E123: Revolut seeks $33b valuation, +53% vs secondary mrkt levels; Scale AI new $13.8b valuation, +97% from last round; Anduril new $12.5b valuation, -5.3% vs secondary mrkt levels; Groq new $3b valuation, -32% vs secondary mrkt levels

This Week in Pre-IPO Stocks

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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 out
02:06 | 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 2024
02:48 | 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 space
03:35 | 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% pop
04:30 | 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, $13.2b
06:06 | DeepL new round
06:45 | 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 round
08:06 | Humane looking for buyer
- AI personal device startup
- Seeking buyer at $750m to $1b
- Last round at $850m, 2023
08:34 | 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, $4.4b
09:30 | 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 $43b
10:12 | +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)