Morgan Stanley-Thematics Venture Vision Speed to $100bn-106101117

MJanuary23,202402:00PMGMTFoundationThematicsEuropeMorganStanley&Co.Internationalplc++44207425-0840+44207425-9902VentureVision:SpeedtoEdwardStanley$100bn?EquityStrategistOnlytwoprivateVC-backedcompaniesareofficiallyvaluedat>Edward.Stanley@morganstanley.com$100bn:SpaceX&Bytedance.However,OpenAI-currently$29bn-isreportedlyonitswaytojointheclub.AvaluationofMatiasOvrum$100bnbyend'24wouldrankitasthe8thfastestcompanyinhistorytobridgefrom$10-$100bn,albeitbehind4oftheEquityStrategistMagnificent7.Matias.Ovrum@morganstanley.com•SeehereforouranalysisMappingAI'sDiffusioninpublicmarketsin2024OurVentureVisionweeklieslookat(1)early-•SeehereforourInternetteam'sanalysisofprivatecompaniesinvolvedinstagecross-themefundingpatterns;(2)relativevaluationsbetweenthemes;(3)publictheGenAIspaceversusprivatevaluations;(4)theresultinganomalieswithincertainthemes.PleaseletusDespitemuchdiscussioninthemedia(hereandhere)andrelativelyliquidsecondaryknowifyouwouldlikeourexceldatabaseofmarkettransactions,OpenAI'slastknownprimaryfundingroundequityvaluation>45,000VCdealscategorisedbytheme,was$29bn.Clearlythough,muchhaschangedsincethisfundinground.country,valueanddate.WealsosendthisfileasNonetheless,inspiteofannualisedrevenuereportedlyheadingtowards$2bnthereaweeklydistributionifyouwouldliketoreceiveisrisingpressuretostayaheadofafieldofwellcapital...