Blockbuster Figma IPO arrives, who’s next?

Author

Noel Moldvai
July 31, 2025

TL;DR. The most anticipated tech IPO of the year is today, with Figma hitting a $20B valuation in a 30x oversubscribed debut. Meanwhile, Anthropic is nearing a $170B valuation as it locks in a fresh $5B raise, and Palo Alto Networks is finalizing the largest tech acquisition of 2025 with its $20B CyberArk buyout.

The Q2 2025 Augment Power 20 is live!

Augment’s Q2 2025 Power 20 Pre-IPO List is here — built from exclusive research and trading activity on our platform. SpaceX holds the #1 spot for the sixth straight quarter, with Anduril at #2 and Anthropic at #3. 10 of the top twenty are now AI pure-plays.

Figma makes Wall Street debut at $20B valuation after blockbuster IPO

Figma begins trading on the NYSE today with a $20B valuation after its IPO was oversubscribed by 30x. The $1.2B raise makes it the largest design software IPO in years. Figma’s revenue surged 46% year-over-year to $228M last quarter, with $45M in net income and a $10M stake in bitcoin on its balance sheet. With investor excitement soaring, Figma’s public debut is being hailed as a milestone moment for design tools and venture-backed tech IPOs.

Anthropic nears $170B valuation with potential $5B round

Anthropic is reportedly finalizing a new funding round of up to $5B, which would value the AI company at $170B, nearly triple its valuation from just four months ago. Iconiq Capital is leading the raise, alongside participation from investors in the Middle East. This scale of capital reflects both the soaring costs and strong investor appetite behind foundation model development.

Palo Alto Networks nears largest tech merger of 2025 with CyberArk acquisition

Palo Alto Networks is reportedly finalizing a $20B+ acquisition of CyberArk, which would mark the largest tech merger of 2025. CyberArk’s identity security platform is used by more than 10,000 global customers, and analysts are calling the deal a “strategic home run.” The move positions Palo Alto to lead in zero-trust security architecture and identity protection as the cybersecurity market heats up with a wave of consolidation and competitive pressure.

Quick Takes

Cheerio! Until next week.
-Noel