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Turntide Technologies, a maker of electric motor systems backed by Bill Gates–founded Breakthrough Energy Ventures, was one of the more than 300 private companies that passed the $1 billion valuation threshold last year, putting it firmly into unicorn status. It’s not worth close to that anymore. The Sunnyvale, Calif., firm is nearing a deal for new capital that would likely slash its valuation by more than 80%, according to corporate filings and executives.
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Elon Musk’s Space Exploration Technologies, the most highly valued private tech company in the U.S., has told some investors it expects to bring in about $8 billion in revenue in 2023, roughly doubling its revenue from the previous year, according to people familiar with the discussions.
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In the eleventh annual Disruptor 50 list, CNBC highlights private companies that are chasing some of the market’s biggest opportunities, and growing despite a tough capital markets environment and slowing economy.
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From our vantage point here at Sapphire Ventures, equity markets are beginning to emerge from the doldrums of 2022, when entrepreneurs and investors often had a particularly hard time squaring their thinking on valuations. The public markets corrected first, with SaaS multiples dropping from highs of more than 10x (or more than 30x for many high-growth SaaS companies) in November 2021 to lows of around 5x (or around 7x for high-growth companies) in mid-2022.
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