E137: Stripe’s $70b valuation; Revolut $40b valuation; $267m for Human Interest; Tekion $4b valuation; Starlink approved in South Sudan; OpenAI GPT-4o Mini launched; Anthropic, Menlo launch fund

Send us Fan MailWeekly pre-IPO reports…- Valuations, revenue multiples, performance = www.agdillon.com/reports- Market update pdf = www.agdillon.com/update- Index fact sheet = www.agdillon.com/index00:07 | Stripe’s $70b valuation- Online payments company- Sequoia inter-fund transaction- $27.51/share at $70b valuation, +7.7% vs its last round- Sequoia LPs get liquidity, realized returns- Emerging tech is staying private for longer- Growth companies are private not public, time to allocate to pre-IPO stocks01:41 | Revolut $40b valuation- UK online bank- Tiger Global to lead $40b round- $2.2b 2023 revenue, 2x vs 2022- $574m 2023 pretax profit vs -$33m in 2022- 18.1x revenue multiple- $25b secondary market valuation, +60% overnight return!02:25 | Anthropic, Menlo launch fund- Anthropic is AI large language model biz, Menlo is premier Silicon Valley VC firm- $100m fund to invest into AI startups- Menlo makes investment- Anthropic provides AI LLM credits- Anthropic = $22b secondary market valuation, +20% vs Jan 2024 round03:22 | $267m for Human Interest- 401k focused fintech- 3 minutes to open 401k account- 25,000 small business customers- $100m in ARR- 70% projected 2024 sales growth- IPO planned within two years04:03 | Tekion $4b valuation- Automotive technology business- $200m investment from Dragoneer- Founder is former Tesla CIO, jay Vijayan- 2025 to be 1st profitable year- Other investors = Index Ventures, BMW i Ventures, Advent International04:53 | Starlink approved in South Sudan- SpaceX’s satellite internet business- Only 36% of South Sudan citizens connected to internet- SpaceX seeks official distributor in South Sudan- $210b valuation based on current tender offer in process05:44 | OpenAI GPT-4o Mini launched- AI large language model business- 4o Mini is 60% cheaper vs 4o proper- 4o Mini is replacing GPT-3.5 Turbo- Businesses like smaller models as they get job done but at lower expense- Lower expense improves ROIs- Watch for big earnings pop and acquisitions from businesses that implement AI07:32 | Pre-IPO Stock Market Weekly Performance- www.agdillon.com/reports for full pdf- Pre-IPO +0.19% for week, +65.28% for last 1yr- Up week: Revolut +8.0%, Chime +5.5%, Deel 4.4%, Ramp +3.4%, SpaceX 3.2%- Down week: Cohere -11.2%, Epic Games -3.2%, Anduril -2.8%, Neuralink -2.4%, eToro -2.3%- Top valuations: ByteDance $290b, SpaceX $205b, OpenAI $106b, Stripe $70b, Databricks $44b08:23 | Pre-IPO Stock Vintage Index Weekly Performance- www.agdillon.com/index for pdf with constituent level performance by year- 2024 Vintage Index top contributors since inception: Rippling +107%, Revolut +68%, Anduril +51%, Klarna +46%, Epic Games +32%- Key metric averages for all Vintage Indexes 5 years old or older…445% cumulative return since inception61% realized, distributed to investors5.45 TVPI; 3.31 DPI, 2.14 RVPI4.1 years to return the fund