E89: $15b-$20b valuation for Musk’s xAI, Reddit IPOs in March, Private stock markets mature in 2023, Own your personal data in AI-age, Milei’s WEF speech | Pre-IPO Stock Podcast – Jan 22, 2024 | Clint Sorenson, Nick Fusco, Aaron Dillon

This Week in Pre-IPO Stocks

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00:31 | Reddit IPOs in March
- IPO coming in Mar 2024, S-1s coming end of Feb
- Revenue growth from $400m in 2021 to $500m+ in 2023
- Only 10% of the company expected to float in the IPO
- Reddit's last funding round was at a $10b valuation in Aug 2021
- Current secondary market valuation at $5.6b, 43% decrease
05:45 | Private stock markets mature in 2023
- Companies offering tenders; Databricks, Canva, SpaceX, Stripe, OpenAI, Anthropic
- ByteDance doing a buyback!
- Private companies are using VCs to raise capital vs investment bankers; buyers pay fees vs the companies paying bankers, VCs raise the capital vs the company’s CFO/investor relations team
- More individual investor participation in the private stock market vs only pension/endowments/foundations
13:22 | $15b-$20b valuation for Musk’s xAI
- xAI is Elon Musk’s large language model
- raising $1.0b at $15b to $20b valuation, $500m already raised
- X owns 25% of xAI
- Oct 2023 X posts a $19b valuation which did not include a xAI stake at $15b-$20b
- X could get back to the $44b that Musk paid for it simple through its xAI ownership stake
19:34 | Personal data has real value in the AI-age
- Old model focused on data value for advertising, new model on data value for AI model training
- Could universal basic income be tied to individual data contributions; does government drive that or corporations drive it
- Individuals should own and profit from their data
- Should data ownership be added to the US Constitution’s Bill of Rights
23:13 | Argentina President Javier Milei’s speech rocked World Economic Forum
- Heygen AI translated speech from Spanish to English
- Libertarian ideas resonate with current political, economic world dynamics
- Desire for US politicians to deliver bold leadership similar to Milei
- Milei Argentina media interviews are entertaining; veins popping, yelling, cursing, name calling