E119: Wiz $12b valuation, Wayve raises $1b, Chime fined by CFPB, Titkok sues US govt (obviously), OpenAI cuts another training data deal, FTX customers made whole!

This Week in Pre-IPO Stocks

00:08 | Wayve raises $1b
- UK AI-autonomous driving technology company, licenses AI-tech to car manufactures
- Softbank, D1, Nvidia, Microsoft investors
- Round valuation was not disclosed
- Last published valuation was $1.35b in Jan 2022 Series B
01:49 | Chime fined by CFPB
- online checking and savings accounts
- fined $3.25m for failing to refund customer funds on a timely basis
- growing pains, nothing to see here
- $5.1b secondary market valuation; -80% from Sep 2021 round
03:13 | Wiz $12b valuation
- NYC cloud security firm
- $12b post-money after $1b cap raise
- a16z, Lightspeed, Thrive invested
- $350m in 2023 annual recurring revenue
- 34x revenue multiple (HIGH!)
04:13 | Titkok sues US govt (obviously)
- challenging divest/ban law passed last month
- 170m US users
- $16b in TikTok US 2023 revenue
- estimated $152b valuation is Meta price-to-sales multiple applied
05:43 | OpenAI cuts another training data deal
- licensing partnership with Dotdash Meredith
- brands include People Magazine, Better Homes & Gardens, Investopedia
- OpenAI has data deals with FT, Axel Springer, Le Monde, Prisa, AP, StackOverflow
- $99.4b secondary market valuation, +16% from Jan 2024 last round
06:58 | FTX customers made whole!
- $11b owed to 2m customers
- $16.3b in total assets recovered
- customers and creditors made whole + interest, 118% of original value
08:43 | Pre-IPO +1.41% for week, +31.09% for last 1yr
- Week winners: Ramp +15.9%, Groq +12.1%, Notion +5.4%, Revolut +4.4%, Chainalysis +4.2%
- Week losers: Hugging Face -5.6%, Chime -2.9%, Bytedance -1.7%, Databricks -1.6%, Epic Games -0.9%
- Top valuations: ByteDance $288b, SpaceX $192b, OpenAI $99b, Stripe $75b, Databricks $43b
09:25 | +1.07% 2024 Pre-IPO Stock Vintage Index
- www.agdillon.com/index to see all 20 Pre-IPO Stock Vintage Indexes
- 2024 Vintage Index top contributors since inception: Epic Games +177%, Rippling +89%, Revolut +40%, Klarna +36%, Anduril +34%
- 2024 Vintage Index top detractors since inception: None. All 10 constituents are in positive territory.
- Looking at all 20 vintages … here are the winners and losers for the week;
…winners = Rippling +3.2%, SpaceX +1.6%, Databricks +1.5% and
…losers = Automation Anywhere -20.9%, OpenAI -3.3%, Tanium -2.2%
- Rippling is in 2024 Vintage Index; 14% weight, +73% from index inception, +1.4% from last primary round
- Key metric averages for all Vintage Indexes 5 years old or older…
…3.31 distributed paid in capital
…2.06 residual value to paid in capital
…5.37 total value to paid in capital
…4.1 years to return the fund