A Figma of your imagination

Top News

• Figma shares take off on NYSE: The collaborative design app’s stock debuted on Thursday at $33 and hit $112 before trading was halted, in the latest sign that the tech industry has snapped out if its post-pandemic lull. The initial $85 trade valued the company at over $50 billion, more than doubling Adobe’s 2022 acquisition offer of $20 billion. (That deal collapsed following concern from UK regulators that the deal was anti-competitive.) On Tuesday, Bloomberg suggested the stock was roughly 40 times over-subscribed (meaning a LOT more people wanted to buy shares than Figma actually had available). The enthusiasm is understandable: Figma claims it generated $9-$12 million in profits in Q2 on $247-$250 million in revenue, a growth rate of about 40% year over year.

• Tether posted record profits: The stablecoin giant reported a net profit of $4.9 billion in Q2, breaking the $4.5 billion record they’d JUST set in Q1 of this year. Tether, of course, issues the world’s most popular stablecoin, USDT, with a total global supply of around $163 billion. (Circle’s USDC, the next most-owned stablecoin, remains far behind in the race, with a global supply of $64 billion). Though Tether remains one of the world’s largest holders of US government debt, their customer base is almost entirely international. For now, at least.

• My Anaconda does want some (funding): Startup Anaconda, which makes AI tools for developers and data scientists, raised more than $150 million in a Series C round at a $1.5 billion valuation, led by Abu Dhabi’s sovereign wealth fund, Mubadala Investment Co. The company has been around since 2012, but is currently shifting focus toward becoming an all-in-one AI platform for executives and enterprises. They plan to use the new funds to provide some liquidity to employees, along with product development, international expansion, and even potential acquisitions.

TWiST500

You’ll recall that Buy Now Pay Later (BNPL) platform Klarna Group nearly achieved TWiST 500 escape velocity earlier this year. They filed IPO paperwork with the SEC back in March before backing out in April, when President Trump’s tariff plans threw the markets into chaos.

Now that things have seemingly settled down on the international trade front, Bloomberg and The Information both report that the Swedish fintech giant is back from hiatus and ready to once again introduce its public offering. (It seems likely that the IPO could launch as early as September.)

While Klarna remains best known for its BNPL products — allowing consumers to pay for goods and services via low- or no-interest installment plans — it has been expanding its services to become more of a full-service online bank.

Back in June, the company launched the Klarna Card, a Visa debit card that can also be used in tandem with Klarna’s “Pay in 4” or “Pay in 30 Days” products. Klarna also teamed last month with Bolt Financial, to offer its financing options across the company’s point-of-sale merchant devices. And, earlier this month, British subsidiary Klarna Financial Services UK was formally recognized by the UK government as an authorized electronic money institution (EMI), allowing them to offer more financial services and money management tools.

With the mega-success of today’s Figma’s IPO, there’s clearly enthusiasm among retail investors to get in on hot new tech companies. Klarna seems poised to take advantage of this trend, if they can clear their remaining regulatory hurdles. – Lon

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This Week in Startups

E2158: It’s another all-star TWiST Investor Panel, featuring special guests Sophia Amoruso of TrustFund VC and Ryan Hoover of Weekend Fund (not to mention the best place to launch your new website, Product Hunt)! They’re going DEEP on the current landscape for startup investment, including discussions of durable vs. brittle revenue, various approaches to follow-on investments and recycling, and the crucial importance of hosting co-working events and jam sessions for founders. Don’t miss this one!

E2157: We’re breaking down some media stories, so Lon’s joining Jason and Alex to talk about Astronomer’s viral response to the Coldplay Canoodling meme (starring Gwyneth Paltrow!) and Sydney Sweeney’s extremely divisive American Eagle ad. (It’s not EXACTLY tech but there are some founder lessons here for sure!) Plus, Figma’s big IPO, everything that went wrong with the Tea app, and why Jason thinks app stores should ban “anonymous” forums.

E2156: Jason just got back from the big All-In AI Summit in DC, and he’s got a ton of behind-the-scenes anecdotes and observations to share. Hear about his immigration back-and-forth with VP JD Vance, his solar power debate with Energy Sec. Wright, Jensen Huang and Lisa Su’s thoughts on AI job displacement, and even getting a shoutout from POTUS himself. PLUS Alex and Jason have a little free trade vs. tariff tet-a-tet, and we’re answering YOUR top queries from Reddit.

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Founder U is coming to the MENA region!

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