E126: OpenAI +14% on Apple Siri deal, Shein $64b IPO on LSE, SpaceX Starship successful 4th test flight, Databricks buys Tabular for $1b, Cohere new $5b valuation, Carta down to $2b valuation

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 | Databricks buys Tabular- AI-focused data management company- Tabular = $1b acquisition, 40 employees, founded 2021- Tabular to enhance Databricks AI capabilities- $1.6b in 2023 revenue, +50% vs 2022- $42b secondary market valuation00:57 | Shein to IPO- Online fashion retailer, manufactures cloths in China- $64b IPO valuation- Net income = $2b 2023, $700m 2022, $1.1b 2021- Revenue = $45b 2023- 1.4x revenue multiple, very low!02:25 | OpenAI wins Apple Siri deal- ChatGPT to power Siri- Deal to be announced at Apple developer event- Deal terms not disclosed- OpenAI +13.6% to $110b valuation on news, last round at $86b in early Q203:29 | Stripe partners on fraud solution- Online payments provider- Partnership with Capital One, Adyen to address fraud- $1b transactions approved that would have otherwise been declined- $77b secondary market valuation, +18.5% vs Feb 2024 round04:31 | SpaceX successful 4th Starship test- Space payload and satellite internet company- Booster “landed” in Gulf of Mexico, Starship “landed” in Indian Ocean- Starship has a more payload capacity and aims to be reuseable, lower launch costs- $188b secondary market valuation, +11% vs Dec 2023 round- $200b tender announced in late May05:51 | Cohere new round- AI large language model- $5b valuation, +127 vs Jun 2023 round- $35m ARR in Mar 2023, +169% vs prior year- Strategic partnership with Oracle06:52 | Discord increases developer payouts- Gaming social media platform- Halving platform fees from 30% to 15% for first $1m in cumulative gross sales- One-time purchases now available- $7.1b secondary market valuation, -58% vs last round (ApeVue)07:51 | FTC after Microsoft, Inflection AI deal- Inflection AI is a large language model business- Founder also co-founded Google’s DeepMind AI solution- Microsoft “bought” Inflection AI in a $650m deal; hired all employees, struck licensing deal with Inflection- FTC is basically taking M&A off the table for venture company ecosystem09:15 | Carta new round- Cap table management tech/services- $2b tender offer run by Jeffries- Down from $7.4b 2021 valuation- 2023 = $380m revenue, -$65m net income10:09 | Pre-IPO +3.37% for week, +51.52% for last 1yr- Up week: Scale +20.3%, Neuralink +16.5%, OpenAI +13.6%, Anthropic +10.4%, Canva +6.8%- Down week: Stripe -3.5%, Groq -2.7%, Airtable -0.5%, Databricks -0.4%, Brex -0.4%- Top valuations: ByteDance $298b, SpaceX $188b, OpenAI $110b, Stripe $77b, Databricks $42b10:52 | 2024 Pre-IPO Stock Vintage Index week performance- www.agdillon.com/index for fact sheet pdf- 2024 Vintage Index top contributors since inception: Epic Games +173%, Rippling +104%, Revolut +49%, Klarna +43%, Anduril +27%- Key metric averages for all Vintage Indexes 5 years old or older…3.31 distributed paid in capital2.04 residual value to paid in capital5.35 total value to paid in capital4.1 years to return the fund