Revolut hits $75B valuation, delays IPO 2-3 years while securing banking licenses globally
Revolut raised $3B at $75B valuation in November 2025 - on par with Barclays and SocGen. CEO says IPO "most likely 2-3 years away", preferring US listing over London. 2024 revenue hit $4B (+72% YoY) with $1B net profit. Now at 65M customers across 48 countries. Pursuing standalone US banking license under Trump admin instead of acquiring a bank. Just became first digital bank to get Mexican banking license through direct application.
Figma acquires Weavy, launches AI credit system as Adobe competition heats up
Figma acquired Weavy in January 2026 as part of its AI strategy. New AI features: erase object, isolate object, expand image. AI Credit System launching March 2026. After Adobe's failed $20B acquisition (killed by antitrust, $1B breakup fee), Figma went public. Revenue growing 4x faster than Adobe, though still unprofitable. Adobe shelved XD, and Figma's First Draft and Make features are eating into Creative Cloud among younger teams.
Discord files confidentially for IPO, targeting Q1 2026 at $15-25B valuation
Discord filed for IPO with Goldman Sachs and JPMorgan. Valuation expectations range widely: secondary markets show ~$7B, but bulls see $25B at 20-25x their ~$800-900M ARR. The company rejected Microsoft's $12B offer in 2021. Now at 200M+ MAU with Nitro subscriptions driving revenue. This IPO is being called "a referendum on whether community platforms with weak monetization deserve venture valuations."
Cursor (Anysphere) raises $2.3B at $29.3B valuation, crosses $1B ARR
Cursor hit $29.3B valuation with $2.3B Series D in November 2025 (was <$10B months earlier). Total raised: $3.4B across 7 rounds. Crossed $1B ARR with 300+ employees. Backed by Accel, Thrive, a16z, Coatue, NVIDIA, and Google. Used by OpenAI, Spotify, Uber, Instacart, and MLB. OpenAI reportedly tried to acquire them but deal fell through. Acquired Koala and Supermaven. No IPO plans announced.
Perplexity AI valued at $20B, partners with Snapchat to reach 1B users
Perplexity AI hit $20B valuation with $200M Series D in September 2025. Total funding: $1.22B across 9 rounds. Valuation grew from $520M to $20B in under 2 years. Processing 780M+ queries/month with ~$150M ARR. Major expansion in January 2026: partnership with Snapchat (1B MAU) to power AI search in chat. 2026 revenue target of $656M implies 230% growth. Key backers include Jeff Bezos, Nvidia, SoftBank.
Databricks raises $4B at $134B valuation, adds $1.8B debt ahead of 2026 IPO
Databricks raised $4B at $134B valuation in December 2025 (34% jump from August). Now added $1.8B in debt led by J.P. Morgan, pushing total borrowings to $7B+. Revenue run-rate exceeds $4.8B with 55%+ YoY growth. AI products hit $1B+ run-rate. CEO Ali Ghodsi says company has "a shot to be a trillion-dollar company." 2026 IPO expected on Nasdaq when conditions align.
Stripe valuation reaches $129B on secondary markets, up 158% from Series I
Stripe secondary market valuation hit $129B in December 2025, up 158% from its $50B Series I round in March 2023. Payment volume reached $1.4T in 2024. The company acquired Bridge Network (stablecoin platform) for $1.1B and Metronome for usage-based billing. Despite IPO speculation, the Collison brothers say going public is not a priority. Total funding raised: $9.81B over 24 rounds.
SpaceX completed a tender offer at $800B valuation ($421/share, nearly double the $212 from July). Elon Musk is targeting a $1.5T valuation at IPO, planning to raise $30B+ to fund aggressive Starship flight rates, space-based AI data centers, and a lunar base. Revenue expected to hit $22-24B in 2026. Starlink has surpassed 8M subscribers with $12-15B ARR. Reports suggest a possible xAI merger before IPO.
Anthropic closed its massive funding round above the original $10B target (between $10-15B) at a $350B valuation. Coatue and GIC led the round, with Sequoia also participating despite their stake in rival OpenAI. The valuation has rocketed from $18B to $350B in less than two years. CEO Dario Amodei confirmed ~$10B in 2025 revenue. An IPO is expected in H2 2026. This is separate from the $15B commitment from Nvidia and Microsoft.
