Even a global pandemic can’t slow the US IPO market down. After slowing to a trickle in March, public listings roared back and are now on pace to reach their highest levels since the peak of the dot-com boom in 2000. Thousands of new investors who come to the exchange and buy shares through Robinhood, e*Trade, Stash, Revolut, Square Cash, and other products also have an effect on speculative securities. From one side it sounds not such bad as seems, but let’s take a look deeper.

The Next Dot-Com Bubble or Not?

If 2020 maintains its feverish IPO pace, it’ll be thanks in large part to expected listings from buzzy tech firms like Palantir, DoorDash, and Airbnb. The vacation rental company was flirting with an IPO before the pandemic, back when its valuation was north of $30 billion. After coronavirus cratered international travel, the company was forced to lay off a quarter of its workers and borrow $1 billion against a new $18 billion valuation — but even so, Airbnb and its similarly hobbled peers are still on their way to an IPO market hungry for tech offerings.

But if Palantir, Airbnb, and DoorDash raise as much as they’re hoping in their initial public offerings, that would put this year’s tech IPOs on their way to matching that banner year. That’s not to mention delivery staple Postmates and cloud data firm Snowflake, which may still yet file in 2020. If that happens, it could be a continued sign that the US is building up its next dot-com bubble.

Nearly 200 companies are expected to go public in 2020

👇 Here are the ones to watch

Quora IPO (Forecast Q4 2021)

Funding traction, total raised ~$226M

  • Series A — 2010 at val. $110M, $0.93 pps
  • Series B — 2012 at val. $480M, $3.50 pps
  • Series C — 2014 at val. $900m, $5.90 pps
  • Series D — 2017 at val. $1.7B, $9.73 pps

Palantir DPO (September 2020)

  • Founded Date — 2004 (HQ, Palo Alto, CA)
  • Founders —Alexander Karp, Garry Tan, Nathan Gettings, Peter Thiel, Stephen Cohen

Funding traction, total raised ~$2.79B + secure transactions

  • Series B — 2006 at val. $46M, $0.06 pps
  • Series C — 2008 at val. $490M, $0.58 pps
  • Series D — 2009 at val. $820M, $0.80 pps
  • Series E — 2011 at val. $1.7B, $1.37 pps
  • Series F — 2011 at val. $2.6B, $1.98 pps
  • Series G — 2012 at val. $4.4B, $3.06 pps
  • Series H — 2013 at val. $5.3B, $3.51 pps
  • Series I — 2013 at val. $9.9B, $6.13 pps
  • Series J — 2014 at val. $15B, $8.89 pps
  • Series K — 2015 at val. $21B, $11.39 pps
  • Corporate Round — 2020 at unknown valuation

Palantir Plans Direct Listing for Late September (source)

ThoughtSpot IPO (Forecast Q4 2021)

  • Founded Date — 2012 (HQ, Sunnyvale, CA)
  • Founders — Abhishek Rai, Abhishek Rai, Ajeet Singh, Amit Prakash, Priyendra Deshwal, Priyendra Deshwal, Sanjay Agrawal, Shashank Gupta, Vijay Ganesan

Funding traction, total raised ~$600M + secure transactions

  • Series A — 2012 at val. $31M, $0.88 pps
  • Series B — 2014 at val. $140M, $3.13 pps
  • Series C — 2016 at val. $290M, $4.94 pps
  • Series C-1–2017 at val. $440M, $5.76 pps
  • Series D — 2018 at val. $880M, $9.69 pps
  • Series E — 2019 at val. $2B, $13.83 pps

ThoughtSpot Names CFO As it Eyes Public Offering (source)

Intercom IPO (Forecast Q3 2021)

  • Founded Date — 2011 (HQ, SF, CA)
  • Founders — Ciaran Lee, David Barrett, Des Traynor, Eoghan McCabe

Funding traction, total raised ~$291M + secure transactions

  • Series A — 2013 at val. $29M, $1.89 pps
  • Series B — 2014 at val. $97M, $4.89 pps
  • Series C — 2015 at val. $300M, $13.69 pps
  • Series C-1–2015 at val. $520M, $21.85 pps
  • Series D — 2018 at val. $1.2B, $46.43 pps

Intercom hires a CFO as it ramps toward an IPO (source)

Automation Anywhere IPO (NA)

Funding traction, total raised ~$840M + secure transactions

  • Series A — 2018 at val. $1.8B, $5.48 pps
  • Series A-1–2018 at val. $2.6B, $6.84 pps
  • Series B — 2019 at val. $6.8B, $16.61 pps

Anduril Industries IPO (Forecast Q4 2021)

  • Founded Date — 2017 (HQ, Irvine, CA)
  • Founders — Brian Schimpf, Joseph Chen, Matt Grimm, Palmer Luckey, Trae Stephens

Funding traction, total raised ~$241M + secure transactions

  • Series Seed — 2017 at val. $34M, $0.55 pps
  • Series A — 2018 at val. $110M, $1.17 pps
  • Series B — 2019 at val. $1B, $3.61 pps
  • Series C — 2020 at val. $1.9B, $5.93 pps (source)

To be continued…

👉 PART 1 👉 PART 2 👉 PART 3

👉 PART 4 👉 PART 6 👉PART 7

👉 PART 8

About the Author

Mr. Koch — a serial entrepreneur and late-stage investor specializing in secondary shares.

Previously: Twilio, Xiaomi, iQiyi, Tilray, Livongo, Bandwidth.

Currently: Robinhood, Grab, Toss, Coursera, Epic Games, Chime, and other companies.

Contact — here, If you are a startup building in this space — email or DM me to be included on this article.

The content was collected from various open sources, approved by companies, and does not provide any one-stop recommendation for the purchase of shares. All data was used for only informational purposes and does not contain insider information that may be malicious or refuted by the company and SEC.

This communication does not represent an offer or solicitation to buy or sell securities. Such an offer must be made via definitive legal documentation by the buyer or seller of securities, please check the SEC rules before buying shares from any stock-suppliers.

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Serial entrepreneur, accredited investor, and hedge fund manager. Ex-General Partner of Koch Fund

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Victor Koch

Serial entrepreneur, accredited investor, and hedge fund manager. Ex-General Partner of Koch Fund