple has been hit by a massive fine in the EU, which it intends to appeal. Spotify, which was the progenitor of the complaint, hailed the choice.New AI rules in India: The Indian government has a new tune when it comes to AI regulation. Big tech companies are now going to need its nod to launch models in the country, which could shake up how quickly new €1.84BN artificial intelligence products reach the massive market.Self-driving wins: Waymo is able to charge for its self-driving service in more markets, and can now do airport runs in San Francisco for a fee. I cannot wait to try this out.Other key news: Salla raised a huge pre-IPO round, and with the market improving, why aren't folks in tech walking with more swagger?We are back Wednesday, see you then!For episode transcripts and more, head to Equity's Simplecast website.Equity drops at 7 a.m. PT every Monday, Wednesday and Friday, so subscribe to us on Apple Podcasts, Overcast, Spotify and all the casts. TechCrunch also has a great show on crypto, a show that interviews founders and more! Credits: Equity is hosted by TechCrunch's Alex Wilhelm and Mary Ann Azevedo. We are produced by Theresa Loconsolo with editing by Kell. Bryce Durbin is our Illustrator. We'd also like to thank the audience development team and Henry Pickavet, who manages TechCrunch audio products.

This episode features Cole Shepherd, who shares his transition from a corporate role in M&A at PWC in Hong Kong to entrepreneurship in Medellín, Colombia. It covers his ventures in distressed real estate and commodity trading, particularly in fresh cut flowers, before founding the Green Coffee Company. The discussion delves into the challenges and opportunities in the coffee industry, focusing on vertical integration, innovation, and future plans, including byproduct utilization. The episode also includes Cole's insights into private equity, M&A, investor-focused strategies, and recommendations for Colombian dishes and destinations. Topics Discussed: Cole's transition from M&A at PWC in Hong Kong to entrepreneurship in Medellín, Colombia. Ventures in distressed real estate and commodity trading, particularly fresh cut flowers. Founding and evolving Green Coffee Company, focusing on vertical integration in the coffee industry. Challenges in the coffee industry, such as banking penetration and innovation gaps. The company's approach to innovation and future plans, including byproduct utilization. Key Takeaway: The journey from corporate structured environments to innovative entrepreneurship, and leveraging opportunities in emerging markets. Timestamps: [00:00:00] Introduction to Cole Shepherd and his career shift. [00:01:12] Discussion on moving to Colombia and initial business ventures. [00:02:33] Transition to Green Coffee Company and its growth. [00:03:34] Insights into private equity, M&A, and investor-focused strategies. [00:04:48] Cole's role adjustment for business growth and success. [00:05:50] Current status and future plans for Green Coffee Company. [00:06:50] Importance of investor communication and inclusivity in business. [00:07:42] Recommendations for Colombian dishes and destinations. [00:08:31] Closing remarks and investment opportunities. Episode Sponsored By: Caldera Lab: Visit https://calderalab.com/MINDCAST or use the code MINDCAST to get 20% off! Discover Financial Millionaire Mindcast Shop: Buy the Rich Life Planner and Get the Wealth-Building Bundle for FREE! Visit: https://shop.millionairemindcast.com/ MY FIRST 50K!: Visit https://mattaitchison.com/coaching/ and submit your application to join! Uplift Desk: Visit https://www.upliftdesk.com/mindcast or use the code MINDCAST for a 5% discount! Gusto: Visit https://www.gusto.com/millionairemindcast to get 3 Months free!  

Join us in this week's Market Mondays as we dissect the most pressing topics and questions: