Pre-IPO Stock Valuations | as of Jul 22, 2024 | Download report here = https://lnkd.in/ev7Kb9UC * NOTE: Sequoia announced on Jul 16, 2024 an $861m inter-fund secondary transaction at at $70b valuation * NOTE: accionvegana Revolut to $40b this week. WSJ reports valuation at $45b. May move to $45b if it firms up. Coatue and Greenoaks potentially going round. Tiger reported to lead new Revolut round. Revolut announced on Jun 20, 2024 that they are offering a tender at a $40b valuation, +75% from current secondary market valuation. Morgan Stanley is banking the transaction. Target raise is $500m. Airtable Anduril Industries Anthropic Brex ByteDance Canva Chime Cohere CoreWeave Databricks Deel Discord Epic Games eToro Groq Hugging Face Klarna Neuralink Notion OpenAI Plaid Ramp Revolut Rippling ScaleAI Snyk SpaceX Stripe xAI
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Pre-IPO Stock Valuations | as of Jul 15, 2024 | Download report here = www.agdillon.com/reports * NOTE: Sequoia announced on Jul 16, 2024 an $861m inter-fund secondary transaction at at $70b valuation * NOTE: Tiger reported to lead new Revolut round. Revolut announced on Jun 20, 2024 that they are offering a tender at a $40b valuation, +75% from current secondary market valuation. Morgan Stanley is banking the transaction. Target raise is $500m. Airtable Anduril Industries Anthropic Brex ByteDance Canva Chime Cohere CoreWeave Databricks Deel Discord Epic Games eToro Groq Hugging Face Klarna Neuralink Notion OpenAI Plaid Ramp Revolut Rippling Scale AI Snyk SpaceX Stripe xAI
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+0.96% AG Dillon 2024 Pre-IPO Stock Vintage Index | Pre-IPO Stock Market Update – Apr 8, 2024 ** http://agdillon.com/index to see all 20 AG Dillon Pre-IPO Stock Vintage Indexes fact sheets (2005 to 2024) ** ** 2024 Vintage Index Constituents = SpaceX, OpenAI, Stripe, Databricks, Epic Games, Anthropic, Revolut, Anduril, Klarna, Rippling ** The AG Dillon Pre-IPO Stock Vintage Indexes deliver... - Superior risk-adjusted returns, consistent positive returns - Liquidity in the first year of investment, full initial investment returned in 4.1 years - Day 1 portfolio holdings transparency - Exposure to venture capital’s “power law” - Realized lower risk profile over time (...2024 Vintage companies have valuations of $7b+, 2005 Vintage companies all below $1b valuation)
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+0.96% AG Dillon 2024 Pre-IPO Stock Vintage Index | Pre-IPO Stock Market Update – Apr 8, 2024 ** http://agdillon.com/index to see all 20 AG Dillon Pre-IPO Stock Vintage Indexes fact sheets (2005 to 2024) ** ** 2024 Vintage Index Constituents = SpaceX, OpenAI, Stripe, Databricks, Epic Games, Anthropic, Revolut, Anduril, Klarna, Rippling ** The AG Dillon Pre-IPO Stock Vintage Indexes deliver... - Superior risk-adjusted returns, consistent positive returns - Liquidity in the first year of investment, full initial investment returned in 4.1 years - Day 1 portfolio holdings transparency - Exposure to venture capital’s “power law” - Realized lower risk profile over time (...2024 Vintage companies have valuations of $7b+, 2005 Vintage companies all below $1b valuation)
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Pre-IPO Stock Market Update | Week ending Jun 21, 2024 ... in this report: • Page 2-4: Revolut $40b val, +75% from current 2ndary valuation; Cerebras Systems AI chips IPO; no IPO for Stripe; $100b from SoftBank to AI companies; + X Payments, Starlink Mini, new Anthropic AI model, HeyGen $60m raise • Page 5: AG Dillon Pre-IPO Stock Vintage Index update • Page 6: Current pre-IPO stock secondary market implied valuations • Page 7: Pre-IPO stock secondary market performance
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+21% since inception AG Dillon 2024 Pre-IPO Stock Vintage Index | Pre-IPO Stock Market Update – Apr 1, 2024 ** http://agdillon.com/index to see all 20 AG Dillon Pre-IPO Stock Vintage Indexes (2005 to 2024) ** ** 2024 Vintage Index Constituents = SpaceX, OpenAI, Stripe, Databricks, Epic Games, Anthropic, Revolut, Anduril, Klarna, Rippling ** The AG Dillon Pre-IPO Stock Index delivers... - Superior risk-adjusted returns, consistent positive returns - Liquidity in the first year of investment, full initial investment returned in 4.1 years - Day 1 portfolio holdings transparency - Exposure to venture capital’s “power law” - Realized lower risk profile over time (...2024 Vintage companies have valuations of $7b+, 2005 Vintage companies all below $1b valuation)
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Wall Street's tech IPO bankers may finally have a reason to break out the champagne after an extended drought was broken up this week with the market debuts of Reddit, Inc. and Astera Labs. While occupying very different corners of the technology market, Reddit and Astera were the first notable venture-backed tech companies to go public in the U.S. since Instacart and Klaviyo in September. Before that, there hadn’t been a significant deal since late 2021. Morgan Stanley was the big winner among banks, having captured the coveted lead left spot on both IPOs. Goldman Sachs led last year’s only two big venture-backed offerings, meaning it had been a long dry spell for Morgan Stanley. The bank was lead left on IPOs for HashiCorp and Samsara in December 2021. https://lnkd.in/g53tak_b
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Pre-IPO valuations are up 35% YTD through Q3, outperforming public markets. But where is this performance coming from? Positive gains in prices ascribed by secondary trades are not evenly distributed. Take a look at the YTD price performance of some of the top Unicorn companies that Caplight tracks: 🪙 Revolut, digital banking: Significant increase (185%) 💸 Stripe, fintech platform: Major growth (56%) 🤝 Rippling, HR software: Strong rise (74%) 🤖 OpenAI, AI research lab: Solid expansion (24%) 🕸️ ByteDance, social media giant: Moderate increase (14%) 🚀 SpaceX, aerospace tech: Moderate growth (14%) 📊 Databricks, data analytics: Slight improvement (2%) 🕹️ Epic Games, gaming company: Slight decline (-4%) 🤖 Anthropic, AI safety: Notable drop (-17%) 🏅 Fanatics, sports merchandise: Significant decrease (-28%) As we near the end of the year, a clear pricing bifurcation is emerging between those companies poised for IPOs and others facing uncertain futures. For more info on the themes driving pre-IPO secondary markets, find the link to our Q3 2024 Pre-IPO Market Update in the first comment. Shoutout to my teammates Rusty McDonough and Maui Simon for the thoughtful analysis. #preIPO #privatemarkets #venturecapital #VC #secondaries #tech #capitalmarkets
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🌟 November 25 Fintech Highlights: Cuscal’s IPO, Affirm's UK debut, and AI fintech market surging ahead. 🚀 #FintechUpdates #AI #IPO #BNPL
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Fractional CCO/COO,CO-Founder of Alma Angels & Bramble, Executive Advisor, Ex-VC, also a Dad, Husband. Writing about building startups, products, VC, LP, NED
This is why size matters. Your fund size is your strategy.
The perfect pre-seed fund size: $100m is large enough to lead 30 investments, get 10%+ ownership in the best companies and have material reserves left to retain ownership until exit. Bigger isn't always better. >$100m can lead to compromises - portfolio construction changes, more companies, overpaying, over-ownership (yes, that is a thing). There's a case for going even smaller. Take Mucker Capital. The $12m Micro VC has delivered 30x DPI to LPs, and there's more to come. The fund held 7% in Honey on its $4bn exit to PayPal (300x + $280m realised) and has a 650x position in ServiceTitan ahead of its $7-9bn IPO - h/t Akhil Paul. Big or small, the debate is real - but when stars align, smaller funds deliver outsized results. The math doesn't lie. #venturecapital #VC
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+0.26% AG Dillon 2024 Pre-IPO Stock Vintage Index week return | www.agdillon.com/index to see all 20 AG Dillon Pre-IPO Stock Vintage Indexes fact sheets (2005 to 2024) ** 2024 Vintage Index Constituents = SpaceX, OpenAI, Stripe, Databricks, Epic Games, Anthropic, Revolut, Anduril, Klarna, Rippling ** The AG Dillon Pre-IPO Stock Vintage Indexes deliver... - Superior risk-adjusted returns, lower downside risk - Liquidity in the first year of investment, full initial investment returned in 4.1 years - Day 1 portfolio holdings transparency - Exposure to venture capital’s “power law” - Lower risk profile realized over time (...2024 Vintage companies have valuations of $7b+, 2005 Vintage companies all below $1b valuation)
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