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December is shaping up to be a bang-up month for IPO debuts.

Shares of food-delivery company DoorDash soared 86% Wednesday, closing at $190 apiece after the company raised some $3.4 billion in its offering.

Here’s a taste of just how big those numbers are: On a fully-diluted basis, the company is valued at an eye-popping $72 billion. Even on a non-diluted basis, the company nabs a $60 billion plus price tag—pushing its valuation far above competitor Grubhub (valued at $6.6 billion) and puts it in the universe of companies like COVID-19 vaccine maker Moderna ($62 billion) and General Motors ($63 billion). 

It’s an enormous win for the company’s private market shareholders, including SoftBank and Sequoia Capital, who funded the company through its last private valuation of $18 billion.

DoorDash wasn’t alone in its IPO surge, though. On the same day, Microsoft-backed cloud infrastructure company C3.ai jumped 120% in its debut.

Will Airbnb follow in their footsteps in its debut today? So far, the numbers are running in the right direction for the home-sharing startup that has shown investors a stunning rebound from its pandemic lows. (Box CEO Aaron Levie went as far as dubbing it a “perfect market hedge” via Twitter. “If you believe the vaccine is coming quickly, people want to travel again. If you don’t believe it’s coming quickly, people want to work remotely in different locations longer.”) 

The company priced its IPO at $68 a share, raising $3.5 billion, markedly above the price range Airbnb first set earlier this month: $44 to $50 a share. And while the company’s revenues may not be back from pre-pandemic times, the valuation cements its comeback—at least in investor’s eyes. In the most severe stay-at-home stretches of the pandemic, the company shaved its valuation down to $18 billion from $31 billion before the crisis hit. At the IPO price, Airbnb would be valued at $47 billion.

While the question for DoorDash is how it will fare after the pandemic, a key issue for Airbnb is precisely the opposite. What happens if the pandemic drags on longer than expected or governments strengthen lock-down orders? 

RETROACTIVELY SPLITTING AN M&A DEAL: Facebooks’ $1 billion acquisition of Instagram is now hailed as dealmaking magic, bringing new life to the social media company. Now state and federal regulators say the 2012 deal, along with the acquisition of Whatsapp for $19 billion in 2014, should be unwound. That comes as the U.S. Federal Trade Commission and almost every state in the nation filed a lawsuit accusing Facebook of buying rivals only to stifle competition. Read more.

Lucinda Shen
Twitter: @shenlucinda
Email: lucinda.shen@fortune.com





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