E112: OpenAI extends $86b tender, ByteDance/TikTok stock buyback!, Humane AI Pin officially launches, Revolut’s India regulatory approval

This Week in Pre-IPO Stocks

00:08 | ByteDance/TikTok stock buyback!
- Expanding Q4 2023 buyback to non-US employees
- $171/share for employees, $145/share for former employees
- $112b in 2023 annualized revenue (run rate as of YTD Q3 2023)
- $285b current secondary market valuation
- Meta, about same revenue, at $1.32 trillion market cap
01:09 | OpenAI extends $86b tender
- Extending $86b tender to former employees
- $150/share price
- Revenue: $2.0b in Dec 2023 annualized, $5.0b in Dec 2024 forecast
- $103b current secondary market valuation based on $150/share price
02:14 | Humane AI Pin officially launches
- Alternative to a smartphone, pin onto your shirt
- Engage by talking to the AI Pin
- $699 for AI Pin + $24/month subscription
- Rabbit R1 is main competitor; “large action model” is very cool
- Closed in Series C in Jul 2023 raising $100m at a $850m valuation
03:36 | Revolut’s India regulatory approval
- Reserve Bank of India approves for Prepaid Payment Instruments, including prepaid cards and wallets
- Revolut already has RBI approval for Category-II Authorized Money Exchange Dealer, multi-currency forex cards, and cross-border remittance services
- Received bank approval from Mexican regulators last week
- $19.2b secondary market valuation, -42% from its last primary round in Jul 2021
04:44 | Pre-IPO +0.38% for week, +20.43% for last 1yr
- Week winners: Groq +10.8%, Klarna +5.1%, Neuralink +3.8%, ConsenSys +2.9%, Hugging Face +2.7%
- Week losers: Ramp -17.9%, Chime -1.3%, Cohere -1.1%, Chainalysis -0.8%
- Top valuations: ByteDance $286b, SpaceX $185b, OpenAI $103b, Stripe $94b, Databricks $42b
05:38 | +0.98% 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 +54%, Rippling +50%, 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 = Automation Anywhere +22.3%, Klarna +5.1%, Databricks +2.3% and
…losers = Tanium -3.2%, Chime -1.3%
- Automation Anywhere is only in the 2020 Vintage Index. It has a 2% current weight in the index so not a major impact to TVPI.