The Information's TITV Figma IPO, Earnings & OpenAI's GPT-5 Breakthrough | July 28, 2025
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Jul 28, 2025 
Cory Weinberg, Deputy Bureau Chief of Finance at The Information, dives into the buzz around Figma's upcoming IPO and the hefty returns anticipated for venture capitalists. The conversation shifts to the chaos of earnings week, highlighting key players and the impact of AI on their strategies, while discussing Apple's challenges. Additionally, Weinberg unveils new insights into OpenAI's GPT-5, focusing on its superior coding abilities and how it's reshaping the competitive landscape in generative AI.
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Early VC Gains in Figma IPO
- Early investments yield huge gains in IPOs like Figma's, with investors profiting billions from relatively small stakes.
- Being early and taking risks before revenue is proven is crucial for venture capital success in tech startups.
Unique Funding Stages in Figma
- Figma's IPO fundraising rounds featured a different lead venture firm at each stage, unlike current trends where firms double down.
- This unusual pattern reflects changing practices in startup funding and investor behavior.
IPO Gains Are Mostly Theoretical
- IPO profits are mostly theoretical until locked-up shares can be sold after six months.
- Some VC firms sell a small portion immediately for cash, but market performance ultimately determines gains.