E108: Scale AI $13 valuation, Cohere $5b valuation, Amazon $4b total into Anthropic, $26b Canva buys Affinity, xAI launches Grok-1.5, +2.65% 2024 Pre-IPO Stock Vintage Index | Pre-IPO Stock Market Update – Mar 29, 2024

This Week in Pre-IPO Stocks

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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 valuation
01:29 | 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 valuation
02:37 | $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 secondary
04:10 | 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 multiple
05:26 | 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 closed
07:16 | 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 $50b
08:01 | +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