Sequoia Shares 1977 Apple Investment Memo
Sequoia Capital on April 2, 2026 released founder Don Valentine's 1977 memo proposing a $600,000 financing for 10% of Apple, shared to mark Apple's 50th anniversary. Valentine valued Apple at roughly $6 million, noted skepticism about management and high valuation, yet projected rapid sales growth. The memo underscores how early VC bets can yield outsized long-term returns and investor timing lessons.
Key Points
- 1Publishes Don Valentine's 1977 memo proposing $600,000 for 10% of Apple, valuing it at $6 million
- 2Highlights early skepticism about management and high valuation despite projected sales growth
- 3Signals massive long-term upside and lessons for investors on timing and portfolio patience
Scoring Rationale
Timely, credible primary-source release that offers historical perspective. Scored mid-range because novelty is archival rather than transformative, scope is notable within tech/VC, and practical lessons exist but provide limited direct technical or operational action.
Sources
Public references used for this report.
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