Stableton Unicorn Index AMC Update - April 2024

We are excited to share the April edition of the Stableton Unicorn Index Investor Update, where we provide a monthly update on performance, portfolio components, company insight, and relevant industry developments.

As the IPO market shows signs of revitalization, 63 companies have gone public by the end of April, sparking newfound optimism after a challenging two-year period.

Tech unicorns, including some unprofitable startups, have enjoyed strong IPO debuts. This trend has accelerated, marking the best month of April for IPOs since 2018, excluding the outlier year of 2021. Consequently, the appetite for pre-IPOs continues to rebound, particularly for high-profile companies like Revolut, OpenAI, Anthropic, and SpaceX.

• Six index companies made it to the Top 10 of CNBC's Disruptor 50 list. OpenAI becomes the first back-to-back No.1 company, Stripe 3rd, Brex 4th, Databricks 5th, Canva 6th, Chime 22nd, Deel 29th, Discord 44th.

• Revolut recently announced Revolut X, a stand-alone crypto trading platform for experienced traders aimed at competing with other leading exchanges. Revolut also plans to increase its staff by 40% in 2024, reaching 11,500 employees by year's end. The company is said to have reached a double-digit profit margin on $2bn revenue in 2023.

• Fast-fashion giant Shein is advancing its plans for a London listing following regulatory challenges in the US. This move positions London as a key venue for major global IPOs and reflects Shein's strategic navigation through complex regulatory landscapes.