To prevent private market shenanigans it will have to be 2 $1bn+ valuation rounds in series, or an acquisition, IPO or direct listing at $1bn+. For public markets valuations I will take the valuation at the close of the trading day.
My discretion will be used to adjudicate how contractor use applies to the “one person” criteria. I will not bet in this market.
Inspired by Sam Altman’s latest comments here: https://x.com/andrewmichaelio/status/1752909423826067776?s=46&t=va-CTu7Has7Aq_D1_X5Thw
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It could be a direct listing for founder to get liquidity rather than capital raise in the IPO sense (will edit the comments to specify that). That said I totally get your point. I’ll consider adding a clause which would use an operating income multiple to value the company in case these solo startups get big and don’t raise capital or seek external liquidity. Would love to hear your thoughts.
@Putcallparity I'd like to see a second market based on income or something similar.
Personally, I wouldn't mess to much with the criteria on this one. I think it's got merit as-is, we just also need to consider how a solo founder will operate differently.
An acquisition at 1bn+ could indeed happen but it's hard.
I don't see how a 1 person company could IPO considering how much tedious work that is. You'd hire a CFO first.
I don't see either how you could raise money twice and not hire anyone. How are you spending this money? 100% on GPUs? It takes time to spend money and if you're worth a billion why do all of it yourself.
@Putcallparity cashout is indeed an option I'm not sure there is a case of a company with a single employee that did 2 cash-out that were public (a single public one is rare enough).
GPU can be a good reason I guess, still a NO at 23% IMO but a cool market indeed :)