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Smith Collection/Gado/Getty Images

MongoDB, a New York-based open source database company, has raised $192 million in its IPO. The company will begin trading today on the Nasdaq under ticker symbol MBD.

Why it's a big deal: MongoDB will be another critical data point for traders trying to decide if "unicorn" SaaS companies can ever really ride their recurring revenue models to profitability — or at least how to separate the future successes from the undercorns. To date, the trend too often has been: Strong IPO pricing, first day pop and then a steady slide.

Plus: NYC tech could really use a win, following yesterday's Blue Apron layoffs.

IPO details: The company priced 8 million shares at $24, above its upwardly-revised $20-$22 range, for a fully-diluted market cap of around $1.39 billion. The company reports a $46 million net loss on $68 million in revenue for the first half of 2017, compared to a $45 million net loss on $45 million in revenue for the year-earlier period. Morgan Stanley served as lead underwriter.

VC history: MongoDB had raised $300 million in VC funding, most recently at a post-money valuation of around $1.7 billion, from firms like Sequoia Capital (16.9% pre-IPO stake), Flybridge Capital (11.6%), Union Square Ventures (9.7%), NEA (7.2%), Future Fund (6.2%), Fidelity, Altimeter Capital Management and T. Rowe Price.

Go deeper

1 hour ago - Politics & Policy

Manchin's massive means test

Illustration: Aïda Amer/Axios

Sen. Joe Manchin (D-W.Va.) is offering progressives a trade: He'll vote for their cherished social programs if they accept strict income caps for the recipients, people familiar with the matter tell Axios.

Why it matters: Manchin’s plan to use so-called means-testing for everything from paid family medical leave to elder and disabled care would drastically shrink the size and scope of the programs. It also would bring a key moderate vote to the progressive cause.

The China whisperer

Nick Burns. Photo: Chen Mengtong/China News Service via Getty Images

President Biden's nominee for ambassador to China will face aggressive questioning Wednesday about the most important, and potentially perilous, bilateral relationship in the world.

Why it matters: While Nick Burns is an experienced diplomat with support on both sides of the aisle, lawmakers want to use his confirmation hearing to force the administration into some tough positions on China.

Jan. 6 committee recommends contempt charges against Bannon

Steve Bannon. Photo: Stephanie Keith/Getty Images

The House select committee investigating the deadly Jan. 6 Capitol riots unanimously approved a resolution Tuesday night recommending that former Trump aide Steve Bannon be held in contempt of Congress for refusing to comply with a subpoena.

Why it matters: The resolution sets up a House vote to refer Bannon for potential criminal prosecution, signaling that the committee will not tolerate attempts by former President Trump and his associates to stymie the investigation.