DragonKing
2021-12-28
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The $900 Billion Cash Pile Inflating Startup Valuations<blockquote>9000亿美元的现金堆积推高了初创公司的估值</blockquote>
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So far in December, three SPACs a day are being created. While that is below the first quarter’s record pace, it brings the total amount held by the hundreds of SPACs seeking private companies to take public in the next two years to roughly $160 billion.</p><p><blockquote>Dealogic 数据显示，通过合并将初创公司上市的特殊目的收购公司在 10 月和 11 月每年筹集了约 120 亿美元，大约是前三个月每个月的两倍。12月到目前为止，每天有三个SPAC被创建。虽然这低于第一季度的创纪录速度，但这使得数百家寻求私营公司在未来两年内上市的 SPAC 持有的总金额达到约 1600 亿美元。</blockquote></p><p> The cash committed to venture-capital firms and private-equity firms focused on rapidly growing companies but not yet spent also is ballooning. So-called dry powder hit about $440 billion for venture capitalists and roughly $310 billion for growth-focused PE firms earlier this month, according to Preqin.</p><p><blockquote>承诺给专注于快速增长公司但尚未花掉的风险投资公司和私募股权公司的现金也在膨胀。根据 Preqin 的数据，本月早些时候，所谓的干粉对风险投资家来说损失了约 4400 亿美元，对注重增长的私募股权公司来说损失了约 3100 亿美元。</blockquote></p><p> Despite billions of dollars in lost market value for publicly listed startups, the cash hoards represent buoyant demand from investors with interest rates near zero and stock indexes at or near records. They show how SPACs and private markets have been more resilient than many analysts expected, particularly with regulators ratcheting up scrutiny of so-called blank-check companies. Many analysts also expect interest rates to climb in the years ahead, potentially making moonshot bets on early-stage companies less attractive.</p><p><blockquote>尽管上市初创公司市值损失了数十亿美元，但现金储备代表了利率接近于零、股指处于或接近历史最高水平的投资者的旺盛需求。它们显示了 SPAC 和私人市场的弹性比许多分析师预期的更强，特别是在监管机构加强对所谓空白支票公司的审查的情况下。许多分析师还预计未来几年利率将会攀升，这可能会降低对早期公司的登月押注吸引力。</blockquote></p><p> Startups currently have several paths to access the cash, investors and executives say, particularly because a large chunk is flooding to companies working to decarbonize the economy. SPACs and other financiers often engage in bidding duels known on Wall Street as “SPAC-offs,” helping keep money flowing into startups.</p><p><blockquote>投资者和高管表示，初创公司目前有多种途径可以获得现金，特别是因为很大一部分资金正涌入致力于经济脱碳的公司。SPAC 和其他金融家经常参与在华尔街被称为 “SPAC-offs ”的竞购对决，帮助资金不断流入初创企业。</blockquote></p><p> “There’s just so much money in the world chasing growth and returns,” said Bill Gross, who founded startup incubator Idealab.</p><p><blockquote>“创办初创企业孵化器 Idealab 的比尔-格罗斯（Bill Gross）说：”世界上有太多的钱在追逐增长和回报。</blockquote></p><p> Sometimes confused with the famous bond investor Bill Gross, Idealab’s Mr. Gross is chief executive of concentrated solar power startup Heliogen Inc. Heliogen, which doesn’t expect substantial revenue until 2023, is going public in a$2 billion SPAC deal. Another Idealab company, Energy Vault Inc.,unveiled a $1.6 billion SPAC merger in September.</p><p><blockquote>Idealab 的格罗斯先生有时会与著名债券投资者比尔-格罗斯（Bill Gross）混淆，他是聚光太阳能初创公司 Heliogen Inc. Heliogen 预计要到 2023 年才能获得可观收入，该公司将以 20 亿澳元的 SPAC 交易上市。另一家 Idealab 公司 Energy Vault Inc. 于 9 月份宣布了一项价值 16 亿美元的 SPAC 合并。</blockquote></p><p> Outside of SPACs, cash is piling into startups at unprecedented rates from venture-capital firms and hedge funds such as Tiger Global Management LLC that traditionally were more focused on public companies. Nearly 340 new unicorn startups—or about one each day—have privately raised money at valuations north of $1 billion this year, more than triple the total from last year, PitchBook data show.</p><p><blockquote>除了 SPAC 之外，现金正以前所未有的速度从风险投资公司和 Tiger Global Management LLC 等对冲基金涌入初创公司，这些基金传统上更关注上市公司。PitchBook 数据显示，今年有近 340 家新的独角兽初创公司（或大约每天一家）以超过 10 亿美元的估值私下融资，是去年总数的三倍多。</blockquote></p><p> In the late summer, Mike Xu, CEO of food-distribution startup GrubMarket, began looking for $50 million of new funding for his business, which he said is profitable. By November, demand proved so high he ended up securing $240 million from investors—which itself was lower than what many wanted to commit. That included a $40 million commitment from Tiger Global that came together about a week after he began discussions with the <a href=\"https://laohu8.com/S/NWY\">New York</a>-based investor.</p><p><blockquote>夏末，食品分销初创公司 GrubMarket 的首席执行官 Mike Xu 开始为他的业务寻找 5000 万美元的新资金，他表示该业务有利可图。到了 11 月，需求证明如此之高，他最终从投资者那里获得了 2.4 亿美元——这本身就低于许多人想要承诺的金额。其中包括 Tiger Global 在他开始与 Tiger Global 讨论约一周后做出的 4000 万美元承诺<a href=\"https://laohu8.com/S/NWY\">纽约</a>-基于投资者。</blockquote></p><p> “It just moved extremely fast,” he said of the investment round valuing the firm at over $1.2 billion. “It was way more than we expected.” GrubMarket also secured funds managed by <a href=\"https://laohu8.com/S/BLK\">BlackRock</a> Inc.</p><p><blockquote>“他在谈到对公司估值超过 12 亿美元的一轮投资时说：”进展非常快。“这比我们预想的要多得多。”GrubMarket 还获得了由以下机构管理的资金：<a href=\"https://laohu8.com/S/BLK\">贝莱德</a>公司。</blockquote></p><p> Carbon Capture Inc., a startup working to remove carbon emissions directly from the atmosphere that also is backed by Mr. Gross’s Idealab, recently raised $35 million in its first round from investors including Salesforce Inc. co-CEO Marc Benioff’s venture firm.</p><p><blockquote>Carbon Capture Inc. 是一家致力于直接清除大气中碳排放的初创公司，也得到了格罗斯先生的 Idealab 的支持，最近在第一轮融资中从包括 Salesforce Inc. 联合首席执行官马克-贝尼奥夫（Marc Benioff）的风险投资公司在内的投资者那里筹集了 3500 万美元。</blockquote></p><p> Many startups also have found excited investors at large technology companies, pension funds, and sovereign-wealth funds.</p><p><blockquote>许多初创公司还在大型科技公司、养老基金和主权财富基金找到了兴奋的投资者。</blockquote></p><p> The fundraising frenzy is continuing even though sentiment toward newly public startups has cooled. An exchange-traded fund that tracks companies that went public through SPACs is down about 25% for the year. Meanwhile, an ETF of companies that recently did traditional initial public offerings has slumped roughly 15% in the past three months.</p><p><blockquote>尽管对新上市初创公司的情绪已经降温，但筹款狂潮仍在继续。一只追踪通过 SPAC 上市的公司的交易所交易基金今年下跌了约 25%。与此同时，最近进行传统首次公开募股的公司的 ETF 在过去三个月中下跌了约 15%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/fa784fe1c27b15e6c63cfb7b35c9bba6\" tg-width=\"822\" tg-height=\"751\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> SPACs are in focus for many investors because they have taken Wall Street and Silicon Valley by storm as a new way to quickly raise cash and go public. A SPAC is a shell firm that raises money and lists on a stock exchange with the sole intent of merging with a private firm to take it public. After regulators approve the deal, the private firm replaces the SPAC in the stock market.</p><p><blockquote>SPAC 成为许多投资者关注的焦点，因为它们席卷了华尔街和硅谷，成为快速筹集资金和上市的新途径。特殊目的收购公司是一家空壳公司，它筹集资金并在证券交易所上市，其唯一目的是与一家私营公司合并以将其上市。监管机构批准该交易后，这家私营公司将取代股票市场上的特殊目的收购公司。</blockquote></p><p></p><p> One reason for SPACs’ sudden ubiquity is that startups are allowed to make business projections when going public that aren’t allowed in traditional IPOs.</p><p><blockquote>SPAC 突然无处不在的一个原因是，初创企业在上市时可以做出传统 IPO 所不允许的业务预测。</blockquote></p><p> Many have struggled to meet those targets or have hit business snags, sending shares tumbling.Of the nearly 200 companies that have gone public through SPAC deals this year, about 75% have share prices below the SPAC’s listing price, according to SPAC Research. Nearly 40 companies have lost more than 50% of their value.</p><p><blockquote>许多公司都在努力实现这些目标，或者遇到了业务障碍，导致股价暴跌。根据 SPAC Research 的数据，在今年通过 SPAC 交易上市的近 200 家公司中，约有 75% 的公司股价低于 SPAC 的上市价格。近40家公司的价值损失了50%以上。</blockquote></p><p> Regulators have investigated several companies that went public this way after short sellers alleged wrongdoing, while multiple CEOs of newly listed electric-vehicle startups have resigned. Many analysts say SPACs allow startups to go public before they are ready.</p><p><blockquote>在卖空者指控不当行为后，监管机构对几家以这种方式上市的公司进行了调查，而新上市的电动汽车初创公司的多位首席执行官也已辞职。许多分析师表示，SPAC 允许初创公司在准备好之前上市。</blockquote></p><p> Yet investors continue to pour money into emerging companies in any way they can, in search of the next DoorDash Inc.or Airbnb Inc., whose early backers have been well rewarded. Many deals are tied to fighting climate change, with investors also riding the momentum inTeslaInc.and others linked to the energy transition.</p><p><blockquote>然而，投资者继续以任何可能的方式向新兴公司投入资金，寻找下一个DoorDash Inc.或爱彼迎公司，它们的早期支持者得到了丰厚的回报。许多交易都与应对气候变化有关，投资者也乘着 inTeslaInc 的势头。以及其他与能源转型相关的交易。</blockquote></p><p> “I would expect valuations will continue being driven up,” said John Carrington, CEO of clean-energy storage firm <a href=\"https://laohu8.com/S/STEM\">Stem Inc.</a> “It’s an industry that needs a lot of capital, for better or worse.” Stem’s market value has roughly doubled to $2.8 billion after it completed a SPAC deal earlier this year. The company had about $40 million in sales in the third quarter.</p><p><blockquote>“清洁能源存储公司首席执行官约翰-卡灵顿（John Carrington）表示：”我预计估值将继续上涨。<a href=\"https://laohu8.com/S/STEM\">Stem公司</a>“无论好坏，这是一个需要大量资金的行业”。在今年早些时候完成 SPAC 交易后，Stem 的市值几乎翻了一番，达到 28 亿美元。该公司第三季度销售额约为 4000 万美元。</blockquote></p><p> Moving forward, some analysts expect a large gap between the winners and losers from the boom.</p><p><blockquote>展望未来，一些分析师预计经济繁荣的赢家和输家之间将存在巨大差距。</blockquote></p><p> “The availability of SPAC capital and of private capital gives companies options, but ultimately, the problems are caused by bringing the wrong company public or the wrong valuation,” said Mike Ryan, CEO of Bullet Point Network, a financial analytics company. A former Wall Street equity investor, Mr. Ryan also is a venture partner at Alpha Partners and board chair of a SPAC that Alpha Partners launched this summer.</p><p><blockquote>“金融分析公司 Bullet Point Network 的首席执行官迈克-瑞安（Mike Ryan）说：”SPAC 资本和私人资本的出现为公司提供了选择，但归根结底，问题是由于错误的公司上市或错误的估值造成的。Ryan 先生曾是华尔街股权投资者，也是 Alpha Partners 的风险投资伙伴，以及 Alpha Partners 今年夏天推出的 SPAC 的董事会主席。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The $900 Billion Cash Pile Inflating Startup Valuations<blockquote>9000亿美元的现金堆积推高了初创公司的估值</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe $900 Billion Cash Pile Inflating Startup Valuations<blockquote>9000亿美元的现金堆积推高了初创公司的估值</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">WSJ</strong><span class=\"h-time small\">2021-12-28 11:17</span>\n</p>\n</h4>\n</header>\n<article>\n<p><a href=\"https://laohu8.com/S/ISBC\">Investors</a> are defying a share-price slump for newly public companies to make hundreds of billions of dollars available to startups, a cash pile that promises to inject a torrent of money into early-stage firms in 2022 and beyond.</p><p><blockquote><a href=\"https://laohu8.com/S/ISBC\">投资者</a>新上市公司不顾股价暴跌，向初创公司提供数千亿美元，这笔现金有望在 2022 年及以后向早期公司注入大量资金。</blockquote></p><p> Special-purpose acquisition companies, which take startups public through mergers, raised about $12 billion in each of October and November, roughly doubling their clip from each of the previous three months, Dealogic data show. So far in December, three SPACs a day are being created. While that is below the first quarter’s record pace, it brings the total amount held by the hundreds of SPACs seeking private companies to take public in the next two years to roughly $160 billion.</p><p><blockquote>Dealogic 数据显示，通过合并将初创公司上市的特殊目的收购公司在 10 月和 11 月每年筹集了约 120 亿美元，大约是前三个月每个月的两倍。12月到目前为止，每天有三个SPAC被创建。虽然这低于第一季度的创纪录速度，但这使得数百家寻求私营公司在未来两年内上市的 SPAC 持有的总金额达到约 1600 亿美元。</blockquote></p><p> The cash committed to venture-capital firms and private-equity firms focused on rapidly growing companies but not yet spent also is ballooning. So-called dry powder hit about $440 billion for venture capitalists and roughly $310 billion for growth-focused PE firms earlier this month, according to Preqin.</p><p><blockquote>承诺给专注于快速增长公司但尚未花掉的风险投资公司和私募股权公司的现金也在膨胀。根据 Preqin 的数据，本月早些时候，所谓的干粉对风险投资家来说损失了约 4400 亿美元，对注重增长的私募股权公司来说损失了约 3100 亿美元。</blockquote></p><p> Despite billions of dollars in lost market value for publicly listed startups, the cash hoards represent buoyant demand from investors with interest rates near zero and stock indexes at or near records. They show how SPACs and private markets have been more resilient than many analysts expected, particularly with regulators ratcheting up scrutiny of so-called blank-check companies. Many analysts also expect interest rates to climb in the years ahead, potentially making moonshot bets on early-stage companies less attractive.</p><p><blockquote>尽管上市初创公司市值损失了数十亿美元，但现金储备代表了利率接近于零、股指处于或接近历史最高水平的投资者的旺盛需求。它们显示了 SPAC 和私人市场的弹性比许多分析师预期的更强，特别是在监管机构加强对所谓空白支票公司的审查的情况下。许多分析师还预计未来几年利率将会攀升，这可能会降低对早期公司的登月押注吸引力。</blockquote></p><p> Startups currently have several paths to access the cash, investors and executives say, particularly because a large chunk is flooding to companies working to decarbonize the economy. SPACs and other financiers often engage in bidding duels known on Wall Street as “SPAC-offs,” helping keep money flowing into startups.</p><p><blockquote>投资者和高管表示，初创公司目前有多种途径可以获得现金，特别是因为很大一部分资金正涌入致力于经济脱碳的公司。SPAC 和其他金融家经常参与在华尔街被称为 “SPAC-offs ”的竞购对决，帮助资金不断流入初创企业。</blockquote></p><p> “There’s just so much money in the world chasing growth and returns,” said Bill Gross, who founded startup incubator Idealab.</p><p><blockquote>“创办初创企业孵化器 Idealab 的比尔-格罗斯（Bill Gross）说：”世界上有太多的钱在追逐增长和回报。</blockquote></p><p> Sometimes confused with the famous bond investor Bill Gross, Idealab’s Mr. Gross is chief executive of concentrated solar power startup Heliogen Inc. Heliogen, which doesn’t expect substantial revenue until 2023, is going public in a$2 billion SPAC deal. Another Idealab company, Energy Vault Inc.,unveiled a $1.6 billion SPAC merger in September.</p><p><blockquote>Idealab 的格罗斯先生有时会与著名债券投资者比尔-格罗斯（Bill Gross）混淆，他是聚光太阳能初创公司 Heliogen Inc. Heliogen 预计要到 2023 年才能获得可观收入，该公司将以 20 亿澳元的 SPAC 交易上市。另一家 Idealab 公司 Energy Vault Inc. 于 9 月份宣布了一项价值 16 亿美元的 SPAC 合并。</blockquote></p><p> Outside of SPACs, cash is piling into startups at unprecedented rates from venture-capital firms and hedge funds such as Tiger Global Management LLC that traditionally were more focused on public companies. Nearly 340 new unicorn startups—or about one each day—have privately raised money at valuations north of $1 billion this year, more than triple the total from last year, PitchBook data show.</p><p><blockquote>除了 SPAC 之外，现金正以前所未有的速度从风险投资公司和 Tiger Global Management LLC 等对冲基金涌入初创公司，这些基金传统上更关注上市公司。PitchBook 数据显示，今年有近 340 家新的独角兽初创公司（或大约每天一家）以超过 10 亿美元的估值私下融资，是去年总数的三倍多。</blockquote></p><p> In the late summer, Mike Xu, CEO of food-distribution startup GrubMarket, began looking for $50 million of new funding for his business, which he said is profitable. By November, demand proved so high he ended up securing $240 million from investors—which itself was lower than what many wanted to commit. That included a $40 million commitment from Tiger Global that came together about a week after he began discussions with the <a href=\"https://laohu8.com/S/NWY\">New York</a>-based investor.</p><p><blockquote>夏末，食品分销初创公司 GrubMarket 的首席执行官 Mike Xu 开始为他的业务寻找 5000 万美元的新资金，他表示该业务有利可图。到了 11 月，需求证明如此之高，他最终从投资者那里获得了 2.4 亿美元——这本身就低于许多人想要承诺的金额。其中包括 Tiger Global 在他开始与 Tiger Global 讨论约一周后做出的 4000 万美元承诺<a href=\"https://laohu8.com/S/NWY\">纽约</a>-基于投资者。</blockquote></p><p> “It just moved extremely fast,” he said of the investment round valuing the firm at over $1.2 billion. “It was way more than we expected.” GrubMarket also secured funds managed by <a href=\"https://laohu8.com/S/BLK\">BlackRock</a> Inc.</p><p><blockquote>“他在谈到对公司估值超过 12 亿美元的一轮投资时说：”进展非常快。“这比我们预想的要多得多。”GrubMarket 还获得了由以下机构管理的资金：<a href=\"https://laohu8.com/S/BLK\">贝莱德</a>公司。</blockquote></p><p> Carbon Capture Inc., a startup working to remove carbon emissions directly from the atmosphere that also is backed by Mr. Gross’s Idealab, recently raised $35 million in its first round from investors including Salesforce Inc. co-CEO Marc Benioff’s venture firm.</p><p><blockquote>Carbon Capture Inc. 是一家致力于直接清除大气中碳排放的初创公司，也得到了格罗斯先生的 Idealab 的支持，最近在第一轮融资中从包括 Salesforce Inc. 联合首席执行官马克-贝尼奥夫（Marc Benioff）的风险投资公司在内的投资者那里筹集了 3500 万美元。</blockquote></p><p> Many startups also have found excited investors at large technology companies, pension funds, and sovereign-wealth funds.</p><p><blockquote>许多初创公司还在大型科技公司、养老基金和主权财富基金找到了兴奋的投资者。</blockquote></p><p> The fundraising frenzy is continuing even though sentiment toward newly public startups has cooled. An exchange-traded fund that tracks companies that went public through SPACs is down about 25% for the year. Meanwhile, an ETF of companies that recently did traditional initial public offerings has slumped roughly 15% in the past three months.</p><p><blockquote>尽管对新上市初创公司的情绪已经降温，但筹款狂潮仍在继续。一只追踪通过 SPAC 上市的公司的交易所交易基金今年下跌了约 25%。与此同时，最近进行传统首次公开募股的公司的 ETF 在过去三个月中下跌了约 15%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/fa784fe1c27b15e6c63cfb7b35c9bba6\" tg-width=\"822\" tg-height=\"751\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> SPACs are in focus for many investors because they have taken Wall Street and Silicon Valley by storm as a new way to quickly raise cash and go public. A SPAC is a shell firm that raises money and lists on a stock exchange with the sole intent of merging with a private firm to take it public. After regulators approve the deal, the private firm replaces the SPAC in the stock market.</p><p><blockquote>SPAC 成为许多投资者关注的焦点，因为它们席卷了华尔街和硅谷，成为快速筹集资金和上市的新途径。特殊目的收购公司是一家空壳公司，它筹集资金并在证券交易所上市，其唯一目的是与一家私营公司合并以将其上市。监管机构批准该交易后，这家私营公司将取代股票市场上的特殊目的收购公司。</blockquote></p><p></p><p> One reason for SPACs’ sudden ubiquity is that startups are allowed to make business projections when going public that aren’t allowed in traditional IPOs.</p><p><blockquote>SPAC 突然无处不在的一个原因是，初创企业在上市时可以做出传统 IPO 所不允许的业务预测。</blockquote></p><p> Many have struggled to meet those targets or have hit business snags, sending shares tumbling.Of the nearly 200 companies that have gone public through SPAC deals this year, about 75% have share prices below the SPAC’s listing price, according to SPAC Research. Nearly 40 companies have lost more than 50% of their value.</p><p><blockquote>许多公司都在努力实现这些目标，或者遇到了业务障碍，导致股价暴跌。根据 SPAC Research 的数据，在今年通过 SPAC 交易上市的近 200 家公司中，约有 75% 的公司股价低于 SPAC 的上市价格。近40家公司的价值损失了50%以上。</blockquote></p><p> Regulators have investigated several companies that went public this way after short sellers alleged wrongdoing, while multiple CEOs of newly listed electric-vehicle startups have resigned. Many analysts say SPACs allow startups to go public before they are ready.</p><p><blockquote>在卖空者指控不当行为后，监管机构对几家以这种方式上市的公司进行了调查，而新上市的电动汽车初创公司的多位首席执行官也已辞职。许多分析师表示，SPAC 允许初创公司在准备好之前上市。</blockquote></p><p> Yet investors continue to pour money into emerging companies in any way they can, in search of the next DoorDash Inc.or Airbnb Inc., whose early backers have been well rewarded. Many deals are tied to fighting climate change, with investors also riding the momentum inTeslaInc.and others linked to the energy transition.</p><p><blockquote>然而，投资者继续以任何可能的方式向新兴公司投入资金，寻找下一个DoorDash Inc.或爱彼迎公司，它们的早期支持者得到了丰厚的回报。许多交易都与应对气候变化有关，投资者也乘着 inTeslaInc 的势头。以及其他与能源转型相关的交易。</blockquote></p><p> “I would expect valuations will continue being driven up,” said John Carrington, CEO of clean-energy storage firm <a href=\"https://laohu8.com/S/STEM\">Stem Inc.</a> “It’s an industry that needs a lot of capital, for better or worse.” Stem’s market value has roughly doubled to $2.8 billion after it completed a SPAC deal earlier this year. The company had about $40 million in sales in the third quarter.</p><p><blockquote>“清洁能源存储公司首席执行官约翰-卡灵顿（John Carrington）表示：”我预计估值将继续上涨。<a href=\"https://laohu8.com/S/STEM\">Stem公司</a>“无论好坏，这是一个需要大量资金的行业”。在今年早些时候完成 SPAC 交易后，Stem 的市值几乎翻了一番，达到 28 亿美元。该公司第三季度销售额约为 4000 万美元。</blockquote></p><p> Moving forward, some analysts expect a large gap between the winners and losers from the boom.</p><p><blockquote>展望未来，一些分析师预计经济繁荣的赢家和输家之间将存在巨大差距。</blockquote></p><p> “The availability of SPAC capital and of private capital gives companies options, but ultimately, the problems are caused by bringing the wrong company public or the wrong valuation,” said Mike Ryan, CEO of Bullet Point Network, a financial analytics company. A former Wall Street equity investor, Mr. Ryan also is a venture partner at Alpha Partners and board chair of a SPAC that Alpha Partners launched this summer.</p><p><blockquote>“金融分析公司 Bullet Point Network 的首席执行官迈克-瑞安（Mike Ryan）说：”SPAC 资本和私人资本的出现为公司提供了选择，但归根结底，问题是由于错误的公司上市或错误的估值造成的。Ryan 先生曾是华尔街股权投资者，也是 Alpha Partners 的风险投资伙伴，以及 Alpha Partners 今年夏天推出的 SPAC 的董事会主席。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.wsj.com/articles/the-900-billion-cash-pile-inflating-startup-valuations-11640539562?mod=hp_lead_pos6\">WSJ</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"ABNB":"爱彼迎","DASH":"DoorDash, Inc."},"source_url":"https://www.wsj.com/articles/the-900-billion-cash-pile-inflating-startup-valuations-11640539562?mod=hp_lead_pos6","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1114239115","content_text":"Investors are defying a share-price slump for newly public companies to make hundreds of billions of dollars available to startups, a cash pile that promises to inject a torrent of money into early-stage firms in 2022 and beyond.\nSpecial-purpose acquisition companies, which take startups public through mergers, raised about $12 billion in each of October and November, roughly doubling their clip from each of the previous three months, Dealogic data show. So far in December, three SPACs a day are being created. While that is below the first quarter’s record pace, it brings the total amount held by the hundreds of SPACs seeking private companies to take public in the next two years to roughly $160 billion.\nThe cash committed to venture-capital firms and private-equity firms focused on rapidly growing companies but not yet spent also is ballooning. So-called dry powder hit about $440 billion for venture capitalists and roughly $310 billion for growth-focused PE firms earlier this month, according to Preqin.\nDespite billions of dollars in lost market value for publicly listed startups, the cash hoards represent buoyant demand from investors with interest rates near zero and stock indexes at or near records. They show how SPACs and private markets have been more resilient than many analysts expected, particularly with regulators ratcheting up scrutiny of so-called blank-check companies. Many analysts also expect interest rates to climb in the years ahead, potentially making moonshot bets on early-stage companies less attractive.\nStartups currently have several paths to access the cash, investors and executives say, particularly because a large chunk is flooding to companies working to decarbonize the economy. SPACs and other financiers often engage in bidding duels known on Wall Street as “SPAC-offs,” helping keep money flowing into startups.\n“There’s just so much money in the world chasing growth and returns,” said Bill Gross, who founded startup incubator Idealab.\nSometimes confused with the famous bond investor Bill Gross, Idealab’s Mr. Gross is chief executive of concentrated solar power startup Heliogen Inc. Heliogen, which doesn’t expect substantial revenue until 2023, is going public in a$2 billion SPAC deal. Another Idealab company, Energy Vault Inc.,unveiled a $1.6 billion SPAC merger in September.\nOutside of SPACs, cash is piling into startups at unprecedented rates from venture-capital firms and hedge funds such as Tiger Global Management LLC that traditionally were more focused on public companies. Nearly 340 new unicorn startups—or about one each day—have privately raised money at valuations north of $1 billion this year, more than triple the total from last year, PitchBook data show.\nIn the late summer, Mike Xu, CEO of food-distribution startup GrubMarket, began looking for $50 million of new funding for his business, which he said is profitable. By November, demand proved so high he ended up securing $240 million from investors—which itself was lower than what many wanted to commit. That included a $40 million commitment from Tiger Global that came together about a week after he began discussions with the New York-based investor.\n“It just moved extremely fast,” he said of the investment round valuing the firm at over $1.2 billion. “It was way more than we expected.” GrubMarket also secured funds managed by BlackRock Inc.\nCarbon Capture Inc., a startup working to remove carbon emissions directly from the atmosphere that also is backed by Mr. Gross’s Idealab, recently raised $35 million in its first round from investors including Salesforce Inc. co-CEO Marc Benioff’s venture firm.\nMany startups also have found excited investors at large technology companies, pension funds, and sovereign-wealth funds.\nThe fundraising frenzy is continuing even though sentiment toward newly public startups has cooled. An exchange-traded fund that tracks companies that went public through SPACs is down about 25% for the year. Meanwhile, an ETF of companies that recently did traditional initial public offerings has slumped roughly 15% in the past three months.\n\nSPACs are in focus for many investors because they have taken Wall Street and Silicon Valley by storm as a new way to quickly raise cash and go public. A SPAC is a shell firm that raises money and lists on a stock exchange with the sole intent of merging with a private firm to take it public. After regulators approve the deal, the private firm replaces the SPAC in the stock market.\nOne reason for SPACs’ sudden ubiquity is that startups are allowed to make business projections when going public that aren’t allowed in traditional IPOs.\nMany have struggled to meet those targets or have hit business snags, sending shares tumbling.Of the nearly 200 companies that have gone public through SPAC deals this year, about 75% have share prices below the SPAC’s listing price, according to SPAC Research. Nearly 40 companies have lost more than 50% of their value.\nRegulators have investigated several companies that went public this way after short sellers alleged wrongdoing, while multiple CEOs of newly listed electric-vehicle startups have resigned. Many analysts say SPACs allow startups to go public before they are ready.\nYet investors continue to pour money into emerging companies in any way they can, in search of the next DoorDash Inc.or Airbnb Inc., whose early backers have been well rewarded. Many deals are tied to fighting climate change, with investors also riding the momentum inTeslaInc.and others linked to the energy transition.\n“I would expect valuations will continue being driven up,” said John Carrington, CEO of clean-energy storage firm Stem Inc. “It’s an industry that needs a lot of capital, for better or worse.” Stem’s market value has roughly doubled to $2.8 billion after it completed a SPAC deal earlier this year. The company had about $40 million in sales in the third quarter.\nMoving forward, some analysts expect a large gap between the winners and losers from the boom.\n“The availability of SPAC capital and of private capital gives companies options, but ultimately, the problems are caused by bringing the wrong company public or the wrong valuation,” said Mike Ryan, CEO of Bullet Point Network, a financial analytics company. A former Wall Street equity investor, Mr. Ryan also is a venture partner at Alpha Partners and board chair of a SPAC that Alpha Partners launched this summer.","news_type":1,"symbols_score_info":{"ABNB":0.9,"DASH":0.9}},"isVote":1,"tweetType":1,"viewCount":3752,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":3,"subscribersOnly":false,"subscribersOnlyAccessible":false,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/696881022"}
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