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Mark Lennihan / AP

Some notes on Snap's IPO, as the investor roadshow today rolls into Boston's Four Seasons hotel:

When to watch: There will be an enormous amount of attention paid to Snap's IPO price and where the stock closes on its first day of trading (pop, dip, etc.). But the much more important day will be Monday, July 31, since that will be the first day of trading when the lockup expires for most of Snap's current shareholders (both investors and vested employees). Some investors are getting partial liquidity via next week's offering, but the big sells can't come until at least 150 days post-pricing.

What to watch: It will be interesting to see how many of Snap's existing "crossover" investor ― e.g., Fidelity, Coatue and T. Rowe Price ― purchase additional shares in the IPO. For years we've heard an argument that these sorts of firms have been making such private-market investments, in part, as IPO optionality. In other words, having an existing relationship with the issuer should improve a crossover investor's chances of getting its desired IPO allocation. So do these firms exercise those (informal) options?

An addendum to both above notes: Crossover investors often pitch themselves to startups as long-term investors who will stick around long after the more traditional VCs have exited. So we've got to keep a particular eye on them come July 31.

Go deeper

13 hours ago - World

Maximum pressure campaign escalates with Fakhrizadeh killing

Photo: Fars News Agency via AP

The assassination of Mohsen Fakhrizadeh, the architect of Iran’s military nuclear program, is a new height in the maximum pressure campaign led by the Trump administration and the Netanyahu government against Iran.

Why it matters: It exceeds the capture of the Iranian nuclear archives by the Mossad, and the sabotage in the advanced centrifuge facility in Natanz.

Scoop: Biden weighs retired General Lloyd Austin for Pentagon chief

Lloyd Austin testifying before Congress in 2015. Photo: Chip Somodevilla/Getty Images

Joe Biden is considering retired four-star General Lloyd Austin as his nominee for defense secretary, adding him to a shortlist that includes Jeh Johnson, Tammy Duckworth and Michele Flournoy, two sources with direct knowledge of the decision-making tell Axios.

Why it matters: A nominee for Pentagon chief was noticeably absent when the president-elect rolled out his national security team Tuesday. Flournoy had been widely seen as the likely pick, but Axios is told other factors — race, experience, Biden's comfort level — have come into play.

Updated 15 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Health: WHO: AstraZeneca vaccine must be evaluated on "more than a press release."
  2. Politics: Supreme Court backs religious groups on New York COVID restrictions.
  3. World: Thailand, Philippines sign deal with AstraZeneca for vaccine.
  4. Economy: Safety nets to disappear in December Black Friday shopping across the U.S., in photosAmazon hires 1,400 workers a day throughout pandemic.
  5. Education: National standardized tests delayed until 2022.