OPEN Unicorn Index: New Constituents Update - Q2 2023
Biggest movers & new entrants of the OPEN Unicorn Index
OPEN Community,
We have rebalanced the constituents of the OPEN Unicorn Index to reflect the most recent updates to private market valuations. We wanted to share the list and highlight some new entrants!
A quick refresher on us: OPEN’s mission is to create industry benchmarks for the most innovative private VC-backed companies that enable access to market opportunities in diversified and low-fee investable products. Our first index is the OPEN Unicorn Index, which is a market capitalization-weighted index of the top 50 private, US-domiciled, VC-backed companies (think SpaceX, Stripe, Instacart, etc.).
Now to the good stuff. Introducing the latest index constituents:
Q2 2023 OUI Constituents With Index Weighting
SpaceX - 15.6%
Stripe - 6%
Instacart - 4.6%
Databricks - 4.5%
Epic Games - 3.8%
Fanatics - 3.7%
Waymo - 3.6%
OpenAI - 3.5%
Chime - 3%
Miro - 2.1%
Gopuff - 1.8%
CloudKitchens - 1.8%
Discord - 1.8%
Plaid - 1.6%
OpenSea - 1.6%
Grammarly - 1.6%
Devoted Health - 1.5%
Faire - 1.5%
Brex - 1.5%
Deel - 1.4%
Biosplice Therapeutics - 1.4%
Goodleap - 1.4%
Airtable - 1.4%
Rippling - 1.4%
Bolt Financial - 1.3%
Alchemy Insights - 1.2%
Talkdesk - 1.2%
Wiz - 1.2%
Ripple - 1.2%
Gusto - 1.2%
Reddit - 1.2%
Notion - 1.2%
Thrasio - 1.2%
OutSystems - 1.1%
Klaviyo - 1.1%
TripActions - 1.1%
Tanium - 1.1%
Niantic - 1.1%
Resilience - 1.1%
Nuro - 1%
Chainalysis - 1%
Pony.ai - 1%
Anduril - 1%
Lacework - <1%
Tipalti - <1%
Tempus Labs - <1%
Ramp - <1%
Flexport - <1%
Fireblocks - <1%
FalconX Limited - <1%
Biggest Movers
OpenAI: Q1 2023 Last Round Valuation = ~$4bn, Q2 2023 Last Round Valuation = $29bn)
Earlier this year, OpenAI raised $10bn from Microsoft in an ongoing strategic partnership.
Wiz: Q1 2023 Last Round Valuation = ~$4.1bn, Q2 2023 Last Round Valuation = $10.1bn)
Wiz raised a $300mm Series D round pushing them into decacorn status.
Rippling: Q1 2023 Last Round Valuation = ~$11.2bn, Q2 2023 Last Round Valuation = $11.4bn)
A “measly” $200mm QoQ bump relative to our other top movers, Rippling raised $500mm in the aftermath of the SVB collapse.
New Constituents
OpenAI: OpenAI is an AI research and deployment company that conducts research and implements machine learning. The research organization is dedicated to advancing artificial intelligence in a safe and beneficial manner.
Needs no introduction at this point. After not being in the Top 50 last quarter, OpenAI jumped to constituent #8 (!) this quarter after receiving $10bn in funding from Microsoft.
Wiz: Wiz is a cybersecurity company that allows companies to find security issues in public cloud infrastructure. It has designed the first cloud-native visibility solution for enterprise security teams that analyzes the entire cloud environment to deliver a 360° view of security risks across clouds, containers, and workloads. 35% of the Fortune 100 are customers.
After raising a monster $300mm Series D lead by Greenoaks, Index Ventures, and Lightspeed Venture Partners, Wiz is now ranked #28 on the OPEN Unicorn Index.
So What?
The latest rebalancing of the OPEN Unicorn Index showcases the dynamic nature of the private market, and new additions to the index highlight the continuous growth and innovation within the industry.
Core to our mission is to create a new industry benchmark in the private market landscape. We believe that having an industry benchmark for pre-IPO companies is an important option to have in the larger private market landscape. By developing index-replicating funds that prioritize lower fees, transparency, and diversification, we aim to provide investors with equitable and risk-appropriate opportunities. Let’s level the playing field and ensure broader access to market opportunities.
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