Pod Insights Equity Podcast How to sell clothes online and actually make money About this episode This is our Wednesday show, the time of the week when we niche down to a single topic. Today? Fashion.
Natasha and Danny and Alex got together to dig into the world of fashion resale and rental. It's no small market, giving birth to both public companies, unicorns, and startups. Most recently, well-known fashion rental player Rent the Runway filed to go public, giving us a window in its own numbers.
Those figures led us to a few questions about how best to go about making money from clothes in a retail context. From our chat:
Selling vs. Renting vs. Reselling: To start, we wanted to help you group startups into three buckets: those who sell customers to people, those who rent goods to customers, and those who resell pre-owned goods to customers.
Rent the Runway's numbers: We had some issues with Rent the Runway's business model given that it appears that the company is simply underpricing its clothing items given its cost structure. How Wall Street will price the company, or whether Rent the Runway is hoping to sell to a larger company came into the conversation.
Who else should we have an eye on: To close, Natasha detailed a number of startups including Queenly, Curtsy and Rebag. Oh, and Depop (which recently sold to Etsy $1.6 billion).
Startups are tearing up old retail models, which we are here for. We are less here for adjusted EBITDA that reads like magical realism.
Credits: Equity is produced by Theresa Loconsolo with editing by Kell. Bryce Durbin is our Illustrator. We'd also like to thank the audience development team and Henry Pickavet, who manages TechCrunch audio products.
Learn more about your ad choices. Visit megaphone.fm/adchoices
Transcript 0:11 Speaker 00 Hello and welcome back to Equity Tech Ranch's venture capital focused podcast where we unpack the numbers behind the headlines. My name is Alex. I'm here with the crew. I have Natasha Moskowitz. Natasha, hello. How is California?
0:22 Speaker 01 California is lovely. It actually feels like fall, even though we don't have seasons here. So I'm happy.
0:27 Speaker 00 You kind of have seasons. There's the slightly colder bit and slightly warmer bit, which happened at random times throughout the year.
0:35 Speaker 00 Danny, how's New York? I mean, it's fall where I am. So I'm presuming that you're also getting cold and sad.
0:39 Speaker 02 It's wonderful. My home is set for 64 normally, so it is enjoyable because it's now the same outside as it is inside.
0:47 Speaker 00 For those of you who don't do your temperature measurements in imperial units, that works out to somewhere between 7 and 45 degrees Celsius. I forget which. Today, the temperature range matters because we're dealing with attire, which you will change, of course, based on how warm or cold it is and what the season and cycle of things are. And to that end, we're talking about a couple of things that matter. One, Rent the Runway has filed to go public, which we are going to talk about. We've also seen recent news from a number of other players in the space that have led us to a couple of questions about how one can sell stuff online in the clothing world and actually make money. So Natasha, briefly, who are the players in question today?
1:23 Speaker 01 Yeah. So as you mentioned, Rent the Runway recently filed to go public. They were one of those startups in the same cohort as Airbnb and Toast that saw their business really obliterated by the pandemic. So them going to go public is a conversation that we'll be getting to. But the three other data points I want to pull on is, do you guys remember a few months ago, Depop got bought by Etsy for $1.6 billion? That was a huge deal. I mean, Etsy basically acquired a generation with that deal. We also have StockX, which we've covered through our EC1s and it itself going on its own growth tier, as well as Queenly, a YC startup that we've covered really since it was in the batch pre-raise to its Andreessen Horowitz round just a few weeks ago as well.
2:00 Speaker 00 Natasha, break this down for me into kind of two buckets because there's two main models that we're seeing here. One is kind of sales and one is rental. What's the breakdown between the different players and who's doing rentals and who's doing sales?
2:11 Speaker 01 Yeah, so Rent the Runway is kind of in its own world a little bit. It's on its own runway, as some would say, in which they are just working on helping people rent clothes from a inventory that they have and curate and clean. Then there's the StockXs, the D-Pops and the Queenly's that are working on the resale market. So think instead of renting a shirt for a given amount of time, I'm just going to buy it. It's how we usually shop, but it's resale because it's previously owned. Does that make sense?
2:37 Speaker 00 Yeah, okay. I almost think there's three buckets. If I'm going to be pedantic, there's the rental market, Rent the Runway. There's the resale market, which is like D-Pop and Queenly. StockX kind of lands in a different place, kind of like as an investment marketplace for sneakers and stuff. It feels slightly different than D-Pop to me. Am I overthinking that, do you think?
2:54 Speaker 01 I don't know, Danny. I know you worked with StockX so much in its EC1 coverage. What lane would you put it in at this point?
3:00 Speaker 02 Well, I mean, it started, obviously, in shoes and migrated into a bunch of similar genres, which is a pattern we've seen with all these companies, right? Once you acquire this customer, you expand out into other markets. StockX really focused on and continues to focus on the buy and sell market. They don't do, as far as I remember, rentals. You can't really rent a sneaker in the same way as you can rent a dress, because once you wear it, it sort of loses its value. And one interesting thing, though, is that while it is sneakers, it's obviously collectibles, right? And what they've really got into is things you don't wear, right? So we're putting this in the same bucket. I think the reality is that StockX is very much in the sneaker culture, Supreme, kind of streetwear fashion is sort of the categories they're focused on. And a lot of the folks don't wear them at all.
3:39 Speaker 00 Yeah, yeah, yeah. But I'll throw in there that also I think watches are on StockX. Like, they've expanded into other things that don't have the same depreciation curve as just simple wearables. And so to me, there's like the rental market, which is you rent something, you wear it once, and then there's the, I'm going to sell you something that's been previously owned and wear it into the ground. And then StockX, a hybrid of things, some of which will have a longer life expectancy. Natasha, back to you.
3:58 Speaker 01 Yeah, I was just going to say, like, it all kind of goes back to what you kicked off the show with. I think our thesis for today is really, how can you sell things you wear online and make money? Not even clothes, but just anything you wear. Because Rent the Runway, D-Pop, StockX and Queenly are all doing a lot more than just clothes.
4:13 Speaker 02 Well, one of the interesting things about all these models, right, is they're very operational intensive. So StockX, Deep Pop, and these folks who do buy and sell, a huge part of facilitating those trades is authentication. So they actually employ an entire workforce of authenticators who go in and know these products top to bottom. If you're a sneakerhead, you know exactly where the tags are, what colors are supposed to be there, where the bleeds are, and you're able to actually find, in some cases ridiculously good counterfeits in those markets and fakes. And this is a little bit different from Rent the Runway, because Rent the Runway knows what it's selling. It knows it's sending it out. It does have to verify that you're sending it back and you're not stealing it. But because it's so focused on subscription, I do think there's a continuing relationship and a little bit more trust in that marketplace as opposed to a secondhand market.
4:54 Speaker 00 Yeah. So let's talk about Rent the Runway, because that's the biggest news item that happened the most recently. So Natasha, I don't wear dresses much. I'm curious, have you used Rent the Runway as a consumer?
5:03 Speaker 01 I did. When I first moved to San Francisco to work at Crunchbase with you, I got Rent the Runway because I didn't have any professional clothes. So I just used that as a subscription service, would go in and basically I had the unlimited membership, meaning that I could go into their physical location, pick out eight pieces, and then transfer and change those pieces as much as I wanted to for monthly fee.
5:22 Speaker 00 And how much was that?
5:23 Speaker 01 I feel like there was an early deal where it was like $90-ish, but I think it's hovered between $90 to $180 per month in the years that I've known the company. I don't know what it is right now.
5:33 Speaker 00 Yeah. I ask all those annoyingly personal questions, because we have questions about Rent the Runway's economics, and that sounds like a good deal. I also recently got to dip my tail into the Rent the Runway waters. My spouse is looking for something, and so I went looking around the web on Rent the Runway with her. And everything seemed kind of cheap. It's surprisingly inexpensive to me. Danny?
5:51 Speaker 02 Rent the Runway has obviously changed its model over the years. So right now it offers four tiers, according to its S1. $89 for four items per month, $135 for eight items per month, $174 for 12 items per month, and $200 or $199 for 16 items per month. And there's some sort of max swaps, max spots. There's this whole metricization going on. So at the high end, there's $200 a month, $2,400 a year. And what's critical to understanding Rent the Runway is that they are predominantly subscription. They really emphasize this throughout the S1, that 88% roughly of their revenue comes through subscription or from people who are subscribers buying and selling secondary products on the marketplace.
6:28 Speaker 00 And that matters because everyone wants to have recurring revenues. And so, Denny, here I presume they're trying to sound as much like SaaS as they can. Our customers are sticky, they have long-term value. And then the thinking would go, their economics will work out in time.
6:40 Speaker 02 That's right. And the focus on the entire S1 is really, the theme is what they call closet in the cloud.
6:46 Speaker 00 Cloud closet.
6:46 Speaker 02 Which has to be one of the most strange. I mean, it's like that Long Island store that renamed itself blockchain to get an extra 25%.
6:54 Speaker 00 Oh, I remember that.
6:55 Speaker 02 Because there's, there's, there's nothing, there's nothing cloud about closets. In fact, it's quite the opposite. It's all physical goods in a warehouse, which doesn't sound nearly as fun as the cloud. So a huge focus of this company, I mean, let's be clear. The numbers are dreadful. There's no way to sugarcoat this. This is a company that does not even have much runway.
7:12 Speaker 00 We'll get to that, we'll get to that.
7:14 Speaker 02 No, we're supposed to just keep to the ethereal, positive.
7:17 Speaker 00 I'm sorry.
7:18 Speaker 02 Okay, so closet in the cloud.
7:19 Speaker 00 Cloud closet is not dumber than e-commerce. E-commerce is also just a warehouse that you talk to with a computer. And then it's a truck.
7:25 Speaker 02 Online commerce, it's, it's online commerce.
7:28 Speaker 00 Which is hosted by the cloud, so it's cloud.
7:29 Speaker 01 I can't imagine, I can't believe this is an argument that's happening right now.
7:32 Speaker 00 Why, why do you have to be such a pedant, Danny?
7:36 Speaker 00 Because there's many reasons to hate on Rent the Runway. I feel like, I feel like you started off with like the thing we should have tacked on at the end. Because as I interrupted you, you were getting to the good bits, which is that it's an awful business.
7:47 Speaker 02 It's a very challenged business. And obviously, I mean, let's set aside COVID-19, or we can come back to COVID-19. But obviously, when people didn't go to weddings, dresses, in-person events, this company went off a cliff. I mean, I haven't seen revenues decline so rapidly up to an IPO ever. I've never seen 50% declines knocked out.
8:03 Speaker 00 And just to put that into kind of numerical terms, their fiscal year ends January 31st. So in the 12 months ending January 31st of 2020, the company posted 235.4 million in subscription revenues and about 257 in total revenues. They lost 153 million in that 12-month period. And then the next 12 months, which included the first year of COVID, really, revenues fell to 158 million total. So an enormous decline in the size of the business and they lost more money. They lost 171.1 million on a net basis. So it's just brutal.
8:33 Speaker 01 And they, on their layoffs front, because of course they had them in early March, they went through a restructuring and they laid off nearly half of its workforce. Notably, every single retail employee and all retail locations were closed as well. And that, I think, was where I saw a lot of opportunity, which maybe is not D to C friendly, but I think them closing their retail locations was another sign of trouble.
8:52 Speaker 02 Well, I think one of the challenges with this business, so they have a lot of costs and the company really focused on the fact that they have a lot of word of mouth, that their marketing costs are low, which is actually quite legitimate. It's actually among the lowest marketing costs I've seen because we mostly cover SaaS companies, which always have high sales and marketing costs that are extreme and obnoxious. This has almost no marketing costs. So in the six months ending July 31st of 2021, $7 million for marketing, nothing, almost nothing.
9:15 Speaker 00 Off of 80.2 million revenue for a consumer business?
9:17 Speaker 02 It's actually like an amazing. So that part of the story is, is the only positive part of the story. Now, the downside is, one, you have fulfillment costs. So that's 22 million in the same six months, the first ending July 31st. So cutting off January with their little fiscal Cisco calendar. Technology was 20 million in costs, marketing only seven, general administrative 40.6 million in costs. And then this is the key one, and this is one that I think we'd have to keep diving into because we just don't see this. Rental product depreciation, our favorite accounting term. So the cost of dresses as they decline in value as they're worn and reworn and they're not as useful, 32 million in costs for the six months from February through July. And so all that adding up, you have total costs of 132 million against total revenue of 80.
10:00 Speaker 00 Yeah.
10:00 Speaker 02 And so one of the things that I looked at here is I was thinking, if this business were to scale, you know, what does the scaling look like? In SaaS, you can scale because it doesn't cost more on the product or engineering side to service more customers. So you actually can scale a lot. That's why the gross margins are so nice. But in this business, fulfillment, not that great. Technology, sure. Marketing, probably have to expand marketing if you're going to continue growing beyond your core word of mouth customers from the last like 15 years. General administrative probably grows. Rental depreciation grows linearly as more dresses are sold. The depreciation doesn't change. And so I struggled when I looked at this to say, what is the scaling story here?
10:33 Speaker 00 Yeah. Yeah.
10:35 Speaker 02 Yeah.
10:35 Speaker 00 And the thing they're trying to, trying to push, and this is where adjusted EBITDA as a metric gets slippery. And we've talked about our view of, of GAAP and non-GAAP financials on the show ad nauseam over the years, but adjusted EBITDA tends to be a metric where companies strip out a lot of stuff that isn't kind of a cash expense. And it's a way to kind of get a look at a startup and how it's growing. Now, in the case of Rent the Runway, when they did their adjusted EBITDA, they removed the costs of rental product depreciation. So what they did was, is they hid the cost of buying garments in their cash flow statement, and then removed the cost of depreciation from their income statement. And so essentially, according to this, according to their income statement, when you look at adjusted EBITDA, their inventory costs no money. And they're also still unprofitable on an adjusted EBITDA
11:20 Speaker 00 basis after they lie. So like, to me, it's like watching a dumpster fire float down a river. Like, what is this?
11:26 Speaker 01 And in some ways, those metrics matter because that would have been Rent the Runway proving that the rental model works. That would show them how much money it costs. It's the reason that Queenly went the resale route. I mean, when I talked to them, the Queenly team, they were saying that they went resale because it meant no upfront costs for warehousing, back and forth inventory management. It meant that they were actually able to be in the cloud in a way because they didn't actually own any inventory. So I think Rent the Runway not including those metrics is probably the biggest sign that they could have given us about where that scale goes, as you so aptly pointed out, Danny.
11:58 Speaker 02 Well, and the other thing they actually deleted, so in addition to rental product depreciation and other depreciation and amortization, which is another $10 million in the six months ending July 31st, as well as write-off of liquidated assets, I mean, write-off from things that are in your inventory is also another one. They deduct interest, which I know is like EBITDA, but like truly, they deduct all the interest because they're actually buying these dresses and having to put them on the shelves. So they have a large amount of debt to own that inventory. And so that expense in the six months ending July 31st, $30 million.
12:26 Speaker 00 Yeah. Well, 29.4.
12:29 Speaker 02 On revenues of 80. So right, 30 of 80 was interest expense. So to me, like, it's so easy to beat up a company like this, but truly, like, you look at the raw economics here, and the company's trying to position it as positive word of mouth. I think some of that is true. Covid, it's a bet on like, will it come out of Covid much stronger? But like, the core unit economics of this business make no sense to me whatsoever.
12:49 Speaker 01 But that's also a question that the public markets have answered time and time again. So I'm wondering, Alex, like, what you think the appetite will be like for Rent the Runway once it finally debuts? Like, this is pretty crazy, but it's not foreign to the public markets, right?
13:02 Speaker 00 Well, the last company that I can think of that had a gross margin profile that I didn't understand that wasn't a software business was Casper.
13:11 Speaker 01 Oh, no.
13:11 Speaker 00 Yeah. So there have been some IPOs from China, they just come to mind, including one of their cloud infra companies, who had a history of really kind of break even gross margins. But they were scaling incredibly quickly and they had a lot of leverage on the pricing front. And so you could see how those businesses were capturing a lot of customers, building a long-term revenue model, and we're going to have attractive gross margins down the road. In this case, given Danny's scaling comments and just the overall economic profile, even giving them benefit of the doubt, I struggle with this. Not to get mad, because there are companies like Stitch Fix that do a great job with online retail, with a high fashion element, and that were founded by women, which is key. I don't want to sound like we're being just rude to a fashion-focused company, but this one, just, I can't, I can't stack it up.
13:50 Speaker 02 Well, and worse, I feel like the IPO was absolutely triggered from a cash perspective. So if you look at the balance sheet, 111 million in current assets, cash is 104 with some other stuff in there. That's not a lot of money when you're losing tens of millions of dollars every couple of months. Some of that is depreciation, so if you backed it out, but this is not a company that has a lot of runway, which is ironic.
14:09 Speaker 00 Well, they know, Danny, it's not.
14:10 Speaker 01 I don't know how to pick up from that.
14:12 Speaker 00 They've been renting it from investors. That's where they got the runway from.
14:16 Speaker 01 It kind of answers my question on why file now? And sometimes I'm sure it's just like a logistics business, legal, boring answer to why file for your S1 now? But with Airbnb, it felt like they were delaying and delaying until they had the proper revenues. But with Rent the Runway, it feels like it's coming out of a place of anxiety.
14:34 Speaker 02 I think it comes from the fact that there's not a lot of runway and they're already heavily in debt. So when you have those two combinations, that's not a great setup. And I think a lot of folks on Wall Street are going to realize that. But I want to talk about VCs real quick, who's doing well, but given the cap table. I do want to talk a little bit about the marketplace for designer brands. Because we haven't talked about that, that side of the business. And I actually think that's the more interesting part of Rent the Runway. So on the VC side, Ares Capital Management, 3.9%, Bain, 18.6%, Highland Capital up in Boston. This is a Boston-based, or not a Boston-based company, but it was a Boston-founded company out of HBS. So Bain, Highland Capital, 11.6%, and then Technology Crossover Ventures, TCV, the Greath Investor, 8.9%. And among the directors is Gwyneth Paltrow, who is not listed as a 5% shareholder, but is on the board. So interesting company.
15:18 Speaker 00 Normally, we read these, you know, it's the major stockholder section of the N S one filing. It's kind of bragging rights, but in this case, I'm kind of curious what they were thinking along the way.
15:27 Speaker 01 Yeah, they're probably quiet.
15:28 Speaker 00 I haven't seen a lot of bragging.
15:30 Speaker 01 Gwyneth Paltrow, though, definitely has a platform where she will say things.
15:34 Speaker 00 I want to look at Stitch Fix, though, for a second. Another company roughly in the space, just to show you how it is possible to work in the realm of fashion for consumers and make a lot of money. So we polled Stitch Fix's last earnings report. This is for their July 31st quarter. So they also have that weird fiscal world, Danny, that you and I love so much. Net revenue, 571.2 million, up 29% year-over-year. Perfectly fine growth rate for a company of this size, this maturity. It's already public. And adjusted EBITDA of 55.4 million. So reasonable profitability, reasonable growth, you can make money doing this. It's just, Natasha, it feels very much like Rent the Runway is charging half what it should for its rentals, and that that is the core issue. And so consumers, are they just not willing to tolerate that? Or what am I missing here from the clothing perspective?
16:19 Speaker 01 Yeah, I don't know. I think Rent the Runway right now needs to show its sticky consumers. It needs to get as many consumers as it can. So I feel like it's gone on this roller coaster of discounting its prices and bringing them back up and discounting them and bringing them back up, much to its customers' own chagrin, because I definitely have seen people complain about it as well.
16:36 Speaker 02 I think one of the challenges is it wants to be a subscription business. And at $200, I mean, I'm talking about the most premium plan, but at $200 a month, that is a very expensive subscription. It dwarfs almost anything else you're probably likely to subscribe to outside of, I don't know, lawn care, if you have a massive front yard or something like that, which we do not in New York City. So I think it's one of those challenges where it's like, whenever people are taking a break, you know, you can imagine folks subscribing for three months in the Summer, but there's a lot of weddings, a lot of events. They go to the winter and they're like, you know, there's not going to be a lot going on for the next three months. I'm just going to unsubscribe or I'm going to pause. And one of the things I thought was particularly interesting, and this is also a little bit of the COVID factor, but the company actually includes both active and pause subscribers in all of its numbers to combine them together because a lot of folks are pausing or not paying. And to me, that's always a red flag with a subscription.
17:19 Speaker 00 I forget who it was, but there was a SPAC deck that was discussing this company and they'd counted it MAU as anyone who had even opened an email from the company. And I was like,
17:28 Speaker 02 I don't know. We had one of these on the podcast.
17:30 Speaker 00 It must be the company we're thinking of.
17:31 Speaker 02 The email loaded an image, but we could have been Google's, you know, automatic image opener.
17:37 Speaker 00 People get excessive with economics. And like, just to be clear, the coach asked earlier, what's it worth? Where's it going to price? I don't know. But I guarantee there are some people out there who think we're being too unkind, that we're being too unfair, that we're being too harsh, and that there is a growth story here and there is the possibility of a real business. Otherwise, it wouldn't have made it this far. So I'm curious what the bull story is, even though it's not coming from us. Someone will have that by the tail.
17:56 Speaker 02 Well, I do think, I do think one of the open questions is, you know, did they go public to try to get acquired? And I think we always have to ask when you look at these sorts of businesses, it's not a great story. It clearly isn't lined up with Wall Street. There's some debt issues like, hey, Amazon, look at our numbers. Take a look, you know, hey, whoever else, Walmart.
18:15 Speaker 01 What Qualtrics did, right? I don't know if that's like a fair comparison.
18:18 Speaker 02 This is common enterprise software. I don't know. I mean, we don't have enough fashion consumer brand companies going public to be able to get any sort of data on this, but it's not uncommon as an M and A strategy to say, hey, everyone take a look at our numbers. They're not great. Clearly, we're not going to be a very strong company or whatever the case may be. Take a look and see if you want to get in. And I could see that. I could see, you know, Amazon's added more subscription products over the years. Clearly, a lot of other retailers would love to do that. Macy's could be an interesting connection there. Get into e-commerce. I don't know.
18:44 Speaker 01 With like the bullish take, if I have to have one, it would be like, actually, this is how I naturally feel about Rent the Runway. It's business is not great. We have spent most episodes talking about that.
18:54 Speaker 00 Didn't mean to.
18:54 Speaker 01 That's okay. That's okay. But I do think there is something to be proud of as that company because you, as a startup, bet on something big. And even if you didn't succeed, you change the way people think about how clothes can be worn. And that is something that I think is really interesting, inspiring, and probably has trickled down to a generation of entrepreneurs. And I think that's what startups and venture is supposed to be about, because it's risky investments. I don't like when the only investments that win in VC's minds are like very predictable SaaS revenue startups.
19:23 Speaker 02 As I said, I wanted to talk about the designer brand side of the business, which we did not. But one of the things I really emphasize is that they can empower a lot of brands who would otherwise not have the advertising and marketing budgets to get out there to connect to consumers, because they can act as a discovery platform on the supplier side. They actually emphasize brand relationships in a lot of their work. They also emphasize the fact that these dresses aren't being thrown away or just kept in a closet. And so they're saving carbon dioxide emissions. It's climate change friendly. There's less waste. They're fighting fast fashion. There's a lot of benefits to this model. And I hope that more of this succeeds because it means we're getting higher quality products. There's less waste, less throwaway garbage that people are buying. I think it's mostly positive. It's just not positive from an even perspective.
20:01 Speaker 00 No, I think that's absolutely right. Everyone should look as good as they can, as good as they want to. Or people should look the way they want to. There you go. That's the correct way of saying that. And so I feel like companies like this do give people a lot more optionality. They may not have the amount of cash required to dress the way they'd like. The first bit of the S1 is just going through like powering people and helping them make choices. So I'm in favor of that. All right. So we have indexed a little bit too heavily on Rent the Runway. We have talked about Queenly. Natasha, I'm curious, what other names is TechCrunch looking at when it comes to similar or competing companies on the earlier stage of things?
20:29 Speaker 01 Yeah, I mean, it's not entirely new, right? Poshmark is one of the most famous companies in the circular economy world, which is just this fancy word to describe clothes that circle through different people. But we have seen a boom of startups getting funding. There's Curtsy, a clothing resale app aimed at Gen Z women. A handbag marketplace rebag that raised 25 million. There's also Treat, which recently raised 2.8 million in seed funding and helps brands get more involved within the circular economy. So we're seeing people try and do it themselves, but also help more established brands get into the resale game.
20:57 Speaker 00 And these are more kind of looking at Poshmark perhaps as their North Star, as opposed to Rent the Runway, for example?
21:02 Speaker 01 Totally. They are looking at the proof of successful business models in the past and going off of that instead of trying to reinvent one from scratch. So I think different investors will will agree on which one is doing it best.
21:13 Speaker 00 Well, onto those couple of numbers to close this off. Poshmark's worth 1.8 billion on the public markets and Stitch Fix is worth 3.7 billion. So you can build multi cores in this space. And look, we'll have more on the runway as it prices or if it does. But in the meantime, we're out of here. Equity is back Friday morning with our news roundup. We'll talk to you then. Goodbye.
Previous Equity Monday: I hear this fintech thing is going to be big Next Coinbase goes fishing for Opensea’s catch Page updated October 14, 2026 · transcript and summary are machine-generated
