StubHub Files for IPO
StubHub, a prominent global secondary ticketing marketplace for live events, has officially filed for an Initial Public Offering (IPO).
In its IPO filing, StubHub reported significant growth for the fiscal year 2024:
- Revenue: Increased by 29.5% to $1.77 billion, up from $1.37 billion in 2023.
- Gross Merchandise Sales (GMS): Grew by 27% to $8.7 billion.
- Tickets Sold: Over 40 million tickets were sold through the platform.
Despite these positive metrics, the company recorded a net loss of $2.8 million in 2024, a reversal from a net profit of $405.2 million in 2023.
While StubHub did not specify a valuation in its IPO filing, reports indicate that the company aims to raise over $1 billion, potentially valuing it at approximately $16.5 billion. This valuation aligns with StubHub's previous attempts to secure a similar figure, which faced resistance from investors.
A notable aspect of StubHub's corporate structure is the significant voting control held by CEO Eric Baker. Through a dual-class stock arrangement, Baker possesses Class B shares that grant 100 votes per share, compared to the single vote per share of Class A stock. This structure results in Baker controlling over 90% of the company's voting power while owning approximately 13% of the total shares.
eToro Files for IPO Following Significant 2024 Revenue Growth
eToro, the Israel-based online trading platform, has filed for an IIPO. eToro plans to raise between $300 million and $400 million through the IPO, aiming for a valuation of approximately $4.5 billion.
The company said revenue more than tripled to $12.6 billion last year. The lion’s share came from cryptocurrency-related revenue, which rose to $12.1 billion last year from $3.4 billion in 2023. In eToro's financial reporting, "revenue" refers to the total value of trades executed on the platform. The company's commissions, which are a more direct indicator of earnings, amounted to $931 million in the same period.
Net income jumped to $192 million in 2024, up from just $15.3 million in 2023.
In the current climate of soaring cryptocurrency values and rampant speculative trading, eToro's decision to go public couldn't be more timely. Robinhood has seen their stock prices surge by approximately 25% this year and an impressive 160% over the past year. Similarly, Coinbase's share price has increased by 119% this year.
Gemini Appoints New CFO Amid IPO Preparations
Gemini, the cryptocurrency exchange, has appointed Dan Chen as its new Chief Financial Officer (CFO). Chen brings extensive experience from his tenure as Vice President of Capital Markets and Bank Partnerships at Affirm.
This strategic move aligns with Gemini's reported plans to go public. The company has confidentially filed for an initial public offering (IPO) and is collaborating with Goldman Sachs and Citigroup on the process.
Cerebras Systems' IPO Faces Further Delays Amid National Security Review
Cerebras Systems, the AI chipmaker, continues to face delays in its initial public offering (IPO) as it awaits the completion of a national security review by the Committee on Foreign Investment in the United States (CFIUS). The review concerns a $335 million investment from G42, an Abu Dhabi-based cloud computing and AI company with past connections to China's Huawei.
The transition in the White House has left key positions unfilled, including the Assistant Treasury Secretary for Investment Security, who oversees CFIUS. This has contributed to the prolonged uncertainty surrounding the IPO's timeline.
CFIUS staffers might be less inclined to approve controversial deals due to recent actions by Elon Musk's Department of Government Efficiency (DOGE), which has significantly reduced federal agency budgets and personnel. These cuts have created an environment where agencies are operating with limited resources, potentially affecting their capacity to process complex reviews efficiently.
This situation exemplifies how expectations that the Trump administration would facilitate dealmaking have not materialized as anticipated for Wall Street.
Perplexity AI's Valuation Soars Amid Ambitious Funding Efforts
A recent report from The Information indicates that AI search upstart Perplexity is in discussions to raise new capital at a valuation of $15 billion. More recently, Bloomberg reported the valuation at $18 billion, highlighting strong investor interest. Perplexity's current annual recurring revenue (ARR) is nearly $100 million, suggesting a valuation multiple of approximately 180 times ARR. This multiple exceeds that of Cursor, which is also seeking funding.
Scale AI Considers Entering the Teleoperation Market
Scale AI, renowned for its extensive network of human contractors who generate data to train and evaluate AI models, is exploring opportunities in the teleoperation sector. Teleoperation involves the remote control of machines or robotic systems, allowing human operators to manage tasks from a distance.
This strategic move aligns Scale AI with industry leaders such as Tesla, OpenAI, Meta, Google, and Apple, all of which are actively developing technologies for humanoid or home robots.
GrubMarket Secures $50 Million, Valuation Surpasses $3.5 Billion
GrubMarket, a leading food e-commerce platform, has successfully raised $50 million in its Series G funding round, elevating its valuation to over $3.5 billion.
In 2024, GrubMarket reported revenues exceeding $2 billion, solidifying its position as the largest private food technology company in the U.S. The company also expanded its operations to over 70 countries.