VC Windfall: How Founders and Investors Made Billions in a Week of Mega IPOs

The Rare Exit Boom: Unicorn IPOs Dominate the Week

While unicorn startups are rare, successful exits are even rarer. This week marked an extraordinary exception as tech giants Affirm, Roblox, Airbnb, and Wish all filed to go public. Combined with DoorDash’s recent IPO filing, these exits represent over $100 billion in potential market value—a staggering figure that caps off a turbulent 2020.

Who Profited the Most? Founders Take Center Stage

With such massive exits, the natural question arises: Who made the money? Let’s break down the biggest winners among founders and venture capitalists.

Founder Ownership Breakdown

1. Airbnb – The clear standout, with co-founders Brian Chesky, Nathan Blecharczyk, and Joe Gebbia retaining 42% ownership despite raising billions. Their early valuation surge minimized dilution, securing their massive payday.
2. Wish – CEO Peter Szulczewski holds 19%, while CTO Sheng “Danny” Zhang owns 4.9%.
3. Roblox – David Baszucki retains 12%, while co-founder Eric Cassel’s stake remains undisclosed (below 5%).
4. DoorDash – Founders Tony Xu (5.2%), Andy Fang (4.7%), and Stanley Tang (4.7%) hold smaller stakes due to heavy fundraising and multiple co-founders.
5. Affirm – Max Levchin’s 27.5 million shares outpace all individual VC investors, though exact ownership percentages remain unclear due to unique share structures.

Estimated Founder Payouts (Pre-IPO Valuations)

• Airbnb: Each founder could net \(2.5B–\)5B.
• Wish: Szulczewski’s stake is worth ~$2B, Zhang’s ~$550M.
• DoorDash: Founders may earn $600M+ each.
• Roblox: Baszucki’s stake valued at ~$500M.
• Affirm: Levchin’s shares estimated at ~$370M.

Venture Capitalists: The Billion-Dollar Winners

Several top VC firms are poised for historic returns:

Top Performers

1. Founders Fund – Stakes in Wish (11.6%, $1.3B), Affirm (~$224M), and Airbnb (5.13%, \(920M–\)1.8B). Total: ~$3B.
2. Sequoia Capital – Airbnb (15.84%, \(2.8B–\)5.5B) and DoorDash (18.2%, $2.38B). Total: ~$5B+.
3. DST Global – Wish (19.2%, $2.1B) and Airbnb (2.73%, \(490M–\)960M).
4. SoftBank Vision Fund – DoorDash (22.1%, $2.89B).
5. Formation8 (8VC) – Wish (14.0%, $1.57B).

Other Notable VC Returns

• Altos Ventures: Roblox (21.3%, $850M)
• GGV Capital: Wish (7.0%, $790M)
• Republic Technologies: Wish (5.0%, $560M)
• Meritech Capital: Roblox (10.3%, $410M)
• Index Ventures: Roblox (9.9%, $400M)

Key Takeaways

• Founder liquidity exceeded $10B this week alone.
• 18+ VC firms secured substantial returns, with five crossing the $1B+ mark.
• Airbnb and Sequoia emerged as the biggest winners, showcasing the power of early-stage bets on disruptive companies.

This historic week underscores a fundamental truth in venture capital: Backing transformative companies early can yield generational wealth—for both founders and investors.