Is Stripe’s IPO inevitable before achieving AGI?

Will we reach AGI before Stripe goes public?

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Hello, and welcome to Equity, a podcast about the business of startups, where we unpack the numbers and nuance behind the headlines. This is our Friday episode, when we dig back through the most critical stories and themes from the week.

Here’s what Mary Ann and Alex got into:

• Stripe’s valuation recovers:

As part of a tender offer, Stripe is now worth $65 billion. The company’s valuation has been on an up-and-down path in recent years as the company works to make its massive bulk fit into the private markets. Alex has thoughts on when it should go public, as you might imagine.

• Fervo Energy’s $200M+ round:

What if the solution to our energy problems was not in the stars, but beneath our feet? And no, I am not talking about carbon-based fuels. No, instead, what if geothermal energy is what we’ve been waiting for? Fervo wants to make that question into a reality.

• Why VCs are investing in companies that shut down companies:

With more startups than usual heading for closure, there’s a mountain of work ahead for founders and backers to shutter companies. Now some angels and other investors are putting their own capital into several companies that specialize in helping other firms close. Grim, but necessary.

• AI and the law:

Microsoft’s move to invest in French AI company Mistral is not a bad way to spread its bets. Or to potentially fend of regulatory scrutiny that is building. AI in general is having a bit of a time sorting out rights — or lack thereof — that some training data may retain.

Coming up this weekend we have an interview with Nubank’s CEO, and we have another great interview planned for the weekend after! Chat soon!