C3.ai, DoorDash Raise IPO Targets

C3.ai CEO Tom Siebel

Among a crop of expected IPOs for this month, the enterprise AI software company C3.ai and the food delivery company DoorDash have boosted their fundraising targets, with C3.ai now seeking to raise up to $651 million and DoorDash now seeking up to $3.4 billion from public market investors. 

Previously, C3.ai had a target of raising $527 million while DoorDash had an earlier target of raising $2.8 billion. It seems that investor sentiment for both companies have surpassed expectations, leading them to seek more funding and also boost their valuations in the process.

Given their respective share price targets, C3.ai will be valued at about $4 billion and DoorDash at $38 billion if investors buy in at their targeted share prices. It’s notable given that a $38 billion market value for DoorDash is significantly more than double its last private valuation of $16 billion and a $4 billion value for C3.ai is significantly higher than its last private valuation of $3.3 billion.

DoorDash and C3.ai are among a crop of big IPOs that are expected to be completed before the year runs out, others in that crop including the home rentals site Airbnb, the e-commerce company Wish, and the ‘buy now, pay later’ service Affirm.

Photo: C3.ai CEO Tom Siebel, credit: C3.ai


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