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Jon Ma
3,785 posts
Jon Ma
@jonbma
Calm is another B2C that came from behind Started 2 years after Headspace With $1.5m seed round, Calm got to $40m and profitable Overtook Headspace in revenue in '17 despite having a smaller team and now Calm is reportedly raising a $2b. Same markets different outcomes. Why?
- Circle is now ~$74B enterprise value. Circle is now more valuable than Robinhood ($68B), Nubank ($59B), Block ($38B), and just $4B shy of Coinbase ($78B). Circle now trades at: - 32x revenue - 80x gross profit - 152x EBITDA - 285x earnings In comparison, USDC is $60B of
Circle keeps getting crazier now ~$65B. In comparison - Robinhood ~$69B, $1.3B of net income, 51.5x NI - Coinbase is ~$78B, $2B of net income, 37.3x NI - Circle is ~$65B, $259M of net income, 216x NI Circle now trades for: - 24.2x Q1'25 revenue run rate - 60.7x Q1'25 gross - Would you rather own $HYPE or $HOOD? @RobinhoodApp: $38b MC, $4b run rate revs, $157b monthly trading volume @HyperliquidX : $4.5b MC, $242m run rate revs (up from $0 in <1 year), $170b monthly trading volume. Both up 24% in the last 24 hours.
- We are hiring a stablecoin intern. You will help research about the most interesting stablecoin projects and chains like Agora, m0, Stripe's Tempo, Circle's Arc, Codex, and get interesting insights with data. You will help figure out how much about of stablecoin volume is
- Solana will trade like oil & gas until Wall Street values blockchains using fundamentals Solana can become VERY profitable networks as finance moves onchain -- tokenization is projected to grow from $600B to $9T in 2030. Here's a model I built out for Solana with key drivers: -
- UIPath History ๐ 2005: Started as a tech outsourcing company 2014: $500k rev. $1.6m seed round 2015: $1m rev. 2016: $3.5m rev 2017: $30m rev. 2018: $155m rev. 2019: $336m rev 2020: $607m rev One of the fastest-growing SaaS companies ever ๐ฅ
- Hyperliquid Trading Volumes > Robinhood Trading Volumes @HyperliquidX Spot and Perp Volumes flipped @RobinhoodApp trading volume! $HOOD did ~$150B in June '25 down from $192B in May '25 $HYPE did ~$231B in June '25 down from $256B in May '25. Soon Robinhood vs Hyperliquid
- Procore ๐ทโโ๏ธjust dropped its S-1 ๐จ ๐ Cloud-based SaaS for construction 1๏ธโฃ$339m ARR growing 55% YoY 2๏ธโฃ-12% LTM FCF % 3๏ธโฃ13 month payback period 4๏ธโฃ117% net dollar retention & 95% gross logo retention 5๏ธโฃ Burned $186m w/ $339m ARR = 1.8x cash efficiency ๐publiccomps.com/tickers?items=โฆ
- If @tether went public TODAY, Tether would be the 19th largest company in the world at $515B. That's ahead of Costco and Coca Cola. Here's why: - Circle is now public at $30B marketcap - Our financial model has Circle at $410B EBITDA in 2025 or 69.3x EBITDA - Tether claims
- Hyperliquid hit $1.1B annualized revenue growing 40% MoM in July '25 We define revenue as fees that goes to the Assistance Funds used for buybacks + gas fees paid on HypeEVM. As crypto markets and $HYPE price contracts, Hyperliquid revenue multiple is now 11.2x MC/revenue the
- Berachain seeing large net outflows after incentives end. Ecosystems and DeFi protocols need stronger incentive mechanisms to get capital otherwise easy come, easy go.
- โ๏ธ Snowflake S-1 & IPO Teardown โ๏ธ
- Due to COVID, Telemedicine is on ๐ฅ ๐ฉโโ๏ธHims & Hers ~$160m RR up 91% YoY ๐ฅผTeladoc ~$1.1b RR up 109% YoY ๐ฑLivongo ~$424 up 126% YoY ๐น Twilio usage among healthcare customers up 100%+ ๐จโโ๏ธGoodRx "other" rev $64m RR up 170% YoY (includes telehealth) ๐Telehealth is here to stay
