Stableton Navigator | Significant pre-IPO movements, Revolut’s valuation jumps 45%
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This week, we spotlight significant movements and key achievements in the pre-IPO investment space. Revolut's large valuation increase signals a strong fintech rebound. Andreessen Horowitz strategically boosted their funds with a $7.2 billion infusion. KKR expects a revival in global IPOs and takeovers.
Highlight of the Week
Revolut's valuation jumps 45% to $25.7 billion, as per a recent revaluation by Schroders. This significant valuation uplift by Schroders from last year's $17.7 billion underscores a robust recovery and investor confidence in the fintech sector. Revolut is showing promising momentum having reported over $1 billion in revenue and adding approximately a million new customers each month.
Market Update
Research from Meritech Capital shows that larger companies' IPOs tend to outperform. This trend underscores the market's preference for firms with significant pre-IPO growth and clear strategic paths to substantial revenue milestones.1
KKR's co-CEOs expect a comeback in global IPOs and takeovers. This positive outlook is driven by an uptick in public company valuations and a dynamic leveraged credit market, setting the stage for increased deal-making and investment exits.2
Andreessen Horowitz has raised $7.2 billion across its venture funds, with significant allocations aimed at AI and emerging technologies. The funding success underscores a strong commitment to innovative sectors, highlighting a robust optimism in their transformative potential.3
Portfolio News
 | Rippling's valuation could climb to $13.4 billion in a new funding round, up from $11.25 billion. The Series F round is for $870 million with majority from secondary sales. Founders Fund and Coatue are major participants.4 |
 | OpenAI launches its first office in Asia, selecting Tokyo to advance its global reach. Newly appointed president, Tadao Nagasaki, will drive market and commercial strategies. This expansion highlights OpenAI's commitment to integrating AI with Japan's rich tech culture.5 |
 | Anthropic's AI models, especially Claude 3 Opus, now match human persuasiveness. This highlights advances in AI's ability to convincingly engage on diverse topics. This achievement underpins Anthropic's ongoing research into AI’s potential and ethical considerations.6 |
 | Revolut's valuation surges 45% to $25.7 billion, highlighting the neobank’s progress towards securing a UK banking license and signaling a robust rebound in fintech. Schroders revaluation shows confidence in Revolut's growth and global expansion efforts.7 |
 | Kraken is expanding in the U.S. by buying TradeStation Crypto. The move boosts its regulatory licenses, strengthens Kraken's position and opens up new product options.8 |
Stableton News
Deepening collaboration: Stableton and Swissquote have launched a new joint campaign for our Stableton Unicorn Top 20 (Index) strategy in Switzerland, deepening the collaboration and making growth equity accessible to their clients, including retail. Swissquote is a major Swiss bank with more than CHF 58 billion assets under management and more than 500 '000 investor accounts.
Chart of the Week
Size matters: Larger companies outperform, and trade at a 120% higher revenue multiple compared to smaller companies (10.1x vs. 4.6x). All of this also translates into higher post-IPO performance, the larger the company was at IPO. This underscores the attractiveness of investing in the Top 20 most valuable tech companies before they go public.
The Untold Unicorn Story
SpaceX has fundamentally changed how humanity approaches space travel. Founded by Elon Musk in 2002, SpaceX aims to reduce space transportation costs and enable space travel and the colonization of Mars. The company is known for its innovative approach, particularly in developing the Falcon and Starship rocket families. With its groundbreaking work on reusable rocket technology, SpaceX has not only reduced launch costs but also increased the frequency of access to space.
Fun fact: Its founding was influenced by a rather unique and somewhat humorous incident involving Elon Musk. During a 2001 trip to Russia, Musk tried to buy used intercontinental ballistic missiles. But, failed talks led to a Russian rocket designer spitting on Musk's shoes. Former NASA deputy administrator Lori Garver recalls, "This act so completely offended Elon that he decided on the flight home that he would start his own rocket company to compete with them." The incident was small, but it played a part in SpaceX's origin story. And it set the stage for the company's revolutionary contributions to space travel to come.
Q&A and Learning
Stableton has mainly been active in Switzerland so far. Are there plans to expand into other countries/markets?
Stableton is actively operating in Switzerland (with locations in Zurich and Zug). Stableton’s other foreign locations in Berlin (D) and Riga (LVA) currently serve to access talent and the ecosystem. With the launch of the Stableton Unicorn Top 20 Fund in 2024, Stableton also offers investment opportunities internationally.
Where to Meet Us
Reach out if you would like to meet
Emerging Manager Exchange, London (April 25)
London VC World Summit, London (May 3)
Doha, Qatar (May 13)
Abu Dhabi, UAE (May 14)
Dubai, UAE (May 15)
0100 CEE Conference, Prague (May 14-15)
Private Wealth Forum UK, London (May 16)
SuperRetun / SuperVenture, Berlin (June 4-7)
AltsHK, Hong Kong (June 13)
Fund Forum, Monaco (June 24-26)
Israel Private Markets Summit, Tel Aviv (July 16)
And, of course, we are always happy to meet you at our main offices in Zurich, Switzerland!
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