svbanker

It took them 13 years to get from $0 to $50m of ARR..

Business Section and MD&A are the only parts worth reading.

Business section will go over the history of the company, the product, high level strategy etc. MD&A will include all of the financials and provide some commentary

Apple probably

Airbnb Host Endowment: A fund that is intended to provide support to our host community now and in the future, which we expect will be initially funded with 9.2 million shares of Airbnb stock

https://www.airbnb.com/resources/hosting-homes/a/how-were-gi...

They don't need that much cash. The business is incredibly capital efficient and has great working capital dynamics because they collect the entire booking value up front and then pay the host once the booking occurs.

Airbnb also stopped performance marketing during COVID, so it is all unpaid for the past 8 months. But yes, Booking and Expedia rely much more on performance marketing, but Airbnb historically has paid a lot more for traffic. Experiences historically has been a very small # and $ amount so its not material. No need for them to break it out separately.

This makes no sense. The fellowship doesn’t take equity. And its not like he has control over what Luminar does. Also, Luminar went public through a SPAC and Palantir is going to be a Direct Listing so one doing well wouldn’t say anything about the investor appetite for the other

This is false. A lot of these companies started their IPO process earlier but then got delayed due to COVID. Not everything is as pessimistic as you’re making it sound. It just happens to be before November (companies usually dont go public during election season) so this is the only viable window for companies to go public for the remainder of the year.