E102: IPOs return in 2024?, $1.5 trillion Starlink valuation, MStanley Wealth’s new pre-IPO stock trading desk, X debt restructuring, Monzo’s $5b valuation, Revolut+Consensys Metamask product, Apple kills Epic Games in EU, Webull $7.3b SPAC deal | Pre-IPO

This Week in Pre-IPO Stocks

00:10 | IPOs return in 2024?; Joshua Brown, Michael Batnick, CFA, + The Compound
- Nasdaq has to be performing well for IPOs to come and perform well
- the IPOs that are coming, e.g. Reddit, Inc., need to do well post-IPO if we want to see the flood gates open
Subscribe to Josh & Michael's The Compound….
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02:54 | $1.5 trillion Starlink valuation
- Starlink has satellite internet monopoly
- 2.6 billion people (33% of global population) have no access to internet
- Starlink charges a monthly subscription fee of $50 to $110 per month
- 10% market share, or 260m subscribers, at $50/month is $156b in annual recurring revenue
- 10x revenue multiple that’s a $1.56 trillion valuation
06:02 | MStanley Wealth’s new pre-IPO stock trading desk
- MStanley Wealth clients can now purchase pre-IPO stocks
- 1,000 stocks available
- Congrats to MStanley … this is a great solution/business
- AG Dillon & Co offers this same service to indie RIAs/IBDs
- AG Dillon SpaceX Fund and AG Dillon OpenAI Fund accepting new investors now
07:34 | X debt restructuring
- MStanley and other lenders looking to restructure $12.5b in X debt
- Banks seek to derisk position, negotiations have not been successful
- X placed a $19b internal valuation on the business in Oct 2023 which is down from its $44b purchase price in late 2022
08:52 | Monzo Bank’s $5b valuation
- Alphabet, HongShan (Sequoia China), and Tencent invested $430m
- 88% yoy revenue increase, profitable for 2023
- 9.4 million UK customers
- Last round was in Jan 2022 at a $4.6b valuation
10:19 | Revolut + Consensys’ Metamask new product
- Revolut Ramp steamlines purchase of crypto in Metamask wallets
- 20 cryptocurrencies converted from fiat in Revolut bank accounts or via Visa/Mastercard payments
- Revolut has a $17.7b secondary market valuation, -46% from its last primary round in Jul 2021
- ConsenSys has a $7.7b secondary market valuation, +9.5% from its last primary round in Mar 2022
11:56 | Apple kills Epic Games in EU
- Apple revoked developer account for Epic Games Sweden AB
- Epic cannot reintroduce Fortnite to iOS in Europe
- Epic has a $22.5b secondary market valuation, +26% from last primary round in Feb 2024. Disney invested in that round.
13:30 | Webull Financial $7.3b SPAC deal to close in 2H 2024
14:35 | Pre-IPO +0.39% for week
- Week winners: Chainalysis 15.5%, Epic Games 9.8%, Consensys 6.6%, Brex 4.6%, Stripe 2.2%
- Week losers: Flexport -11.9%, Neuralink -6.3%, Anthropic -4.9%, Discord -2.5%, Airtable -1.4%
- Top valuations: ByteDance $284b, SpaceX $184b, OpenAI $108b, Stripe $66b, Databricks $49b