TL;DR

Figma IPO triples; OpenAI revenue hits $12B; SEC reclassifies most crypto tokens, spurring new activity.

Highlights

• Figma raised $1.2B in its NYSE IPO at a $19B valuation; shares indicated to open nearly 3x above IPO price, signaling strong demand for venture-backed tech listings 1.
• OpenAI annualized revenue doubled to $12B in 2025; ChatGPT now exceeds 700M weekly active users. OpenAI seeks a second $30B funding tranche, with $7.5B already committed 2.
• SEC Chair Paul Atkins stated most crypto tokens are not securities, launching “Project Crypto” to modernize U.S. digital asset regulation and clarify token classifications 3.
• Coinbase will add tokenized U.S. equities and prediction markets to its platform for U.S. users, leveraging regulatory momentum 4.
• Visa added PYUSD and USDG stablecoins and expanded settlement support to Stellar and Avalanche blockchains, broadening blockchain rails for payments 5.
• Foxconn took a 10% stake in TECO to jointly build modular AI data centers in Taiwan, the U.S., and the Middle East, targeting AI infrastructure demand 6.
• Marvell partnered with Rebellions (South Korea) to deliver custom, energy-efficient AI infrastructure for sovereign deployments in APAC and the Middle East; multiple AI agent and infrastructure launches reported 7.
• Microsoft and Meta beat earnings estimates, with both companies reporting strong AI-driven cloud growth and planning $30B+ (Microsoft) and $69B+ (Meta) in AI infrastructure capex 13.
• Meta formally launched its “personal superintelligence” initiative, establishing Superintelligence Labs and ramping up hiring and data center investment 14.
• Applied Digital reported Q4 revenue up 41% YoY, narrowed net loss, and secured a 15-year, $7–11B lease deal with CoreWeave for AI data center capacity; shares rose 20%+ 15.
• JD.com agreed to acquire Germany’s Ceconomy for €2.2B in cash, expanding its European presence 10.
• KKR reported Q2 AUM of $686B, driven by higher management fees and new fundraising in asset-backed finance and life sciences 12.

Commentary

Figma’s oversubscribed IPO, with shares set to open well above the offer price, is a clear indicator that the IPO market for high-growth, venture-backed tech companies is reopening 1. This successful listing, following the collapse of the Adobe acquisition, should encourage other late-stage private companies to accelerate public exit plans 1. Early backers like Greylock and Kleiner Perkins are positioned for substantial paper gains, and the strong aftermarket demand will likely support higher private valuations in the near term 1.

AI remains the dominant driver of capital allocation and strategic activity. OpenAI’s revenue surge, aggressive fundraising, and rapid user growth reinforce the sector’s momentum 2, while Microsoft and Meta ’s earnings beats and record AI-related capex signal continued hyperscaler investment in infrastructure 13. The Foxconn-TECO and Marvell -Rebellions partnerships 67, as well as Applied Digital ’s CoreWeave deal 15, highlight the expanding opportunity set in AI infrastructure and data center capacity, both for equity investment and strategic M&A. Meta ’s formal push into “personal superintelligence” 14 and the proliferation of new AI models suggest that verticalized and agentic AI startups will remain in focus for both early- and growth-stage investors.

On the regulatory front, the SEC’s new stance on digital assets and the launch of “Project Crypto” provide long-awaited clarity for U.S. crypto startups and infrastructure providers 3. Coinbase’s planned launch of tokenized U.S. equities 4 and Visa ’s expansion of stablecoin settlement rails 5 are direct responses to this regulatory shift, and should catalyze new venture activity in tokenization, DeFi, and on-chain financial products.

Private market activity remains robust, with JD.com ’s Ceconomy acquisition 10 and KKR ’s strong fundraising and AUM growth 12 underscoring continued appetite for cross-border expansion and alternative asset strategies. The environment is constructive for both exits and new capital deployment, especially in sectors tied to AI, fintech, and infrastructure.