TL;DR

Figma files for NYSE IPO; Meta launches $65B Superintelligence Labs; Genesis AI raises $105M seed.

Highlights

• Figma files for NYSE IPO after 46% YoY revenue growth; holds $70M in bitcoin ETFs; last valued at $12.5B 1.
• Genesis AI raises $105M seed (Eclipse, Khosla) to build universal robot AI models; includes US and Chinese investors 3.
• Meta launches Superintelligence Labs, hires Scale AI’s Alexandr Wang, and spends $14.3B for 49% of Scale AI; $60–65B capex planned for 2025 7.
• Grammarly acquires Superhuman (last valued $825M) to expand its AI productivity suite, following $1B financing and Coda deal 4.
• Cloudflare blocks AI crawlers by default and introduces “Pay per Crawl” marketplace for content owners 11.
• Circle applies for U.S. trust bank charter to custody $61B in USDC reserves; seeks regulatory clarity post-IPO 6.
• Robinhood launches tokenized U.S. stocks for EU clients on Arbitrum; shares rise 13% 10.
• Polygon -backed Katana launches DeFi-focused Ethereum L2, attracting $240M in pre-launch deposits 8.
• Bitget and Mastercard launch zero-fee crypto card in UK/EU, enabling crypto-to-fiat spending at 150M+ merchants 12.
• Warner Music and Bain Capital create $1.2B JV to acquire music catalogs, targeting stable streaming royalties 5.
• Baykar acquires Piaggio Aerospace, establishing an Italian hub for drones and jets 9.
• Thales and Kongsberg form 50-50 JV for secure defense communications in Norway, targeting NATO/European demand 13.

Commentary

Figma’s IPO filing, with strong revenue growth and profitability, provides a benchmark for late-stage SaaS exits after last year’s failed Adobe acquisition 1. The company’s bitcoin holdings and board authorization for further digital asset purchases may set a precedent for tech firms integrating crypto into treasury management, adding a new angle for VC diligence in the sector 1.

AI and productivity software remain at the center of large-scale capital deployment and consolidation. Meta’s creation of Superintelligence Labs, the $14.3B Scale AI stake, and aggressive hiring signal ongoing arms races for AI talent and infrastructure 7. Genesis AI’s $105M seed—unusually large and cross-border—highlights investor appetite for foundational robotics and AI platforms, even amid U.S.-China tensions 3. Grammarly’s acquisition of Superhuman, following its own $1B non-dilutive raise and Coda acquisition, illustrates the push by scaled productivity platforms to expand via M&A and integrated AI workflows 4.

On the digital asset front, Circle ’s trust bank application is a key regulatory milestone, as stablecoin issuers seek clarity and institutional-grade custody 6. Robinhood ’s tokenized equity launch in the EU 10, Katana’s $240M DeFi L2 debut 8, and Bitget’s Mastercard -linked crypto card 12 all point to growing institutional and retail demand for compliant, capital-efficient crypto rails. These developments are likely to drive early-stage deal flow in infrastructure, custody, and regulated fintech.

Strategic JVs and M&A in music, aerospace, and defense—Warner/Bain’s $1.2B music rights vehicle 5, Baykar’s Piaggio buy 9, and Thales/Kongsberg’s defense comms JV 13—underscore continued private equity and strategic interest in IP-rich and cash-generative sectors. While not core VC targets, these deals may inform exit strategies for startups in adjacent verticals or those with dual-use technologies.

VCs should monitor: SaaS and AI platform exit windows, cross-border AI investment risk, regulatory shifts in digital assets, and the pace of infrastructure buildout in both crypto and defense tech.