Figma is strengthening its competitive position against Adobe by acquiring AI media startup Weavey, making it a compelling public stock to watch in the design software space. In the private markets, monitor Poolside, an AI coding startup whose upcoming $2 billion funding round includes a major investment from NVIDIA. Another key pre-IPO name is Canva, which is directly challenging Adobe by integrating its own AI and making its professional Affinity Suite free. For exposure to the emerging humanoid robotics market, watch 1X Technologies, which has begun accepting pre-orders for its $20,000 Neo robot. Finally, Mercor is a high-conviction name to follow for a future IPO, as it is already profitable and rapidly growing in the critical AI data and training sector.

Mercor (Pre-IPO)

• Secured $350 million in a Series C funding round, quintupling its valuation from $2 billion to $10 billion.
• The company was founded in 2023 and initially focused on AI-driven hiring but pivoted to become a provider of specialized AI training data.
• This pivot was prompted by its 49% stake acquisition in rival Scale AI, which caused major AI labs (OpenAI, Anthropic, Google DeepMind, Meta) to seek neutral data providers.
• Mercor has built a network of over 30,000 domain experts (e.g., former bankers, lawyers) who provide specialized knowledge for training AI models.
• The company is currently operating at a $500 million annualized recurring revenue (ARR) pace and is profitable.
• It competes with Scale AI and Surge AI, both of which are valued at over $20 billion.

Takeaways

• Mercor represents a significant investment opportunity in the AI data and training sector, a critical component of the AI supply chain.
• Its rapid pivot and ability to capture market share from an established player like Scale AI demonstrates strong execution and strategic agility.
• The company's profitability at this stage of growth is a strong positive indicator, suggesting a sustainable business model.
• As a pre-IPO company, investment is currently limited to private markets, but it is a key name to watch for a potential future IPO, given its high growth and valuation.

OpenAI (Pre-IPO)

• Restructured from a capped-profit entity to a for-profit Public Benefit Corporation (PBC), unlocking a major $40 billion fundraising round at a $500 billion valuation.
• The non-profit arm, now the OpenAI Foundation, retains significant governance power and an initial 26% equity stake.
• Major investors in the new structure include Microsoft (27% stake for $13.75 billion invested through 2032) and SoftBank (15% stake).
• The company has an explosive $12 billion annualized revenue run rate and 800 million weekly active users.
• OpenAI is committing $1.4 trillion to infrastructure (data centers, chips) to support its ambitious growth.
• Its valuation on the secondary private market is $750.9 billion, indicating strong demand from private investors.
• The company is also expanding into new areas like generative music, aiming to compete with startups like Suno in the $200 billion annual creative media market.

Takeaways

• OpenAI is a dominant force in the AI industry, and its new corporate structure is designed to attract massive capital for continued growth and research.
• While a direct investment for the public is not yet possible, its performance is a key barometer for the entire AI sector.
• The high valuation and significant capital raises suggest that major institutional investors like SoftBank and Microsoft have extremely high conviction in its long-term potential.
• The potential for a future IPO is significant, though it would be under the continued oversight of the non-profit foundation. The secondary market valuation of $750.9 billion gives an idea of what a public listing could look like.

Poolside (Pre-IPO)

• An AI startup focused on large language models (LLMs) for software development and code generation.
• Currently raising $2 billion at a $12 billion valuation, a 4x increase from its previous valuation.
• NVIDIA is a key investor, pledging at least $500 million and potentially up to $1 billion in the round.
• The AI coding sector is valued at $50 billion and is projected to grow at a 45% compound annual growth rate (CAGR).

Takeaways

• Poolside is a specialized AI play focused on the high-growth niche of AI-assisted software development.
• The significant investment from NVIDIA, the leading provider of AI chips, is a major vote of confidence in Poolside's technology and market position.
• The rapid valuation growth and large funding round highlight the immense investor interest in tools that increase developer productivity. This is a key company to watch in the AI application layer.

Bending Spoons (Pre-IPO)

• Achieved an $11 billion pre-money valuation after raising $270 million in primary equity and facilitating a $440 million secondary share sale. This is up from $2.8 billion in 2024.
• The company follows a strategy of acquiring and revitalizing established digital brands, with its latest acquisition being AOL for $1.4 billion.
• Previous acquisitions include Vimeo, Evernote, Meetup, Hopin, and WeTransfer.
• Projected 2025 revenue is $1.2 billion, which will be boosted by AOL's 30 million monthly active users.

Takeaways

• Bending Spoons is a private equity-style technology holdings company with a proven track record of acquiring and growing digital assets.
• Its strategy of buying legacy brands with large user bases (like AOL and Evernote) and modernizing them presents a unique investment thesis in the digital media space.
• The significant jump in valuation indicates that major investors like T. Rowe Price and Fidelity are bullish on this roll-up strategy.

Whatnot (Pre-IPO)

• A live-stream shopping platform that raised a Series F round, lifting its valuation to $8 billion.
• Gross merchandise value (GMV) doubled to $6 billion in 2025, on which it takes an 8% commission.
• The company remains unprofitable despite its rapid growth.
• It is expanding internationally, targeting Asia by the end of 2026.
• Competes with major players like Amazon Live, TikTok Shop, and YouTube Shopping in a U.S. market projected to reach $60.6 billion by 2028.

Takeaways

• Whatnot is a high-growth play on the emerging trend of live-stream e-commerce, or "social commerce."
• Risk Factor: The company's lack of profitability is a key concern that investors should monitor. Its path to profitability will depend on scaling its commission-based revenue faster than its operational costs.
• Its ability to compete with tech giants who are also entering the space will be critical to its long-term success.

Figma (Public, Post-IPO)

• Acquired AI media generation startup Weavey for over $200 million to bolster its AI capabilities.
• Figma went public in July 2025 at a $24 billion valuation and saw its market cap peak at nearly $60 billion.
• The acquisition of Weavey allows Figma to integrate prompt-driven image and video creation directly into its platform, enhancing its competitive position against Adobe.

Takeaways

• Figma is aggressively integrating AI to defend and expand its market share in the design software space.
• The acquisition shows that even after a successful IPO, the company is focused on strategic M&A to stay ahead of technological shifts.
• Investors in Figma should view this move as a positive step in its ongoing battle with Adobe's Creative Cloud.

1X Technologies (Pre-IPO)

• Began accepting pre-orders for its Neo humanoid household robot.
• The robot is priced at $20,000 for an outright purchase or a $499 monthly lease. Deliveries are scheduled to begin in the U.S. in 2026.
• The company has an $8 billion valuation as of its September 2025 funding round.
• Risk Factor: The company's data collection practices for AI improvement, which require human supervision and a data-sharing waiver, have sparked privacy concerns that could present a headwind to adoption.

Takeaways

• 1X Technologies offers a direct investment opportunity into the futuristic humanoid robotics market.
• The start of pre-orders is a major milestone, moving the company from R&D to commercialization.
• Investors should weigh the enormous potential of the consumer robotics market against execution risks, manufacturing challenges, and potential regulatory or consumer backlash over privacy.

SpaceX (Pre-IPO)

• Its Starlink satellite internet division is projected to generate $11 billion in revenue in 2025, serving over 7 million users.
• The company is deepening its role in national security, on track to secure a $2 billion Pentagon contract.
• SpaceX is also exploring acquisitions, expressing interest in Globalstar to enhance its spectrum holdings for satellite communications.
• The company has a secondary market valuation of $446.3 billion, up 11.6% from its July 2025 round.

Takeaways

• SpaceX continues to be a premier, high-growth private company with multiple powerful revenue streams: launch services (Falcon 9), satellite internet (Starlink), and government contracts.
• The strong growth of Starlink is the primary driver of its increasing valuation and is a key asset to watch.
• Its massive valuation on the secondary market reflects intense investor demand and points to what could be one of the largest IPOs in history if and when it decides to go public.

Canva (Pre-IPO)

• Introduced its own proprietary AI design model to directly challenge Adobe.
• The company is integrating AI deeply into its platform and also made its acquired Affinity Suite (a professional design software) free to attract more users.
• Canva has a secondary market valuation of $43.6 billion.
• It is positioning itself as a more accessible and integrated alternative to Adobe's Creative Cloud for its 30 million users.

Takeaways

• Canva is making a major strategic push with AI to move upmarket and compete more directly with Adobe for professional creators.
• Making the powerful Affinity Suite free is an aggressive user acquisition strategy designed to pull users from the Adobe ecosystem.
• As a pre-IPO company, Canva represents a significant opportunity in the $100 billion design software market, with a clear strategy to challenge the incumbent leader.