Numbers

$18B raised at $90B cap

Largest US IPO to that point; no capital needed — proceeds went to bank shareholders

[Acquired Visa] · as of 2008

• David:It finally happens in 2008. Visa goes public right as the financial crisis is starting... It becomes the largest US IPO in history up to that point. They raised $18 billion at a $90 billion initial market cap, but that $18 billion wasn't primary capital to the company's balance sheet because obviously Visa was incredibly profitable, did not need capital.
  [Acquired Visa, ch. The 2008 IPO]
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~0.2%

Near-zero marginal cost; no credit risk on the balance sheet

[Acquired Visa] · as of 2024

• David:There are no NVIDIA chips that need to run in these data centers to do any crazy LLM processing. This is just shipping very small pieces of information around... This 0.2%, the 20¢ on the $100 transaction, very low variable costs associated with that.
  [Acquired Visa, ch. The fee structure]
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The immovable toll booth

Every transaction that touches a Visa mark passes through the center

[Acquired Visa] · as of 2024

• Ben:Now the toll booth is fully built. It is a high functioning toll booth. It's immovable toll booth.
  [Acquired Visa, ch. The toll booth is built]
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65,000 unsolicited cards, Fresno 1958

22% delinquency; $20M fraud — and it still worked

[Acquired Visa] · as of 1958

• David:Bank of America decides that they are going to mail out little rectangular pieces of plastic to every single one of their 65,000 customers in the city of Fresno, completely unsolicited.
  [Acquired Visa, ch. The Drop, 1958]
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