E80: SpaceX’s $175b valuation, ByteDance $5b buyback at $268b valuation, Navan fires 5% of staff, X.AI to raise $1.0b | Pre-IPO Stock Market Update – Dec 8, 2023

This Week in Pre-IPO Stocks

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00:09 | SpaceX’s $175b valuation
- SpaceX announced their Dec 2023 tender
- $175b valuation at $95.00/share
- Raising $500m to $750m
- +17% from last round in Jul 2023 at $150b valuation
- +28% from valuation at beginning of 2023, $137b valuation
01:07 | ByteDance $5b buyback at $268b valuation
- $5b buy back at $160.00/share, or $268b valuation
- Pitchbook has a $220b valuation as of Mar 2023
- +37% from implied valuation of $196b based on secondary market price performance
- $29 billion in Q2 and $85 billion annually with a 67% jump in net profit
02:40 | Navan fires 5% of staff
- spend management for companies, formerly TripActions
- 145 employees impacted
- IPO preparations underway, Goldman Sachs advising
- Focus is to drive profitability and operational efficiency
- $300m in annual revenue
03:55 | X.AI to raise $1.0b
- X.AI’s Grok aims to compete with AI solutions from OpenAI, Google, Anthropic
- $135m of $1.0b raised to date, remainder under binding agreement
- X owns 25% of X.AI
- X will “distribute” Grok, Premium+ subscribers will get access to Grok under their $16/month subscription … compared to OpenAI’s $20/month premium subscription
05:19 | Big capital raises
- Wormhole (wormhole.com) | $225m Series A, $2.5b valuation
- Castore (castore.com) | $180m Series E, $1.2b valuation
- Kandou (kandou.com) | $100m Series E, $814m valuation
- Center (getcenter.com) | $30m Series C, $600m valuation
- Tower 28 (tower28beauty.com) | $28m Series A, $228m valuation
06:50 | Pre-IPO -1.48% for week
- Week winners: Airtable +5.60%, Rippling +4.87%, Canva +1.44%, Klarna +1.27%, Neuralink +1.05%
- Week losers: Flexport -22.37%, Deel -8.46%, Ramp -8.40%, OpenAI -8.34%, Notion -3.19%
- Top valuations: ByteDance $196b, SpaceX $157b, OpenAI $71b, Stripe $49b, Databricks $46b lead in current valuation
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