E104: Stripe 2024 revenue at $17b?, only 3.8x multiple!; Telegram’s $30b valuation!; SpaceX Starship successful 3rd test-flight; Tiktok US at $153b valuation if standalone biz? | Pre-IPO Stock Market Update – Mar 15, 2024

Send us Fan Mail00:07 | Stripe 2024 revenue at $17b?, only 3.8x multiple!- $1 trillion in 2023 total payment volume, +25% vs 2022- Stripe 15yrs vs PayPal 23yrs to get to $1t- Estimated $17b in 2023 revenue, positive cash flow- $65b Feb 2024 tender, 3.8x revenue multiple is a steal02:19 | Telegram’s $30b valuation!- 900m monthly active users, +80% vs 2021; on track for 1b users by Dec 2024- "hundreds of millions of dollars" from advertising and subscriptions revenue- $30b valuation from investors- Seeking IPO to maintain independence and drive company valuation04:12 | SpaceX Starship successful 3rd test-flight- Starship is 400 feet tall, powered by 33 rockets- 5x payload of current Falcon9 rocket with lower cost per launch; incremental revenue AND profit- Starlink estimated to have a $103b valuation ($3.4b in annual recurring revenue?)06:24 | Tiktok US at $153b valuation if standalone biz?- Steven Mnuchin, former US Treasury Secretary, seeks to buy TikTok- US government is reviewing a bill that would require ByteDance to divest TikTok US biz- TikTok US has 170m users- ByteDance 2023 revenue is $120b (+20% vs 2022) and a $268b valuation, only a 2.4x revenue multiple (LOW!)- TikTok US has $16b of 2023 revenue, applying Meta revenue multiple (9.58x) it’s a $153b valuation business- Massive valuation unlock position for TikTok US by getting out of the ByteDance negative overhang?09:09 | Pre-IPO +3.28% for week, +3.23% for last 1yr- Week winners: Chime +28.6%, eToro +21.9%, ScaleAI +20.5%, Ramp +12.3%, Flexport +7.2%- Week losers: Consensys -9.8%, OpenAI -4.5%, ByteDance -3.1%, Rippling -2.1%, Chainalysis -1.7%- Top valuations: ByteDance $276b, SpaceX $184b, OpenAI $103b, Stripe $68b, Databricks $49b