E142: Revolut's $45B valuation with employee share sale, Anduril’s $1.5B round pushes valuation to $14B, Groq’s $640M Series D boosts valuation by 143%, Google acqui-hires Character.AI team, Reddit acquires Memorable AI, JPMorgan rolls out LLM suite to 60

This Week in Pre-IPO Stocks

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Weekly pre-IPO reports…
- Valuations, revenue multiples, performance = www.agdillon.com/reports
- Market update pdf = www.agdillon.com/update
- Index fact sheet = www.agdillon.com/index
00:06 | Revolut's $45B Valuation with Employee Share Sale
- Online bank initiated $500M share sale at $45B valuation (secondary)
- Europe’s most valuable start-up
- Eligible employees (7,000 staff) can sell 20% of vested shares at $865.42/share
- Secured UK banking license; 9M UK customers, 45M globally
- 2023: £438M pre-tax profit, revenue almost doubled to £1.8B
- Valuation surged from $15B, Jan secondary market valuation, to $45B in 8 months (+200%)
01:19 | Anduril’s $1.5B Round Pushes Valuation to $14B
- Defense tech company
- Raised $1.5B, new valuation $14B
- Significant increase from $10B in Dec 2023
- Revenue doubled to $500M; 28x valuation multiple
- Funding led by Founders Fund, Sands Capital; new backers: Fidelity, Baillie Gifford
- Investment to expand "Arsenal" manufacturing platform; 5M+ sq ft for mass production of military systems
02:40 | Groq’s $640M Series D Boosts Valuation by 143%
- Semiconductor company focused on AI inference chips
- Raised $640M in Series D, valuation up to $2.8B (primary)
- 143% increase from Feb 2024 round
- Backed by Cisco, Samsung, BlackRock
- Funds to scale tokens-as-a-service and deploy 108,000 LPUs by 2025
- Aims to challenge Nvidia in AI chip market
03:18 | Google Acqui-hires Character.AI Team
- Custom AI chatbot company
- Google licensed Character.AI's technology in an acqui-hire deal
- Co-founders and some team members to join Google
- Character.AI’s valuation rose to $2.5B (secondary), up from $1B
- Company will operate independently with interim CEO Dominic Perella
- Users sent 371M messages to chatbots; introduced voice features
04:06 | Reddit Acquires Memorable AI
- Reddit’s first acquisition since IPO
- Acquired Memorable AI to enhance ad content with generative AI
- Memorable AI founded in 2021; optimizes ad effectiveness
- Reddit generates 98% of its revenue from ads ($804M in 2023)
- Terms of the deal not disclosed
04:42 | JPMorgan Rolls Out LLM Suite to 60,000 Employees
- JPMorgan Chase launched generative AI tool LLM Suite
- Tool assists with tasks like email writing, document summarization
- Rolled out to 60,000 employees; part of broader AI integration strategy
- Aims to boost productivity, avoid dependency on a single AI model provider
- Key for operations, including global payments business moving $8T daily
05:22 | Ola Electric Pops 20% on IPO
- Indian electric scooter company surged 20% on IPO
- Raised $731.6M, valuation $4.8B
- India’s largest IPO since May 2022
- Fiscal year revenue grew 90% to $603M; net loss of $191M
- Delivered 330,000 electric scooters, more than doubling sales
- Proceeds to fund capital expenditures and R&D
05:58 | Pre-IPO Stock Market Weekly Performance
- www.agdillon.com/reports for full pdf
06:29 | Pre-IPO Stock Vintage Index Weekly Performance
- www.agdillon.com/index for pdf with constituent level performance by year