It’s been a busy week for Prime Unicorn Index components. Form Energy raised a $405 million Series F, Hinge Health is preparing to file confidentially for a public offering, and many companies saw secondary market activity. Plus, Fidelity raised its first venture fund. Let’s take a look.
On October 9, Form Energy announced it had secured $405 million in a Series F raise, just days after filing an amended Certificate of Incorporation, which disclosed a share price of $24.18, 31.6% higher than its Series E PPPS. The round was led by T. Rowe Price and featured participation from Breakthrough Energy Ventures. Coatue, Temasek, MIT’s Engine Ventures, Energy Impact Partners, NGP, GIC, Prelude Ventures, Claure Group, Gigascale Capital, Blindspot Ventures, and VamosVentures. The new round values Form Energy at $2.86 billion on a post-money valuation basis, according to the Prime Unicorn Index.
According to a recent article in Business Insider, another component of the Index, Hinge Health, is preparing to file confidentially for an IPO. The company has hired banks, led by Morgan Stanley, to begin preparing for this process and plans to go public in early 2025.
Speaking of IPOs, Cerebras has seen its share price jump as high as $35 in the secondary markets in recent days after filing to go public. That’s a steep jump from its secondary pricing of $11.55, where it traded as recently as March. Other companies that have seen recent secondary activity include Rippling, Discord, SpaceX, Ripple, and CoreWeave.
In other news, Fidelity has announced that it raised $250 million in its first-ever VC fund. For years, Fidelity has invested in private, growth-stage companies through its mutual funds, but private company holdings still only represent $18 billion of its $5.5 trillion in discretionary assets.