Stripe and Instacart Fare Poorly in Fidelity Value Markdowns

Of all the private tech firms waiting to hit the public markets, Reddit and Discord look to stand the best chance of scoring the healthiest valuations. That’s based on where asset management firm Fidelity has been valuing its stakes in the companies.

After an initial big markdown in the second quarter of 2022, when the stock market plunged sharply, Fidelity kept its appraisal of Reddit and Discord relatively steady all year. In contrast, it continued to cut the valuation it put on its holdings in Stripe, Instacart and Databricks at least until November. That month it raised its valuation on both Instacart and Stripe, possibly reflecting a stock market rally (see the above chart).