All-In with Chamath, Jason, Sacks & Friedberg cover image

All-In with Chamath, Jason, Sacks & Friedberg

E146: Did the Fed break the VC model? Plus IPOs, M&A, revaluing unicorns & more

Sep 22, 2023
0
01:42:44
Snipd AI
The podcast covers topics such as the GOP primary, IPOs and M&A activities, the impact of the Fed on the VC model, revaluing unicorns, and the potential game changer of an inverse-vaccine treatment for autoimmune diseases. The speakers discuss acceptable candidates, review recent IPOs and acquisitions, and evaluate fund managers. They explore the challenges faced by high ARR companies and delve into the science behind treating autoimmune diseases. The podcast offers insights and entertaining discussions on a range of intriguing topics.
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Podcast summary created with Snipd AI

Quick takeaways

  • Instacart's IPO construction, with a small float and lack of anchor buyers, contributed to the stock breaching its issue price and facing challenges in market valuation due to reliance on advertising revenue.
  • The IPO market has not seen the expected reopening yet, and it remains to be seen whether other big companies will go public amidst the current challenges and market dynamics.

Deep dives

Instacart's IPO and Concentrated Float

Instacart's IPO had a small float, less than 10%, which resulted in a concentrated ownership among a large number of organizations. This led to downward pressure on the stock when retail investors began buying and mutual funds sold their shares. The IPO construction, with a small float and lack of anchor buyers, contributed to the stock breaching its issue price. The market valuation of Instacart is facing challenges due to the company's heavy reliance on advertising revenue, which may not be as favored by investors as core e-commerce revenue. Additionally, questions arise about the declining take rate and potential competition from heavyweights like Walmart and Amazon. Overall, the IPO market has not seen the expected reopening yet, and it remains to be seen whether other big companies will go public amidst the current challenges and market dynamics.

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