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Recode Daily: The Stitch Fix IPO is on — here’s who is likely to win big

Plus, SoftBank may soon dwarf its own $100 billion Vision Fund, Alphabet is leading a $1 billion round for Uber rival Lyft, and how to hang out with yourself as a kid.

Stitch Fix founder and CEO Katrina Lake at Code Commerce, March 2017.
Becca Farsace / Recode

Stitch Fix filed its long-awaited IPO on Nasdaq, looking to raise $100 million. The 6-year-old personal styling service and online retailer has 2.2 million active customers; it is seeking a valuation of up to $4 billion. Only a few investors held concentrated ownership positions in the company, so just three VC firms are poised to share any big returns from the IPO: Baseline Ventures, Benchmark Capital and Lightspeed Venture Partners. [Jason Del Rey / Recode]

SoftBank could commit as much as $880 billion to tech investments in the coming years — a gargantuan, unprecedented amount of cash that would amount to a seismic shift in tech finance. CEO Masayoshi Son — who is already betting $100 billion on the tech sector via his Vision Fund — said he is planning a series of investments in young companies. [Theodore Schleifer / Recode]

One of Uber’s first big investors, Alphabet, is putting a big a chunk of money into Uber’s chief U.S. rival, Lyft. Google’s parent company is leading a $1 billion funding round that values the Lyft at $11 billion; in April, Lyft was valued at $7.5 billion. And the super-secret experimental Google X lab, which is developing “moonshots” like internet-beaming balloons and energy-capturing kites, has hired its own Washington, D.C., lobbying company. [Johana Bhuiyan / Recode]

Three senators launched a bill to regulate political ads on Facebook, Google and Twitter. The Honest Ads Act — the brainchild of Democratic senators Mark Warner and Amy Klobuchar, with Republican support from Sen. John McCain — would require big tech companies to make copies of political ads available for public inspection — and disclose who is buying the ads. [Tony Romm / Recode]

Facebook has hit a snag in its effort to help media companies sell subscriptions — Apple. Facebook’s plans to put a subscription tool in its mobile app; Apple wants as much as 30 percent of any subscription revenue Facebook helps generate. In the meantime, Facebook is rolling out a version for Android phones; participating publishers include The Washington Post, Hearst and Tronc, while holdouts include The New York Times and The Wall Street Journal. [Peter Kafka / Recode]

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