E114: Rippling raises at $13.4b, Ramp raises at $7.6b, Klarna’s new US credit card, AI clones in Hollywood, Mistral raises at $5b, Anduril autonomous submarine for Australia Navy, Revolut changes bank partners in US

This Week in Pre-IPO Stocks

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00:09 | Rippling raises at $13.4b
- HR tech company, constituent in AG Dillon Pre-IPO Stock 2024 Vintage Index
- $870m raise at $13.4b post-money valuation
- $200m in capital for company
- $670m in secondaries for existing shareholder liquidity
- $13.4b valuation is +25% from current secondary market valuation of $10.7b
01:31 | Ramp raises at $7.6b
- Spend management company
- $150m raises at $7.6b post-money valuation
- 4x revenue increase vs 2022
- Surpassed $300m annualized revenue summer 2023
- 25,000 business customers
- Capital will be used to integrate AI into product suite
- $7.65b valuation is +14% from current secondary market valuation of $6.7b
02:44 | Klarna’s new US credit card
- Consumer credit tech company, constituent in AG Dillon Pre-IPO Stock 2024 Vintage Index
- Launching a credit card; pay by (a) buy now pay later installments or (b) revolving credit line
- Physical card and tap-and-pay with Apple/Google
- Up to 10% cash back on Klarna shopping marketplace app (like Amazon marketplace)
- $9.8b secondary market implied valuation, +45.6% vs its last primary round in Jul 2022
04:16 | AI clones in Hollywood
- Creative Artists Agency creating AI avatars of Brad Pitt, Reese Witherspoon
- Clear Angle Studios and Racket Sound scan/capture the actors’ bodily and vocal characteristics
- Actors have ownership of their digital likenesses
- Applications; reshooting scenes, dubbing in different languages
05:42 | Mistral raises at $5b
- AI large language models for developers to access with APIs
- Raising at a $5b valuation
- $2b valuation last round in Dec 2023
- $3b valuation increase in just 4 months!
06:54 | Anduril autonomous submarine for Australia Navy
- Defense technology company, constituent in AG Dillon Pre-IPO Stock 2024 Vintage Index
- Delivered Ghost Shark autonomous submarine for Australian Navy
- $90m contract for 3 Ghost Sharks
- $18.7b secondary market implied valuation, +39% vs its last primary round in Dec 2022
08:38 | Revolut changes bank partners in US
- Mobile banking company, constituent in AG Dillon Pre-IPO Stock 2024 Vintage Index
- Changes partner banks from Metropolitan Commercial Bank to Community Federal Savings Bank
- Metropolitan Commercial Bank fined $30m by the Fed/NY State banking regulators re: compliance issues for 3rd party program, MovoCash … could have contributed to decision
- No changes to product features or pricing
- $19.1b secondary market implied valuation, -42% from its last primary round in Jul 2021
09:33 | Pre-IPO +0.64% for week, +20.29% for last 1yr
- Week winners: Chime +17.2%, Ramp +3.5%, Stripe +1.5%, Chainalysis +1.2%, Bytedance +1.1%
- Week losers: OpenAI -2.7%, Anthropic -1.9%, Groq -1.5%, Flexport -0.9%, Revolut -0.7%
- Top valuations: ByteDance $289b, SpaceX $185b, OpenAI $100b, Stripe $74b, Databricks $42b
10:20 | -0.23% 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: Stripe +56%, Rippling +50%, Klarna +32%, Revolut +28%
- 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 = Chime +17.2%, Automation Anywhere +1.8%, Stripe 1.5% and
…losers = OpenAI -2.7%, Anthropic -1.9%, Revolut -0.7%
- Chime is in the 2021, 2022, and 2023 Vintage Indexes; 3% to 4% weight in these indexes so not a material impact to overall TVPI for indexes