Stableton Navigator | This Week's IPO Buzz and Market Dynamics
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This week, we zero in on major upcoming IPOs and market trends. In tech, Rubrik and Ibotta announce their IPO plans, signaling strong interest in U.S. tech. Goldman Sachs expert Lizzie Reed sheds light on the surprisingly strong start to IPOs this year. Key portfolio updates include SpaceX's Mars project advances and Chime's IPO aim for 2025.
Highlight of the Week
Shein's profits soared past the $2 billion mark, doubling ahead of its eagerly anticipated IPO in either New York or London. After a recent financing round, Shein's valuation exceeded $60 billion. Its listing is poised to be one of the largest of the year.
Market Update
Private market valuations ticked back up in Q1. This was partly due to the strong performance of public markets, which often affects investor sentiment and guides capital into private sectors.1
Goldman Sachs reports a surprisingly strong start for IPOs in 2024. While not quite reaching 2021's highs, it's the fastest year-to-date globally since 2018 (excluding 2021).2
Cybersecurity startup Rubrik is set to go public in New York, following the notable debuts of Reddit and Astera Labs. This move underscores a renewed interest in tech IPOs within the U.S. market.3
Portfolio News
 | Musk's Mars vision is becoming more real. SpaceX's Starship advances show his multi-planetary dreams are possible. They promise big progress in space exploration.4 |
 | Chime plans a 2025 IPO amid explosive growth. With a customer base of over 38 million, it aims to redefine digital banking. It offers fee-free services and primary accounts, challenging major banks like JPMorgan Chase.5 |
 | Ripple CEO predicts the crypto market will reach $5 trillion by the end of 2024, driven by U.S. bitcoin ETFs and a halving event. Positive regulatory changes in the U.S. are also expected to spur market growth.6 |
 | Shein's profits soared to over $2bn, eyeing IPO in New York or London. This move marks a significant step for Shein as it capitalizes on its global market presence and navigates regulatory landscapes.7 |
 | CNBV grants Revolut a banking license in Mexico. This marks a big expansion in digital banking and international transfers. It allows Revolut to tap into Mexico's large unbanked population and join the broader financial system.8 |
 | Premji Invest is considering a $50-$70 million investment in Canva. This is happening amid the boom in generative AI and growing creator economy. It also shows confidence in Canva's potential and market position before its anticipated IPO.9 |
Stableton News
Exciting update: With significant input from Stableton, Morningstar Indexes has enhanced its Morningstar PitchBook Unicorn Select 20 Index with a new liquidity filter. It takes into account several secondary market liquidity criteria for each index constituent. Those with limited liquidity are filtered out, allowing the strategy to optimize its liquidity profile and to improve its execution further. This streamlines the Stableton Unicorn Top 20 Fund strategy for greater speed and efficiency.
Chart of the Week
Investors are becoming more bullish on pre-IPO companies, as shown by the rising secondary valuations.
The Untold Unicorn Story
Canva is the design tool that's taken the world by storm, making professional design accessible to everyone. It's an all-in-one platform where creativity meets simplicity, allowing users to craft stunning visuals for any purpose. With Canva, beautiful designs are just a few clicks away, empowering millions to unlock their creative potential.
A fun fact about Canva: its $40 billion journey started with a tough (or seemingly so) meeting. It all started with a flight to Silicon Valley and a meeting with investor Bill Tai. He was the only contact and possible key to funding for founder Melanie Perkins. In a meeting, Melanie thought she made a bad impression. Tai seemed distracted by his phone. But, he was actually excited. He was on his phone sharing Canva’s potential with his network. This crucial encounter led to Canva's first investment. It marked the start of Canva’s rise to a design powerhouse.
Q&A and Learning
“What is the Morningstar® PitchBook® Unicorn Select 20 Index™ and how is it composed?”
The Morningstar® PitchBook® Unicorn Select 20 Index™ was developed in partnership with Stableton. It concentrates on the top 20 privately held venture-backed technology companies (unicorns). This selection is obtained by applying rules, including a liquidity filter, a focus on developed markets, equal weighting, and then selecting the 20 largest companies by primary round valuations. The index is rebalanced quarterly. If a company goes public (IPO), it is removed from the index.
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