![]() Snowflake’s last private funding round was at a valuation of $12.4 billion in February 2020 with an initial price of $33 billion and an opening price of $68 billion in September of 2020. The word “glut” comes to mind as Snowflake, AirBnB, DoorDash and Roblox increased their valuations from the last private by an order of magnitude compared to the IPO class of 2019. If that’s a crazy bubble, then I’m not sure what the words are for 2020. The opening valuation for Zoom Video caused Barron’s to call Zoom Video’s IPO a Crazy Bubble. These opening prices, which ranged from an increase in valuation of $5 to $10 billion required a year to absorb. The point of this is to illustrate that tech’s top growth companies had their valuations increase an average of $600 to $700 million per month range since the last private valuation. Despite perfect earnings beats, it took Zoom Video an entire year before it consistently traded above its opening price Notably, I covered Zoom Video as the “Best Silicon Valley IPO” at the time of its listing but the I/O Fund waited until the following January 2020 to enter the stock at $62. This is about $90 million more per month than Crowdstrike. When the $19 billion is averaged out across the 27 months between Zoom’s last private round, the premium retailers paid on valuation is $703 million per month. ![]() ![]() The initial price institutions paid was $9.2 billion in April of 2019 with shares opening at a $20 billion valuation. Zoom Video’s last private valuation prior to going public was $1 billion in April of 2017. initial price institutions paid was $9.2 billion in April of 2019 with shares opening at a $20 billion valuation.
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