May 24 2024
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
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”