Dozens of major tech firms and high-value start-ups stood to lose billions of dollars as Silicon Valley Bank cratered last week. Instead, federal financial regulators stepped in to secure the deposits, likely averting a meltdown in the U.S. banking sector.
According to S&P Global, entities had $151.6 billion in uninsured deposits at Silicon Valley Bank, or 93.9 percent of the company’s total holdings.
Because of disparities in these corporate filings, it’s unclear exactly how much some of the firms stood to lose if SVB collapsed without aid. With that, here’s a closer look at the billions of dollars of unprotected deposits and other holdings that companies had at Silicon Valley Bank.:
Companies that declared assets with SVB over $250,000 in SEC filings
Technology services – $1.3B
BILL Holdings
$670.0 million
ZoomInfo
$284.0M
Guidewire
Software
$34.0M
AcuityAds
Holdings
Roblox
$148.9M
$55.0M
WalkMe
$17.0M
Procore
Technologies
$29.1M
TABOOLA.COM
$21.0M
Medical manufacturing – $648.7M
Vir Biotechnology
$220.0M
Praxis
Precision
Medicines
$20.1M
Pharming
Group
Ginkgo
Bioworks
Holdings
Sangamo
Therapeutics
$34.4M
$26.0M
$74.0M
Femasys
$16.0M
Alphatec
Holdings
$14.0M
iRhythm
Technologies
Protagonist
Therapeutics
$54.5M
$13.0M
Enanta
Pharmaceuticals
$12.5M
Other services – $537.5M
Roku
$487.0M
Astra Space, Inc
Sonder Holdings
$22.6M
$22.0M
Medical services – $112.9M
Oak Street Health
$106.4M
Manufacturing
other – $98.1M
Rocket
Lab
QuantumScape
Corporation
$38.0M
$29.5M
Stem
$12.5M
Business services – $52.7M
Edgio
$20.6M
Technology
manufacturing – $25.9M
Finance – $23.5M
Other
Opendoor Technologies
$17.9M
Retail and wholesale
Latch, Inc.
$3.1M
Source: U.S. Securities and Exchange Commission
Companies that declared assets with SVB over $250,000 in SEC filings
Technology services – $1.3 billion
BILL Holdings
$670.0 million
ZoomInfo
$284.0M
Guidewire
Software
$34.0M
AcuityAds
Holdings
Roblox
$148.9M
$55.0M
WalkMe
$17.0M
Procore
Technologies
$29.1M
TABOOLA.COM
$21.0M
Medical manufacturing – $648.7 million
Vir Biotechnology
$220.0M
Praxis
Precision
Medicines
$20.1M
Pharming
Group
Ginkgo
Bioworks
Holdings
Sangamo
Therapeutics
$34.4M
$26.0M
$74.0M
Femasys
$16.0M
Alphatec
Holdings
$14.0M
iRhythm
Technologies
Protagonist
Therapeutics
$54.5M
$13.0M
Enanta
Pharmaceuticals
$12.5M
Other services – $537.5M
Roku
$487.0M
Astra Space, Inc
Sonder Holdings
$22.6M
$22.0M
Medical services – $112.9M
Oak Street Health
$106.4M
Manufacturing
other – $98.1M
Rocket
Lab
QuantumScape
Corporation
$38.0M
$29.5M
Stem
$12.5M
Business services – $52.7M
Edgio
$20.6M
Technology
manufacturing – $25.9M
Finance – $23.5M
Other
Opendoor Technologies
$17.9M
Retail and wholesale
Latch, Inc.
$3.1M
Source: U.S. Securities and Exchange Commission
Companies that declared assets with SVB over $250,000 in SEC filings
Technology services – $1.3 billion
BILL Holdings
ZoomInfo
$670.0 million
$284.0M
Guidewire
Software
$34.0M
AcuityAds
Holdings
Roblox
$148.9M
$55.0M
WalkMe
$17.0M
Procore
Technologies
$29.1M
TABOOLA.COM
$21.0M
Medical manufacturing – $648.7 million
Other services – $537.5M
Vir Biotechnology
Roku
$220.0M
$487.0M
Praxis
Precision
Medicines
$20.1M
Ginkgo
Bioworks
Holdings
Pharming
Group
Sangamo
Therapeutics
$34.4M
$26.0M
$74.0M
Femasys
$16.0M
Alphatec
Holdings
$14.0M
iRhythm
Technologies
Protagonist
Therapeutics
$54.5M
$13.0M
Enanta
Pharmaceuticals
Astra Space, Inc
Sonder Holdings
$22.6M
$22.0M
$12.5M
Medical services – $112.9M
Manufacturing
other – $98.1M
Rocket
Lab
QuantumScape
Corporation
Oak Street Health
$106.4M
$38.0M
$29.5M
Stem
$12.5M
Business services – $52.7M
Technology
manufacturing – $25.9M
Edgio
$20.6M
Finance – $23.5M
Other
Retail and wholesale
Opendoor Technologies
Latch, Inc.
$3.1M
$17.9M
Source: U.S. Securities and Exchange Commission
Companies that declared assets with SVB over $250,000 in SEC filings
Technology services – $1.3 billion
Medical manufacturing – $648.7 million
BILL Holdings
ZoomInfo
Vir Biotechnology
$670.0 million
$284.0M
$220.0M
Praxis
Precision
Medicines
$20.1M
Ginkgo
Bioworks
Holdings
Pharming
Group
Sangamo
Therapeutics
Guidewire
Software
$34.4M
$26.0M
$74.0M
$34.0M
AcuityAds
Holdings
Roblox
Femasys
$148.9M
$16.0M
$55.0M
Alphatec
Holdings
$14.0M
iRhythm
Technologies
Protagonist
Therapeutics
WalkMe
$54.5M
$17.0M
$13.0M
Procore
Technologies
Enanta
Pharmaceuticals
$29.1M
$12.5M
TABOOLA.COM
$21.0M
Other services – $537.5M
Roku
Medical services – $112.9M
$487.0M
Technology
manufacturing – $25.9M
Oak Street Health
$106.4M
Manufacturing
other – $98.1M
QuantumScape
Corporation
Rocket
Lab
Finance – $23.5M
$38.0M
$29.5M
Stem
$12.5M
Business services – $52.7M
Edgio
$20.6M
Other
Astra Space, Inc
Sonder Holdings
Opendoor Technologies
$22.6M
$22.0M
$17.9M
Retail and wholesale
Latch, Inc.
$3.1M
Source: U.S. Securities and Exchange Commission
Technology firms made up the bulk of the companies with SVB deposits, consistent with the bank’s reputation for serving Big Tech giants and industry start-ups. BILL Holdings, which sells automated financial services programs, had the most SVB holdings of any company, worth $670 million, about 7 percent of its total assets, according to securities filings — at least $300 million of that was uninsured.
Business data giant ZoomInfo also had exposure to SVB. Only 3 percent of its total cash, cash equivalents and short-term investments was in deposited accounts at SVB, but 42 percent was in SVB-controlled interest-bearing money market securities. Gaming company Roblox had nearly $150 million, about 3 percent of its total assets, in SVB.
But the relief was also distributed among companies across industries. The popular entertainment streaming company Roku had over 11 percent of its total assets and a quarter of its cash and cash equivalents — $487 million — in SVB accounts, the firm reported in a securities filing, though it said it had enough money in separate accounts to maintain operations. A company spokesperson declined to comment.
Vir Biotechnology, a pharmaceutical firm that helped develop monoclonal antibody treatments for covid-19, had about 8 percent of its assets, or $220 million, in SVB deposits, it reported to shareholders. Sangamo Therapeutics, a biotechnology firm studying gene editing to treat hemophilia and sickle cell disease, stood to lose nearly $34.4 million, it reported to investors.
Explore some of the publicly traded companies that had uninsured deposits and other holdings in Silicon Valley Bank:
Methodology
Companies were identified based on whether they declared assets with Silicon Valley Bank (SVB) in regulatory SEC filings (8-K or 6-K filings) between March 10, 2023, and through March 13, 2023. These declarations either listed an explicit monetary sum of assets, a percentage of assets or a qualitative assessment of assets.In cases where the companies listed an exact amount of assets with SVB, we used that value as the total amount of SVB assets.In other cases in which a specific percentage of total assets with SVB were listed, we used the company’s most recent 10-K or 10-Q filing to calculate the dollar amount (e.g., if the company listed “2% of cash/cash equivalents,” we estimated that dollar amount using its most recently reported total cash/cash equivalents).When the company gave an upper estimate of a dollar amount or percentage, we used that upper estimate (e.g., “no more than 1 million/percent” was recorded as 1 million/percent). When the company gave a rough estimate of an amount or percentage (e.g. “mid single-digit millions of dollars/percent”), we made the most conservative estimate consistent with their language: 5 million/percent for “mid single-digit”, 2 million/percent for “low single-digit”.The share of SVB assets for each company was calculated by dividing the monetary value of SVB assets by the total assets for each company, as listed on the company’s most recent 10-K or 10-Q filings.We excluded companies that explicitly stated a sum of SVB assets totaling less than $250,000, the FDIC-insured threshold, as well as companies that only listed assets with an international arm of SVB, e.g. SVB-UK. These companies do not represent the totality of companies with stakes in SVB, as many companies have yet to publicly declare their SVB stake in regulatory filings.
Additional research and reporting by Monika Mathur, Razzan Nakhlawi and Hamza Shaban. Editing by Kate Rabinowitz, Karly Domb Sadof, Emily Eng and Damian Paletta.