Illustration: Aïda Amer/Axios

Pinterest, the social bookmarking platform, on Monday set IPO terms with plans to begin trading late next week on the New York Stock Exchange.

The bottom line: The proposed price range of $15–$17 per share would give Pinterest an initial market cap of around $8.5 billion, were it to price in the middle, and a fully diluted valuation of around $11 billion. Both are lower than Pinterest's most recent valuation from private market investors of $12.3 billion.

  • On the one hand, it's absurd to tie Pinterest's under-valuation into the perceived disappointment of Lyft's IPO. Not only because the two companies are in entirely different industries, but also because Zoom Video just filed for an IPO that would give it an initial market cap of around 7 times its last private valuation.
  • But, but, but: Private market investors have indulged their own unicorn herd mentality when it comes to valuations, particularly for those companies with higher public profiles (Pinterest>Zoom, in this regard). And, remember, a lot of the pre-IPO money and IPO money is now managed by the same people.

Go deeper: Pinterest prepares to go public

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Caitlin Owens, author of Vitals
21 mins ago - Health

The coronavirus is starting to crush some hospitals

Illustration: Aïda Amer/Axios

Some states are seeing dangerous levels of coronavirus hospitalizations, with hospitals warning that they could soon become overwhelmed if no action is taken to slow the spread.

Why it matters: Patients can only receive good care if there's enough care to go around — which is one reason why the death rate was so much higher in the spring, some experts say.

Scoop: The Lincoln Project is becoming a media business

Illustration: Eniola Odetunde/Axios

The Lincoln Project is looking to beef up its media business after the election, sources tell Axios.

Driving the news: The group recently signed with the United Talent Agency (UTA) to help build out Lincoln Media and is weighing offers from different television studios, podcast networks and book publishers.

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Data: Bully Pulpit Interactive; Chart: Danielle Alberti/Axios

President Trump is pouring hundreds of thousands of dollars into Facebook ads on the Supreme Court and conservative judges in the final stretch of his campaign, while Joe Biden is spending over a million on voter mobilization, according to an analysis by Axios using data from Bully Pulpit Interactive.

The big picture: Trump's Facebook ad messaging has fluctuated dramatically in conjunction with the news cycle throughout his campaign, while Biden's messaging has been much more consistent, focusing primarily on health care and the economy.

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