Stableton Unicorn Index AMC Update - March 2024

We are excited to share the March 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 previously shared, Morningstar has added a minimum liquidity criteria to the rulebook for constructing its index. As a result, Miro, Cloudkitschen, Checkout.com, VillageMD, Waymo, and OpenSea left the index and were replaced by Kraken, Deel, Rippling, Brex, Airtable, and Ripple.

The strong start for IPOs in 2024 is lifting the valuations of late-stage unicorns resulting in a NAV increase of close to 4% in the past 4 weeks.

• Chime plans a 2025 IPO amid explosive growth. With a customer base of over 38 million, it aims to redefine digital banking. It offers fee-free services and primary accounts, challenging major banks like JPMorgan Chase.

• Shein's profits soared to over $2bn, eyeing IPO in New York or London. This move marks a significant step for Shein as it capitalizes on its global market presence and navigates regulatory landscapes.

• Amazon.com Inc. says it’s investing an additional $2.75 billion in Anthropic, completing a deal it made last year to back the artificial intelligence startup and expand a partnership between the companies.