Instacart, Klaviyo and the art of the unicorn haircut

Hello, and welcome back to Equity, the podcast about the business of startups, where we unpack the numbers and nuance behind the headlines.

Our Monday show covers the latest in tech news from the weekend and what’s making headlines early in the week.

Happily, there’s a lot to talk about today. First, however, keep in mind that Equity is kicking off TechCrunch Disrupt next week in San Francisco. It’s going to be a really good time I think, so we’ll see you in just over a week!

Here’s what we got into on the show today:

• Instacart IPO: We have a first price range for Instacart! And the company is going to take a roughly $30 billion haircut on the valuation it raised at back in 2021. Still worth north of $7 billion by our math, Instacart is set to raise a lot of money at a multibillion price. Hard to get too worried about that. (Even more, the company’s fully diluted valuation range is, if we are doing our sums correctly, $8.6 billion to $9.3 billion.)
• Klaviyo IPO: Also taking a price cut is Klaviyo, which also dropped its first IPO price range this morning. It is taking a smaller cut in both absolute and percentage terms, but in aggregate the two companies show just how much room there is for 2021 prices to come down. What we worry about is what less-strong startups will have to endure, as Instacart and Klaviyo are both very healthy.
• Coinbase and India: Coinbase is not leaving India, contrary to reports. What it is doing is shuttering some accounts in the country. Crypto and regulation continue their long, and twisty path.
• Cheap, shared satellites: What raised $50 million and wants you to share a LEO satellite? This startup!

Disrupt is literally around the corner and by that I mean next week!