Stableton Navigator | Stripe Hits $70B Valuation, OpenAI Strikes Deal with Condé Nast, Y Combinator Enters Defense Tech
Andreas Bezner, CFA
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The world of private markets is evolving faster than ever, with shifts that are reshaping entire industries. This week in the Navigator, we dive into groundbreaking changes in media, journalism, and defense technology that are capturing the world's attention. Discover the latest from our portfolio, where milestones are being reached, cash flows are surging, and new frontiers are being explored. Let’s get to it…
THIS WEEK’S BREAKING NEWS
OpenAI joins forces with Condé Nast: A new era in media
Media powerhouse Condé Nast has partnered with OpenAI to bring generative AI into its content creation process. This is significant because Condé Nast, which oversees some of the world's most influential tech, lifestyle, and culture brands like Vogue, The New Yorker, Bon Appétit, Vanity Fair, and Wired, is making a major leap towards AI-driven media.
Following OpenAI's recent partnerships with The Atlantic, News Corp., Vox Media, Time, and others, this collaboration marks a transformative moment as AI becomes central to the operations of leading global media brands, reaching over 1 billion consumers across 32 markets. (1)
MARKET UPDATE
Private markets poised to double public growth, hitting $65T
Private market assets are expected to grow at a 12.7% annual rate, nearly double the 6.3% growth rate of public market assets, potentially reaching $65 trillion by 2032, according to Bain & Company. This surge, driven by increasing investor demand for alternative investments like private equity, which could comprise 45% of the total, reflects a significant shift as investors seek higher returns and diversification away from traditional public markets. (2)
Google signs first-ever U.S. newsroom funding agreement
Google and California have agreed to a $250 million deal to fund local journalism and AI research, marking the first state-level agreement of its kind in the U.S. The deal includes $125 million over five years for local newsrooms and $70 million will be allocated towards developing AI tools for journalism. Despite its innovative approach, the agreement has faced criticism from some lawmakers and journalist unions, raising concerns about the influence of tech giants on the future of media. This deal follows similar efforts in other countries, highlighting a global trend in redefining the relationship between technology and journalism. (3)
Y Combinator enters defense tech with first-ever investment
Y Combinator, traditionally focused on software and fintech, is backing Ares Industries, a start-up offering $300,000 cruise missiles that are 10x smaller and cheaper than current alternatives. This marks YC's first investment in a weapons company, aligning with a broader trend where venture capital, including $1.5 billion raised by Anduril Industries, is flowing into defense tech amid geopolitical tensions and an $800 billion U.S. defense budget. (4)
PORTFOLIO & CO-INVESTMENT UPDATE
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PORTFOLIO NEWS
OpenAI’s next frontier: Federal AI integration begins
OpenAI has partnered with the U.S. Agency for International Development (USAID) to provide ChatGPT Enterprise, marking its first federal agency adoption. This follows the recent FedRAMP High Authorization within Microsoft’s Azure Government cloud. Nearly 100,000 government users already utilize ChatGPT, and USAID plans to use it to reduce administrative burdens and foster local partnerships. OpenAI is also pursuing FedRAMP Moderate Accreditation to handle more sensitive federal data, aiming to expand its reach across U.S. government agencies amidst ongoing concerns over AI security and bias. (5)
SpaceX launches South Korea's next space milestone
SpaceX successfully launched South Korea's 3.4-ton GEO-KOMPSAT-3 satellite into geostationary orbit, significantly enhancing the country’s meteorological and environmental monitoring capabilities. Developed by the Korea Aerospace Research Institute, the satellite provides real-time data for weather forecasting and disaster management, marking another milestone in South Korea's space ambitions and collaboration with SpaceX. (6)
Stripe’s $70B valuation fueled by $615M cash flow surge
Stripe is launching a new employee tender offer, self-funded with $615 million in free cash flow generated in Q2 2024, a significant recovery from its $500 million cash burn in 2022. The tender, valuing Stripe at $70 billion, will allow employees to sell up to $50,000 worth of vested shares at $27.51 per share. Additionally, Stripe's non-core business, including billing software and tax reporting, is projected to surpass $500 million in annual revenue, further boosting the company’s financial health. (7)
领英推荐
Anthropic’s Claude hits $1M in app revenue
Anthropic’s AI assistant, Claude, has quickly surpassed $1 million in mobile app revenue, driven by over 5,000 downloads and a $10 per month subscription model. This rapid growth highlights the strong market demand for AI-driven tools and positions Claude as a key player in the competitive AI landscape, demonstrating the significant monetization potential of generative AI in consumer markets. (8)
Shein fights Temu’s aggressive tactics in court
Shein has filed its second lawsuit against rival Temu, accusing it of over 50 instances of design copying and deceptive marketing practices that mislead consumers into believing Temu is affiliated with Shein. This follows a previous lawsuit from July and underscores the escalating legal conflict between the two fast-fashion powerhouses as they battle for market dominance. The lawsuit highlights the fierce competition in the $90 billion global fast-fashion market, where both companies are aggressively expanding their reach and influence. (9)
CHART OF THE WEEK
The substantial amount of "dry powder" in the secondary market signals a strong readiness for deployment. Over the past few years, the available capital has consistently exceeded the volume of secondary transactions, as shown by the capital overhang multiple.
This indicates that investors are strategically holding back resources, waiting for the right opportunities to invest. The growing capital reserves combined with steady transaction volumes suggest a market that’s primed for increased activity, showcasing the resilience and potential for dynamic growth in the secondary market.
THE UNTOLD UNICORN STORY
Shein: Making the beauty of fashion accessible to all
Shein is a game-changer in the world of fashion. They offer trendy, affordable clothing to shoppers worldwide. With a focus on fast fashion, Shein brings the latest styles directly to your doorstep. They blend technology with fashion, using data to predict trends and meet customer demands quickly. Their mission is simple: make fashion accessible and fun for everyone. Shein turns the latest runway looks into everyday wear, ensuring you stay stylish without breaking the bank.
Fun Fact: Shein started out selling wedding dresses. When Shein was founded in 2008, it was initially called "Sheinside" and focused on wedding gowns. As the company's data-driven approach to fashion took off, they expanded their offerings to include a wide range of trendy and affordable clothing. This pivot from wedding dresses to fast fashion helped Shein become a global fashion powerhouse. (11)
QUESTION OF THE WEEK
Why was Stableton founded?
Stableton was born when Andreas Bezner and Konstantin Heiermann, both seasoned in entrepreneurship and private markets, decided to tackle the big challenges they faced as investors and advisors. Andreas, with entrepreneurship in his DNA, and Konstantin saw the need for a change in how alternative investments work. Their mission? To shake things up by making it easier, more transparent, and more user-friendly to invest in privately held growth companies—democratizing these opportunities for every type of investor.
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Sources
1 - Wired , 2 - Alt Assets , 3 - AP , 4 - Financial Times , 5 - FedScoop , 6 - Space News , 7 - The Information , 8 - TechCrunch , 9 - Time , 10 - Lenovo , 11 - Business Insider
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2 个月All of these have huge implications. Can’t wait to dive in and see what insights you’ve uncovered. Tagging a friend who loves staying on top of these big trends! Beck, might interest you :)