E138: Tesla to invest $5B in xAI?, OpenAI launches SearchGPT, Wiz walks away from $23B Google deal, Klarna replacing 70 employees per month with AI, Revolut's $45B valuation surge, Cohere's $5.5B valuation boost, Goldman’s pre-IPO investment, Neuralink te

Send us Fan Mail Weekly pre-IPO reports… - Valuations, revenue multiples, performance = www.agdillon.com/reports - Market update pdf = www.agdillon.com/update - Index fact sheet = www.agdillon.com/index 00:07 | Wiz walks away from $23B Google deal - Cloud security company - Opted for IPO over $23B Google deal - Influenced by antitrust concerns - Aims for $1B annual revenue; reached $350M last year - 40% of Fortune 100 clients - Valuation $13.1B (+9.1% vs May 2024) - 37x revenue multiple; Google deal 65x - Potential $20B IPO at 20x revenue 01:34 | Revolut's $45B valuation surge - UK online bank - Nearing $500M employee share sale - Valuation up to $45B (previously $40B) - Investors: Coatue Management, Tiger Global - $429M net income in 2023, forecast $976M in 2024 - Revenue: $2.2B in 2023, projected $3.7B in 2024 - 20M customers (March 2024) - Aiming for $9.3B revenue by 2026 - 17x revenue multiple 02:32 | Revolut secures UK banking license - Secured UK banking license - Can offer credit products, take deposits - Serves 45M global customers, 9M in UK - Previously relied on EU banking license - "Mobilisation" phase, capped at £50K deposits for up to 12 months 03:22 | OpenAI launches SearchGPT - AI large language model company - Launching SearchGPT search engine - Summarizes info, cites sources like WSJ - Follow-up questions, linked sources - Sidebar for more results - Data: reputable news sources; e.g. News Corp, Axel Springer - Valuation $103B (+20% vs Apr 2024) 04:04 | Cohere's $5.5B valuation boost - AI large language model company - Valued at $5.5B after $500M Series D - Led by PSP Investments, new backers include Cisco, Fujitsu - Doubled from $2.7B in 2022 - Annual revenue: $13M (2023) to $35M (March 2024) - Headcount to double from 250 - Models support 10 languages - Valuation $5.7B 05:17 | Goldman’s pre-IPO investment - Goldman leading $540M investment in NEA's continuation vehicle - Includes stakes in 11 companies: 38% Databricks, 10% Plaid - Provides liquidity to NEA's partners - Investors: Industry Ventures, Pathway Capital, Goanna Capital - Priced at 19% discount to NEA valuations - Highlights venture capital innovation 07:23 | Neuralink tender? - Brain computer interface company - Preparing stock buyback for employees, investors - Valuation up to $8B (from $3.5B) - Secondary market trades reflect 117% premiums - Employees compensated in shares; trade at $50 (up from $35 in January) - Prefers controlled tender offers 08:10 | Tesla to invest $5B in xAI? - AI large language model business by Elon Musk - Polled users on Tesla investing $5B in xAI - Raised $6B, valuation $24B post-money - X rumored to have 25% ownership - Valuation $26.1B (+8.6% vs May 2024) 08:54 | Klarna replacing 70 employees per month with AI - Consumer lender and payments company - AI enhances efficiency across operations - AI-driven customer service cut backlog from 30 days to zero - Saved $40M; reduced 700 outsourced personnel - AI handles 80% of marketing copywriting - Headcount down from 4500 to 3700 - Increased cost per employee; higher salaries, more equity - Valuation $10.7B (+60% vs Jul 2022) 11:27 | Pre-IPO Stock Market Weekly Performance - www.agdillon.com/reports for full pdf - Pre-IPO +0.30% for week, +63.28% for last 1yr - Up week: xAI +8.8%, Stripe +5.7%, Anthropic +3.7%, Rippling +3.3%, Ramp +2.8% - Down week: Groq -7.6%, Chime -7.5%, CoreWeave -4.2%, OpenAI -2.8%, Canva -1.3% - Top valuations: ByteDance $294b, SpaceX $210b, OpenAI $103b, Stripe $70b, Databricks $44b 12:09 | Pre-IPO Stock Vintage Index Weekly Performance - www.agdillon.com/index for pdf with constituent level performance by year