TL;DR

OpenAI raises $8.3B at $300B, Figma IPO surges 250%, Vast Data nears $30B round.

Highlights

• • OpenAI raised $8.3B at a $300B valuation, with ARR now at $13B and strong investor demand1.
• • Vast Data is finalizing a multi-billion dollar round led by CapitalG and Nvidia at a $30B valuation, with ARR projected to triple to $600M and IPO plans ahead2.
• • Figma’s NYSE IPO jumped 250% on debut, the largest first-day gain for a $1B+ U.S. tech IPO in 30 years, reopening the IPO window for late-stage tech3.
• • OpenAI model checkpoints leaked online, fueling speculation of a near-term GPT-5 launch and open-weight release4.
• • Google DeepMind launched Gemini 2.5 “Deep Think” for $250/month Ultra users, with broader API access planned5.
• • Amazon raised 2025 capex guidance to $118B, mostly for AWS AI/data infrastructure; Big Tech capex now exceeds $345B for 20258.
• • Apple reported 10% revenue growth to $94B, increased AI investment, and signaled openness to larger acquisitions; seven AI-related deals closed YTD713.
• • Reddit posted 78% YoY revenue growth to $500M, swung to profitability, and guided Q3 above consensus; shares surged14.
• • Reddit is integrating AI-powered search to reduce Google dependency and expand direct search traffic9.
• • Google ’s Veo 3 and Veo 3 Fast video-AI models are now broadly available on Vertex AI, with enterprise adoption and IP protections15.
• • Palantir secured a U.S. Army contract worth up to $10B over 10 years, consolidating 75 deals11.
• • L3Harris and Joby Aviation partnered to develop hybrid military VTOL aircraft, with flight tests this fall and demos in 202610.

Commentary

Capital continues to flow aggressively into AI, evidenced by OpenAI ’s $8.3B round at a $300B valuation1 and Vast Data’s pending $30B raise led by Nvidia 2, both with strong institutional and strategic participation. These rounds highlight ongoing investor appetite for both foundational AI model providers and the infrastructure layer, with revenue growth and capital efficiency (Vast Data is already FCF positive) supporting premium private valuations12. The scale of these financings is setting new benchmarks for late-stage rounds and could pull up valuations across the AI stack.

On the exit front, Figma’s 250% IPO pop has revived U.S. tech listing activity, demonstrating pent-up demand for high-growth SaaS and design platforms3. The magnitude of the rally, despite underwriter pricing criticism, will likely accelerate IPO timelines for other mature venture-backed companies, especially those in the AI and software verticals3. Reddit ’s strong results and guidance14, alongside its AI-powered search push9, further reinforce the public market’s receptivity to profitable, data-rich platforms with clear monetization strategies.

Product cycles in AI are accelerating: OpenAI ’s model leak and GPT-5 speculation4, Google DeepMind ’s Gemini 2.5 launch5, and Google ’s Veo 3 video-AI rollout15 all signal ongoing competition in both foundational models and applied AI. Apple ’s increased AI spend and openness to larger M&A deals suggest that strategic buyers will remain active, especially for differentiated IP and vertical solutions713. Meanwhile, Amazon ’s increased capex8 and Palantir ’s $10B U.S. Army contract11 underscore that hyperscaler and government demand for AI infrastructure and software remains robust.

For VC investors, the market is rewarding scale, growth, and defensible technology, but also expects clear paths to profitability and exit. Deal flow in AI infra, SaaS, and data platforms will remain strong, with valuations anchored by both mega-rounds and renewed IPO activity. Strategic and PE buyers are likely to be active, especially as Big Tech and defense primes look to secure unique assets in an increasingly competitive landscape.