DragonKing
2021-12-28
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The $900 Billion Cash Pile Inflating Startup Valuations<blockquote>9000亿美元的现金储备抬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的数据显示，通过合并让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创纪录的速度，但它使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>向风险投资公司和私募股权公司承诺但尚未支出的现金也在激增，这些公司专注于快速增长的公司。根据Preqin的数据，本月早些时候，所谓的干粉为风险投资家带来了约4400亿美元的收入，为专注于增长的私募股权公司带来了约3100亿美元的收入。</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>尽管上市初创公司的市值损失了数十亿美元，但在利率接近于零、股指处于或接近纪录水平的情况下，现金储备代表了投资者的旺盛需求。它们表明，SPAC和私人市场比许多分析师预期的更具弹性，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，未来几年利率将攀升，这可能会降低对早期公司的登月押注的吸引力。</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华尔街称为“SPAC收购”的竞购决斗，有助于保持资金流入初创公司。</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>创业孵化器Idealab的创始人比尔·格罗斯(Bill Gross)表示：“世界上有太多资金追逐增长和回报。”</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.的首席执行官。Heliogen预计要到2023年才会有可观的收入，目前正在以20亿美元的SPAC交易上市。另一家Idealab公司Energy Vault Inc.在9月份公布了一项价值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>在SPAC之外，传统上更专注于上市公司的Tiger Global Management LLC等风险投资公司和对冲基金正以前所未有的速度涌入初创公司。PitchBook数据显示，今年有近340家新的独角兽初创公司（即每天约一家）以超过10亿美元的估值私下筹集资金，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，食品配送初创公司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，他说这项业务是盈利的。到11月，需求如此之高，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承诺的4000万美元，该承诺是在他开始与<a href=\"https://laohu8.com/S/NWY\">纽约</a>为基础的投资者。</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>“它的发展速度非常快，”他在谈到该公司估值超过12亿美元的本轮投资时说道。“这远远超出了我们的预期。”GrubMarket还获得了由以下人员管理的基金<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.是一家致力于直接从大气中去除碳排放的初创公司，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中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，但融资狂潮仍在继续。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在过去三个月内下跌了约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是许多投资者关注的焦点，因为它们作为快速筹集现金和上市的新方式席卷了华尔街和硅谷。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，其唯一目的是与私营公司合并以使其上市。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SPAC。</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，初创公司在上市时被允许做出传统IPO中不允许的业务预测。</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>许多公司难以实现这些目标或遇到业务障碍，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75%的公司股价低于SPAC的上市价格。近40家公司市值缩水超50%。</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>监管机构已经调查了几家在卖空者指控其不当行为后以这种方式上市的公司，而新上市的电动汽车初创公司的多位首席执行官已经辞职。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，它们的早期支持者获得了丰厚的回报。许多交易都与应对气候变化有关，投资者也利用了TeslaInc.和其他与能源转型相关的交易的势头。</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·卡林顿(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，这都是一个需要大量资本的行业。”在今年早些时候完成SPAC交易后，Stem的市值大约翻了一番，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首席执行官迈克·瑞安(Mike Ryan)表示：“SPAC资本和私人资本的可用性为公司提供了选择，但最终，问题是由错误的公司上市或错误的估值造成的。”Ryan先生曾是华尔街股票投资者，也是Alpha Partners的风险合伙人以及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>9000亿美元的现金储备抬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>9000亿美元的现金储备抬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>正在冒着新上市公司股价暴跌的风险，向初创公司提供数千亿美元，这一现金储备有望在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的数据显示，通过合并让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创纪录的速度，但它使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>向风险投资公司和私募股权公司承诺但尚未支出的现金也在激增，这些公司专注于快速增长的公司。根据Preqin的数据，本月早些时候，所谓的干粉为风险投资家带来了约4400亿美元的收入，为专注于增长的私募股权公司带来了约3100亿美元的收入。</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>尽管上市初创公司的市值损失了数十亿美元，但在利率接近于零、股指处于或接近纪录水平的情况下，现金储备代表了投资者的旺盛需求。它们表明，SPAC和私人市场比许多分析师预期的更具弹性，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，未来几年利率将攀升，这可能会降低对早期公司的登月押注的吸引力。</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华尔街称为“SPAC收购”的竞购决斗，有助于保持资金流入初创公司。</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>创业孵化器Idealab的创始人比尔·格罗斯(Bill Gross)表示：“世界上有太多资金追逐增长和回报。”</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.的首席执行官。Heliogen预计要到2023年才会有可观的收入，目前正在以20亿美元的SPAC交易上市。另一家Idealab公司Energy Vault Inc.在9月份公布了一项价值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>在SPAC之外，传统上更专注于上市公司的Tiger Global Management LLC等风险投资公司和对冲基金正以前所未有的速度涌入初创公司。PitchBook数据显示，今年有近340家新的独角兽初创公司（即每天约一家）以超过10亿美元的估值私下筹集资金，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，食品配送初创公司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，他说这项业务是盈利的。到11月，需求如此之高，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承诺的4000万美元，该承诺是在他开始与<a href=\"https://laohu8.com/S/NWY\">纽约</a>为基础的投资者。</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>“它的发展速度非常快，”他在谈到该公司估值超过12亿美元的本轮投资时说道。“这远远超出了我们的预期。”GrubMarket还获得了由以下人员管理的基金<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.是一家致力于直接从大气中去除碳排放的初创公司，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中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，但融资狂潮仍在继续。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在过去三个月内下跌了约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是许多投资者关注的焦点，因为它们作为快速筹集现金和上市的新方式席卷了华尔街和硅谷。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，其唯一目的是与私营公司合并以使其上市。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SPAC。</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，初创公司在上市时被允许做出传统IPO中不允许的业务预测。</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>许多公司难以实现这些目标或遇到业务障碍，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75%的公司股价低于SPAC的上市价格。近40家公司市值缩水超50%。</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>监管机构已经调查了几家在卖空者指控其不当行为后以这种方式上市的公司，而新上市的电动汽车初创公司的多位首席执行官已经辞职。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，它们的早期支持者获得了丰厚的回报。许多交易都与应对气候变化有关，投资者也利用了TeslaInc.和其他与能源转型相关的交易的势头。</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·卡林顿(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，这都是一个需要大量资本的行业。”在今年早些时候完成SPAC交易后，Stem的市值大约翻了一番，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首席执行官迈克·瑞安(Mike Ryan)表示：“SPAC资本和私人资本的可用性为公司提供了选择，但最终，问题是由错误的公司上市或错误的估值造成的。”Ryan先生曾是华尔街股票投资者，也是Alpha Partners的风险合伙人以及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":2461,"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,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/696881022"}
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