Illustration: Sarah Grillo/Axios

Chewy, an online pet food and supplies retailer owned by PetSmart, raised $1 billion in its IPO.

Why it matters: It's a massive valuation bump from the $3.3 billion that PetSmart, owned by BC Partners, paid to buy Chewy in 2017.

By the numbers: The company priced 46.5 million shares at $22, above its upwardly-revised range, for an initial market cap of around $8.77 billion.

  • The bull case: This is a very sticky subscription service in an age of ubiquitous e-commerce (i.e., it operates in a very different world than did Pets.com). Plus, it's managed to consistently outpace Amazon in its segment.
  • The bear case: This is partially around profits, or lack thereof, but more around a lopsided governance structure whereby BC Partners/PetSmart could maintain control of Chewy with as little as a 10% equity stake.

Go deeper: PetSmart's unprofitable online pet store Chewy to go public this week

Go deeper

Ina Fried, author of Login
18 mins ago - Technology

Amazon wants to flood America with Alexa cameras and microphones

Photo: Amazon

In a Thursday event unveiling a slew of new home devices ahead of the holidays, Amazon made clearer than ever its determination to flood America with cameras, microphones and the voice of Alexa, its AI assistant.

The big picture: Updating popular products and expanding its range to car alarms and in-home drones, Amazon extended its lead in smart home devices and moved into new areas including cloud gaming and car security. The new offerings will also fuel criticism that the tech giant is helping equip a society built around surveillance.

Ben Geman, author of Generate
1 hour ago - Energy & Environment

Oil's turbulent long-term future

Illustration: Aïda Amer/Axios

The oil sector is facing risks from all sides.

Why it matters: Risk in the industry is nothing new. But these are especially turbulent and uncertain times. The industry's market clout has waned, the future of demand is kind of a mystery, and future U.S. policy is too, just to name three.

Meadows on Wray's voter fraud dismissal: "He has a hard time finding emails in his own FBI"

White House chief of staff Mark Meadows dismissed FBI Director Chris Wray's testimony that the U.S. has never historically seen evidence of widespread voter fraud, including by mail, during an appearance on "CBS This Morning" on Friday.

Why it matters: Meadows' statement highlights the Trump administration's strategy to sow doubt in November's election results by challenging the legitimacy of mail-in ballots, which are expected to skew heavily in Democrats' favor.

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