Stableton Navigator | SpaceX's $200B Valuation, Anthropic's New CFO & Canva's Enterprise Launch
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Welcome to this week's edition of the Stableton Navigator. SpaceX is gearing up for a potential $200 billion valuation, as reported by Bloomberg. Anthropic appoints Krishna Rao, an Airbnb veteran, as its first CFO to strengthen its financial strategy. Canva launches an enterprise product, enhancing design collaboration and AI integration. OpenAI partners with Reddit to integrate content into ChatGPT. Stay tuned for key market updates and insights.
Highlight of the Week
SpaceX has initiated discussions about selling existing shares at a price that could value the company at approximately $200 billion, Bloomberg reports. The tender offer, which allows employees and investors to sell shares, might start in June. Elon Musk confirmed the regular liquidity rounds and emphasized that SpaceX does not need additional capital and will repurchase shares. This exceptionally high valuation for a privately held company would surpass the previous $180 billion valuation, aligning SpaceX with the world's largest publicly traded companies.
Market Update
The first quarter of 2024 saw seven major IPOs, each raising over $500 million, reflecting greater confidence from issuers in today’s market conditions. According to EY, key factors to watch include interest rates, inflation, volatility, and consumer health, as these elements directly influence the market. The narrative is increasingly driven by AI-related products and services, but investors are seeking more tangible proof of their potential impact.(1)
According to Forge Global, the private market has continued to outperform public markets, showcasing resilience and attractiveness to investors. In April 2024, the Forge Private Market Index increased by 0.7%, outpacing several public market ETFs. In addition, core private market metrics remained roughly in line with prior months, reinforcing signs of a potential market rebound. This positive trend is likely to support a robust pipeline of tech IPOs throughout 2024.(2)
The AI sector continues its rapid expansion, as shown by xAI's recent $6 billion funding round, which values the company at $24 billion. Backed by investors like Kingdom Holding, Valor Equity Partners, Vy Capital, Andreessen Horowitz, and Sequoia Capital, xAI plans to use these funds to bring its first products to market, enhance infrastructure, and accelerate R&D. This significant investment highlights the ongoing surge in AI development and the competitive dynamics within the industry.(3)
Portfolio News
 | SpaceX is preparing to sell existing shares, which could value the company at around $200 billion. This tender offer, set to start in June, allows employees and insiders to sell shares at $108 to $110 each. This new valuation exceeds the previous $180 billion. Elon Musk confirmed these regular liquidity rounds, emphasizing that SpaceX doesn't need additional capital. SpaceX is on par with some of the world’s largest, publicly traded companies by market capitalization.(4) |
 | Anthropic has appointed Krishna Rao, an Airbnb veteran, as its first Chief Financial Officer. Rao, who previously served as CFO at Fanatics Commerce and led corporate development at Airbnb, will shape the financial strategy as the AI startup expands its offerings and competes with rivals like OpenAI. This hire follows the recent addition of Instagram co-founder Mike Krieger as Chief Product Officer.(5) |
 | Canva has launched a new enterprise product tailored for large organizations. This version includes features such as single sign-on, enhanced security, centralized brand management, and tools for managing large user groups. Co-founder Cam Adams noted the shift from supporting small teams to catering to enterprises with up to 5,000 users. The new product addresses the need for cross-departmental design collaboration, AI tool integration, and streamlined workflows.(6) |
 | OpenAI has struck a deal with Reddit to integrate its content into ChatGPT. This partnership allows ChatGPT to utilize Reddit's API, enhancing its data sources and capabilities. Additionally, OpenAI will become an advertising partner for Reddit. The deal follows Reddit's recent agreement with Alphabet and reflects OpenAI's commitment to leveraging diverse content for training its AI models.(7) |
 | Stripe is opening a new office in London to expand its UK operations. This office will house 250 staff across various departments, including engineering and sales. Stripe President John Collison highlighted London's importance, noting its high number of new business starts. Alongside this expansion, Stripe is launching new payment tools in the UK, including Stripe Capital, which offers financing to small businesses, and pay-by-bank options.(8) |
Stableton News
New Offering: Finally we can enable international investors to access co-investment opportunities. We will launch our co-investment platform, enabling investors to participate in single company deals of their choosing. This offering is complementary to our Stableton Unicorn Top 20 Fund and targets the same companies. The program is open for professional investors globally and made available via an institutional Luxembourg structure. To learn more, please reach out!
Chart of the Week
Proceeds from US IPOs more than tripled in Q1 2024 compared to Q1 2023, despite the number of IPOs remaining consistent. This increase reflects the return of larger deals, with each of the top seven IPOs in Q1 2024 raising over $500 million, compared to just one deal exceeding that amount in Q1 2023.
The Untold Unicorn Story
Kraken revolutionizes cryptocurrency trading with its secure and comprehensive platform. They provide a wide range of digital assets, advanced trading tools, and deep liquidity. By prioritizing security and regulatory compliance, Kraken ensures a safe environment for both new and experienced traders. Trusted by millions globally, Kraken simplifies buying, selling, and managing cryptocurrencies.
Fun fact: Kraken once helped recover stolen Bitcoin from Mt. Gox hack. In 2014, Kraken's founder Jesse Powell was approached by authorities to assist in the investigation of the infamous Mt. Gox exchange collapse, where approximately 850,000 Bitcoin were lost or stolen. This high-profile collaboration played a significant role in enhancing Kraken's credibility and trustworthiness among crypto enthusiasts and investors.
Q&A and Learning
What do SPV fees look like for a specific deal if you cannot invest directly?
At least 90-95% of the assets are typically invested either directly or into so-called “0/0 SPVs.” Typically, we intend to invest directly in the cap table of each underlying company. However, a few companies do not allow cap table transfers. In this case, or where price or liquidity is significantly better, we may use SPVs. These are typically “0/0 SPVs" that do not charge ongoing or performance fees.
Where to Meet Us
Reach out if you would like to meet
SuperVenture - Berlin (June 4-7)
Hightech Gründerfonds Berlin Family Day - Berlin (June 11-12)
Hinterland of Things - Bielefeld (June 13)
FundForum - Monaco (June 24-26)
Prestel & Partner London Family Office Forum - London (July 2-3)
Apero and get together - Milan, Italy (July 10)
Israel Private Markets Summit - Tel Aviv (July 16)
IPEM - Paris (September 9-10)
Prestel & Partner Family Office Forum Germany - Wiesbaden (September 11-12)
AIM Summit - Dubai (October 21-22)
Europe Family Office Summit - Rome (October 24-25)
AltsUK - London (October 26)
And, of course, we are always happy to meet you at our main offices in Zurich, Switzerland!
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