This is a great interview with Adam Neumann – who is the former CEO and founder of WeWork. This is his first interview since he tried to take the company public and the valuation of the company halved overnight. He talks about the situations around that previously failed IPO attempted and what is happening now with WeWork.
Coinbase is looking to go public very soon and its valuation in the secondary markets has just gone over $100 billion.
Coinbase’s valuation over the years:
- 2016 — $500M
- 2017 — $1.6B
- 2018 — $8B
- 2020 — $100B
Coinbase reported revenue of $530M for 2019 and $691M for the first nine months in 2020. The company posted a net income of $141M between January-September 2020, up from a loss of $30M in overall 2019. Notably, these numbers don’t include 2021, when the Bitcoin price surged more than 90% YTD.
Asana is one of the world’s most popular project and task management software (we use Asana in our office). A week ago Asana filed to go public on the New York Stock Exchange.
Instead of an IPO – Asana has elected to file for a direct listing (which means that they aren’t selling any new shares in the listing only the existing ones).
By the numbers:
- For the year ending Jan. 31, 2020, Asana had a loss of $118.6 million on $142.6 million in revenue. For the year ending Jan. 31, 2019, it lost $50.9 million on $76.8 million in revenue.
- The company says it has more than 3.2 million free account users and 75,000 paying customers with a total of 1.2 million paying users across 190 countries.
- Asana’s biggest shareholders are co-founder and CEO Dustin Moskovitz, Benchmark Capital, Generation Management, and Founders Fund.
- According to its most recent secondary trades, Asana’s stock traded at a volume-weighted average price of $15.82 in fiscal 2020, $15.98 in Q1 2021, and $17.26 in Q2 2021.
Warner Music Group is going live on the NASDAQ today. Warner are offering 77 million class A shares at $25 a share. If Warner opens up at $25 per share that means they will have a $12.8 billion valuation.
It’s going to be very interesting to see if investors have an appetite for music companies again.
Underwriters for the new offering include Morgan Stanley, Credit Suisse, and Goldman Sachs. Ticker symbol will be WMG.
Warner Music Group has an amazing catalogue, but I’m very keen to learn more about their recent investments and what other industries they think they can enter, because doing the old record label model just isn’t going to gain enough growth over the next 20 years.
Short Answer: NO – I doubt it.
Airbnb was in a good position to IPO at the end of last year, but seemed to push it back. Since then the follow has happened:
- Coronavirus has all but stopped their business.
- Combination of debt & equity from Silver Lake, Sixth Street Partners
- Previously raised $4.6 billion
- Financial Times reported new $25b valuation last week
Airbnb won’t be seeing the public markets any time soon as they really need to focus when the Coronavirus lockdowns start to exit and the world opens up for business again.