E133: Revolut revenue +95% yoy; Apple, Alibaba AI models on Hugging Face; Groq wins Saudi Aramco deal; Apple joins OpenAI board; Klarna wins Adobe deal; Chime acquires Salt Labs; xAI announces new AI models; $300m for Thiel’s The Enhanced Games; Kapoor ne

This Week in Pre-IPO Stocks

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Pre-IPO stock valuations = www.x.com/aarongdillon (see pinned post)
Pre-IPO stock index fact sheet = www.agdillon.com/index
00:07 | Revolut revenue +95% yoy
- UK online bank
- $553m 2023 pre-tax revenue vs -$32m 2022
- $2.2b 2023 revenue, +95% vs 2022 ($1.1b)
- $638m 2023 interest income vs $106m 2022
- $638m 2023 customer loan book vs $260m 2022
- 45m customers as of Jun 2024, 12m added in 2023
- $23b secondary market valuation
- Out for a $40b primary round now, +75% vs secondary valuation
01:30 | Chime acquires Salt Labs
- US online bank
- Acquired Salt Labs, employee rewards platform
- Chime Enterprises will focus on driving deposits and payment volumes through employer relationships
- $6.6b secondary market valuation, -74% vs its Sep 2021 last round
02:32 | xAI announces new AI models
- Elon Musk AI large language model biz
- Grok 2 launching Aug 2024
- Grok 3 launching Dec 2024
- Grok 3 to be trained on 100,000 Nvidia H100 GPUs
- xAI has exclusive access to X/Twitter real-time date, a huge differentiator
- $23.8b secondary market valuation, flat from its May 2024 round
03:37 | Apple joins OpenAI board
- AI large language model biz (ChatGPT)
- ChatGPT will power Apple Siri
- Phil Schiller, head of Apple App Store, will observe at OpenAI board meetings
- $104b secondary market valuation, +21% vs its Apr 2024 round
04:20 | $300m for Thiel’s The Enhanced Games
- The Enhanced Games is Olympics + performance enhancing drugs
- Peter Thiel is an investor
- Raising $300m in debt, equity … valuation not disclosed
- 10 sports; freestyle swimming, 100m dash
- International Olympic Committee doesn’t approve (naturally)
05:12 | Klarna wins Adobe deal
- Payments and consumer credit company
- Klarna buy now pay later product offered to Adobe Commerce merchants
- 85% of merchants noted an increase in BNPL usage at online checkouts in 2023
- Other Klarna customers = Away, Uber, and Expedia
- $10.7b secondary market valuation, +60% vs its Jul 2022 round
06:13 | Kapoor new CPO at CoreWeave
- AI cloud provider
- Chetan Kapoor now chief product officer
- Kapoor was previously at Amazon Web Services
- $19.8b secondary market valuation, +4% vs its May 2024 round
07:17 | Apple, Alibaba AI models on Hugging Face
- AI developer solutions platform
- Apple adds 20 AI models, 4 data sets to Hugging Face
- Alibaba Qwen models now 3 of top 10 on Hugging Face LLM Leaderboard
- Hugging Face is the go to platform for AI developers
- $5.4b secondary market valuation, +20% vs its Aug 2023 round
08:13 | Groq wins Saudi Aramco deal
- AI chip and cloud service provider
- Huge Saudi Aramco deal win
- 70,000 AI developers registered, 19,000 AI applications running
- Groq LPUs for inference (vs Nvidia GPUs for training)
- LPUs faster responses, lower electricity use
- 42,000 LPUs in 2024, 1.5 million LPUs by Dec 2025
- $2.8b secondary market valuation, +147% vs its Feb 2024 round
- Note: Groq currently closing primary round at $2.5b
09:33 | Pre-IPO +0.29% for week, +62.29% for last 1yr
- Up week: Ramp +5.7%, Revolut +4.1%, Hugging Face +3.5%, CoreWeave +2.8%, SpaceX +2.8%
- Down week: Deel -2.7%, eToro -2.6%, Databricks -2.2%, Wiz -2.1%, Notion -1.4%
- Top valuations: ByteDance $285b, SpaceX $194b, OpenAI $104b, Stripe $79b, Databricks $44b
10:12 | 2024 Pre-IPO Stock Vintage Index week performance
- www.agdillon.com/index for fact sheet pdf
- 2024 Vintage Index top contributors since inception: Rippling +107%, Anduril +56%, Revolut +55%, Klarna +45%, Epic Games +37%
- Key metric averages for all Vintage Indexes 5 years old or old