E121: Figma $12.5b valuation tender; $625m cash for Reka AI founders/employees; Klarna IPO rumored at +100% vs 2ndary mrkt; OpenAI impresses with GPT-4o; Reddit + OpenAI data deal; Anthropic hires new CPO, launches in Europe; Chime vs payday lenders; Star

Send us Fan MailPre-IPO stock valuations = www.x.com/aarongdillon (see pinned post)Pre-IPO stock index fact sheet = www.agdillon.com/index00:07 | OpenAI impresses with GPT-4o- Capable of handling text, speech, and video- Refreshed ChatGPT UI and a macOS desktop app- Verbal conversation improvement was the big surprise, in my opinion- Watch live demos here = https://x.com/OpenAI- $97b secondary market valuation, +13% vs last round (Apr 2024)01:53 | Reddit + OpenAI data deal- OpenAI to license Reddit data for training- $ amount OpenAI pays Reddit not disclosed- Follows OpenAI data deals with Dotdash Meredith, Financial Times02:53 | Klarna IPO rumored at +100% vs 2ndary mrkt- $20b IPO could come as early as Q1 2025- 150m global customers, 40m US customers- UK based holding company established, sign IPO is coming- $10b secondary market valuation, +49% vs last round (Jul 2022)- Investors could make a quick 100% return if entering in the secondary and $20b IPO plays out03:55 | Anthropic hires new CPO, launches in Europe- Mike Krieger is new chief product officer- Krieger co-founded Instagram and sold to Facebook for $1.0b- Anthropic also launched in Europe; full product suite- $18.1b secondary market valuation, +0.6% vs last round (Jan 2024)05:22 | Chime vs payday lenders- cash advance of $500- customer must have completed two payroll cycles- $2 fee, 1-2 day wait to access advance- 7m customers, profitable in Q1 2024- $5.3b secondary market valuation, -79% vs last round (Sep 2021)06:14 | $625m cash for Reka AI founders/employees- Snowflake rumored to acquire Reka AI for $1.0b- Reka AI investors; DST Global, Snowflake’s venture arm- Reka AI founded in 2022, founders/employees still own 62.5% of company (my math)- $625m for Reka AI’s founders/employees if Snowflake deal goes through07:14 | Starlink live in Indonesia, Carnival ships- Starlink live in Indonesia on May 19; Starlink available in 75+ countries- Starlink live on all 90 Carnival Cruises ships; $15 to $19 per person per day- $192b secondary market valuation, +6.4% vs last round (Jan 2024)08:41 | Rippling launches performance mgmt product- New product to help employers monitor performance continuously and free up HR for complex tasks- $14.9b secondary market valuation, +11% vs last round (Apr 2024)09:54 | Figma $12.5b tender- $600m to $900m deal size- Current investors, including current and former employees, allowed to sell- a16z, Sequoia, Kleiner Perkins to invest- Adobe $20b deal blocked by European regulators, paid Figma $1b breakup fee10:53 | Pre-IPO -0.67% for week, +30.73% for last 1yr- Week winners: Rippling +5.9%, Chime +4.2%, Discord +4.1%, Bytedance +2.2%, Revolut +1.3%- Week losers: Flexport -27.5%, Canva -6.6%, OpenAI -2.4%, Epic Games -2.0%, Anthropic -1.1%- Top valuations: ByteDance $295b, SpaceX $192b, OpenAI $97b, Stripe $74b, Databricks $43b11:39 | +0.26% 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 +42%, Klarna +35%, Anduril +33%- Looking at all 20 vintages … here are the winners and losers for the week; winners = Rippling +5.9%, Chime +4.2%, Discord +4.1% and losers = Tanium -10.9%, OpenAI -2.4%, Epic Games -2.0%- Key metric averages for all Vintage Indexes 5 years old or older……3.31 distributed paid in capital (DPI)…2.05 residual value to paid in capital (RVPI)…5.36 total value to paid in capital (TVPI)…4.1 years to “return the fund”