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 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 | 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 revenue01:34 | 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 multiple02:32 | 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 months03:22 | 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 $5.7B05:17 | 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 innovation07:23 | 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 offers08:10 | 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 $44b12:09 | Pre-IPO Stock Vintage Index Weekly Performance- www.agdillon.com/index for pdf with constituent level performance by year