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Greetings! Timing is everything. ServiceTitan, a smallish tech firm that specializes in selling software for plumbers, roofers and other tradespeople, demonstrated that on Thursday when its shares debuted on the public markets at $101 apiece, a 42% premium to its IPO price of $71. That translates to a market capitalization of about $9 billion, which is not too far from the $9.5 billion valuation at which it raised funds during the go-go era of 2021. Since then, ServiceTitan has been on a bit of a roller coaster. It's one of a number of private firms that spent much of 2022 trying to raise money without taking a haircut on its 2021 valuation. Those efforts ended badly—ServiceTitan raised money at a high cost, as we chronicled here. While in 2022 it became a poster child for what can go wrong with highly valued but money-losing startups, today it's the example of a company that nails its IPO timing, striking in the midst of a remarkable stock market rally. (For another perspective on the current IPO market, check out this piece we ran today). To be sure, even at today's high price, those investors who put money into ServiceTitan at the priciest 2021 round of $118.96 a share are still underwater—and that's after taking into account extra shares they got as part of investor protection clauses in their original fundraising deal. But their losses could have been much worse (and, of course, could still end up being bad, given the chances that ServiceTitan's stock will trade down in future months). ServiceTitan's story is a classic adventure in capitalism. After raising money at frothy valuations in 2021, it borrowed more than $500 million for an acquisition in early 2022 and then—as interest rates soared—ran into trouble raising equity to pay off that debt. It eventually had to pay through the nose, selling a slug of preferred stock with a high interest rate whose cost ballooned 24% in two years. And ServiceTitan raised more equity at a 29% haircut to the 2021 peak valuation. In secondary markets, its share price fell into the mid-$50s, according to Caplight. Thanks to good luck and careful monitoring of the market to gauge the best time to go public, ServiceTitan has likely come out of this situation better than anyone might have expected a year or two ago. Those investors who bought into ServiceTitan at the discounted price in late 2022 and early 2023 have done particularly well. The firm in recent months has begun making money, which augurs well for its future. ServiceTitan has plumbed the depths of what can go wrong in finance and come out OK. Lately, many media companies have been looking a lot like corporate versions of retirement home residents in the final innings of their lives. But in recent weeks, a few have taken steps that suggest they're looking for a way to extend their life expectancy. The latest is Warner Bros. Discovery, which on Thursday said it would put its slowly declining TV network operations in one corporate segment separate from its streaming and film businesses. The announcement was a not-so-subtle way of hinting that it was preparing for a possible breakup of the company. Having two distinct corporate segments could make it easier for WBD to spin off its profitable but shrinking TV networks as a new company distinct from its growing but not so profitable streaming and film operations. If WBD ends up going down that path, it would be following the path of Comcast, which a few weeks ago announced a similar plan for its NBCUniversal entertainment arm. WBD stock jumped 15% in response to the news. Meanwhile, BuzzFeed, the once-hot digital media firm, averted financial doom on Thursday when it announced a deal to sell its First We Feast maker of food videos for $82.5 million in cash. The sale allows it to pay off most of its outstanding debt, which had come due last week, and live to fight another day (even if it's a lot smaller than it once was). Good times! • Broadcom CEO Hock Tan said Thursday the company's AI chip and networking business could generate $60 billion to $90 billion in revenue in the fiscal year that ends in November 2027. That means Broadcom leaders believe revenue from that part of its business will rise at least five times from the $12.2 billion it generated in the fiscal year that ended Nov. 3 of this year. • YouTube TV is hiking its prices by $10 per month, demonstrating that even for customers of newer, streaming-based cable TV–like services, paying for cable remains an expensive option. • President-elect Donald Trump said he plans to meet with Jeff Bezos next week. Separately, Google CEO Sundar Pichai was due to meet with Trump on Thursday, The Information reported. • Crusoe, which develops data centers for artificial intelligence developers such as OpenAI, raised $600 million in a deal led by Founders Fund, confirming The Information's prior reporting about the fund's involvement. • Walmart-backed fintech One is nearing a deal for more than $300 million in fresh funding from the retail giant and investment firm Ribbit Capital, according to a person with knowledge of the plans. The funding round will value One at $2.5 billion before the new capital, the person said. AI Agenda by Stephanie Palazzolo separates hype from reality and explains how AI is transforming industries. The 4x/week newsletter details the innovation and disruption happening in AI, from the AI startup funding frenzy to the major technological breakthroughs that will set the agenda for decades to come. Sign up today. | 
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