E68: +300% for Anthropic since May, $24b Q1 revenue for ByteDance, Revolut locks a win with SoftBank, JasperAI down 20%, Chainalysis lays off 15% | Pre-IPO Stock Market Update – Oct 6, 2023

Send us a text

00:08 | JasperAI down 20%
- Jasper AI, previously a leading player in generative AI, has decreased its internal valuation to $1.2b from $1.5b
- 2023 ARR down 30%
- CEO and co-founder Dave Rogenmoser stepped down, replaced by former Dropbox president Timothy Young

01:29 | +300% for Anthropic since May
- Anthropic to raise additional $2b at $20b to $30b valuation, up 300% from May ’23 round
- 200x valuation multiple!!!
- Anthropic's partnership with Amazon is expected to materially drive incremental revenue

02:53 | Chainalysis lays off 15%
- Second downsizing this year; 5% lay off in Feb 2023
- Recent partnerships with Four Inc. and Deloitte
- Current secondary market valuation of $4.8b, -45% from April 2022 $8.6b primary round

03:46 | $24b Q1 revenue for ByteDance 
- Nearly reaching Meta-level in quarterly revenue, $28.6b vs $24.5b
- Cash flow +$6.8b in Q1, profit of $2.7b, cash reserves at $30.4b
- Current secondary market valuation of $211b

05:01 | Revolut locks a win with SoftBank
- Revolut has reached an agreement with primary investor SoftBank to simplify its ownership structure
- The Bank of England required Revolut to consolidate its six share classes for the license
- Current secondary market valuation $16.2b, -51% from July 2021 $33b valuation

06:11 | Big capital raises
- Xiaohongshu (www.xiaohongshu.com) | Series F, $14.0b valuation
- CoreWeave (www.coreweave.com) | Series B, $7.0b valuation
- Sierra Space (www.sierraspace.com) | $290m Series B, $5.3b valuation
- Nord Security (www.nordsecurity.com) | $100m Series B, $3.0b valuation
- Harbinger Health (www.harbinger-health.com) | $140m Series B, $570m valuation

07:20 | Pre-IPO 3.08% for week
- Week winners: OpenAI +83.9% (not a typo, starting to reflect new primary round), Airtable +12.0%, Cohere +8.7%, Brex 5.2%, Neuralink +3.1%
- Week losers: Anthropic -10.9%, Stripe -3.2%, Consensys -2.6%, Hugging Face -2.3%, Discord -2.1%
- Top valuations: ByteDance $211b, SpaceX $152b, OpenAI $67b, Stripe $52b, Databricks $45b lead in current valuation