E128: OpenAI $3.4b ARR, Mistral’s new $6.2b valuation, Databricks revenue +60% vs 2023, Brex revenue +35% in 2023, Investment case for electricity?!

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 | Mistral’s new $6.2b valuation- French AI large language model company- Raised $645m at $6.2b valuation- General Catalyst led; Nvidia, Salesforce, IBM participated- Capital to be used to expand globally- Tech is compliant with new EU AI regulation00:48 | OpenAI $3.4b ARR- AI large language model provider, partnerships with Apple and Microsoft- $3.4b ARR as of May 2024, $2.0b ARR in Dec 2023, $1.0b in Jun 2023- Anthropic $100m ARR, Cohere $22m ARR- OpenAI has a 25x revenue multiple- $200m ARR from Microsoft partnership- New products; search engine, video generating models01:30 | OpenAI + Apple deal terms unveiled- OpenAI’s ChatGPT to be integrated into iPhones, iPads, Macs- No Apple to OpenAI payment- Apple believes brand and product exposure to Apple’s millions of customers is more valuable- Users will need an OpenAI subscription for some Apple interface use cases; both OpenAI and Apple will make incremental revenue- Apple deal is not exclusive; in talks with Google Gemini and Anthropic02:21 | OpenAI new CFO, CPO- Sarah Friar new CFO; Nextdoor holdings CEO, Square CFO, current Walmart board member- Kevin Weil new CPO; Instagram, Twitter, Planet Labs PBC- Focus on driving international revenue growth and enterprise customer revenue growth- $103.8b secondary market valuation, +21% vs its Apr 2024 round03:15 | Brex revenue +35% in 2023- Online banking company for businesses- Restructured leadership; co-CEO to Franseschi sole CEO, Dubugras as chairman- Raised over $1.5b in capital- 30,000 business customers; DoorDash, Roblox- 20% staff reduction in 2024- Reduced cash burn by 50%, extends runway 4 yrs- 2023 revenue +35%, gross profit +75%- $3.8b secondary market valuation, -69% vs its Jan 2022 round04:18 | Investment case for electricity?!- PG&E, California electric utility, reports 3.5 gigawatts of incremental electricity demand from 24 new data centers- Equal to output of 3 nuclear power plants- New data centers coming in next 5 yrs- Electricity demand to grow 2% to 4% annually through 2040- Electricity stands to be an incredible investment opportunity05:19 | Databrick’s new chart/graph tool- Data management, analytics, and AI company- Launching AI/BI, a new visualization tool- Competes with Salesforce Tableau, Microsoft Power BI- AI/BI = uses AI to create charts/graphs via typed queries- AI/BI is free to Databricks users, vs Saleforce/Microsoft which have fees06:12 | Databricks revenue +60% vs 2023- $2.4b ARR forecast as of Jun 2024, +60% vs 2023- $1.6b in 2023 full year revenue, +50% vs 2022- 221 sales deals over $1.0m- Net revenue retention +140%- R&D is 33% of revenue over last 3yrs- 80% subscription gross margin over last 3yrs- $400m ARR from data warehouse product- $42.8b secondary market valuation, -1% vs its Nov 2023 round07:17 | Pre-IPO +2.56% for week, +71.53% for last 1yr- Up week: Chime +22.3%, CoreWeave +19.3%, Wiz +13.1%, Cohere +11.3%, Scale AI +8.8%- Down week: OpenAI -5.5%, Epic Games -4.0%, Deel -2.9%, Bytedance -2.1%, Notion -1.9%- Top valuations: ByteDance $292b, SpaceX $191b, OpenAI $104b, Stripe $76b, Databricks $43b07:54 | 2024 Pre-IPO Stock Vintage Index week performance- www.agdillon.com/index for fact sheet pdf- 2024 Vintage Index top contributors since inception: Rippling +106%, Revolut +52%, Epic Games +44%, Klarna +43%, Anduril +27%- Key metric averages for all Vintage Indexes 5 years old or older…3.31 distributed paid in capital2.05 residual value to paid in capital5.36 total value to paid in capital4.1 years to return the fund