Spatial Signal - August 6th, 2025

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🎨 Figma Debuts with Blockbuster IPO, Sustains Strong Momentum

Figma, the web-based collaborative design platform, made its debut on July 31, 2025, pricing shares at $33 each and raising approximately $1.22 billion. On its first trading day, the stock surged 250%, opening at $85, peaking at $124.63, and closing at $115.50—lifting its market capitalization from the initial $19.3 billion IPO valuation to $47.1 billion by day’s end. Since listing, Figma has maintained robust momentum, delivering 46% year-over-year revenue growth in Q1 2025 with net income of $44.9 million, while its active monthly users exceed 13 million—nearly saturating the Fortune 500 customer base.

• Historic debut: Priced at $33/share to raise $1.22 billion, with shares surging 250% on debut—opening at $85, peaking at $124.63, and closing at $115.50—for a post-close market cap of $47.1 billion

• Robust financials: Q1 2025 revenue grew 46% year-over-year to $228.2 million, yielding net income of $44.9 million

• Broad adoption: More than 13 million active monthly users with near-total penetration of Fortune 500 enterprises

Figma’s successful IPO and sustained growth reinforce its position as a leading SaaS innovator, positioning the company to deepen its product suite and expand enterprise integrations—setting a high-water mark for future tech listings.

📈 Immersed’s Pre-IPO Round Sold Out Twice (Briefly Reopened)

Immersed’s pre-IPO campaign sold out twice—and after extending the deadline from July 30 to August 30, 2025—it has now raised nearly $4 million this year to accelerate Visor (4K-per-eye headset) production and Curator (AI agent software) development. The CEO, Renji Bijoy, stated in an investor webinar that Immersed will file a Reg A+ offering with the SEC at a $400 million valuation—a 33% increase over the current round—underscoring robust investor enthusiasm.

The lightweight 4K-per-eye Visor launch seems to coincide with Google’s Android XR debut for seamless out-of-the-box performance, while Curator AI beta users describe it as “a true paradigm shift in spatial computing.”

• Nearly $4M raised in oversubscribed rounds this year

• Reg A+ filing at $400M valuation, a 33% uplift from today’s terms (closing this month)

• Visor launch seemingly aligned with Android XR debut for peak compatibility

• Curator AI beta delivers transformative spatial workflows and productivity

• 5,000+ investors locked in earlier terms before final close

Those interested can buy shares in Immersed until August 30th, after which investing at the current valuation will close, marking the final window before terms adjust.

🤓 Meta Unveils Ultra-Thin Holographic XR Display Prototype

Meta, in collaboration with Stanford University, revealed on August 1, 2025 an ultra-thin (3 mm) holographic XR display prototype that leverages light-field reconstruction instead of traditional stereoscopy to produce fully realistic 3D images. Integrating a custom waveguide, laser projection, polarizer, and pixel-level spatial light modulator, the prototype delivers a wide field of view and large eyebox, overcoming key limitations of existing smart glasses. Although currently a non-transparent proof of concept, this breakthrough marks a critical step toward true spatial computing wearables that blend digital content seamlessly with the real world.

• 3mm true holographic waveguide: Generates depth-accurate, high-resolution images via laser projection and a pixel-level modulator, rather than relying on eye-confusion techniques

• Wide field of view & large eyebox: Enhances user comfort and accessibility by addressing the narrow viewing angles and tight eyeboxes of current AR/VR displays

• Roadmap to consumer AR glasses: Though non-transparent today, Meta expects to adapt this technology into lightweight, AI-enabled smart glasses within the next 3–5 years

Investors should monitor how these policies influence AI startups and large tech firms, as regulatory shifts can affect market dynamics, funding flows, and public perception. The controversy may also impact tech valuations and strategic planning in the AI sector.

🤖 OpenAI Releases gpt-oss Open-Weight Models, Democratizing Advanced AI

OpenAI has officially released two open-weight large language models—gpt-oss-120b and gpt-oss-20b—on August 5, 2025. Offered under the Apache 2.0 license, these Transformer-based, mixture-of-experts models support up to 128 K token contexts and enable local inference on high-end GPUs and edge devices. Positioned as the most significant open-source AI effort since GPT-2, this launch empowers developers, enterprises, and researchers to deploy, customize, and innovate freely, backed by OpenAI’s comprehensive safety evaluations and external expert reviews.

• First open-weight LLMs since GPT-2: gpt-oss-120b and gpt-oss-20b released under Apache 2.0, enabling unrestricted local deployment and fine-tuning

• Mixture-of-experts at scale: gpt-oss-120b features 117 B parameters activating 5.1 B per token across 128 experts (4 active), with 128 K-token context; gpt-oss-20b provides 21 B parameters and 3.6 B active per token, runnable on 16 GB hardware

• Competitive performance & strategic impact: gpt-oss-120b matches or exceeds proprietary o4-mini on benchmarks like Codeforces, MMLU, and AIME, countering Chinese open-model advances such as DeepSeek and enabling cloud partners to offer on-device AI

🚀 Firefly Aerospace Raises IPO Valuation Above $6 Billion

Firefly Aerospace has set its IPO range at $41–$43 per share, valuing the company at about $6.04 billion and targeting $696.6 million in proceeds. This follows its Blue Ghost lunar lander’s first commercial Moon touchdown in March 2025 and a $1.12 billion order backlog, highlighting robust investor demand despite heavy R&D–driven net losses

• IPO range expanded: $41–$43/share for $696.6 million in proceeds

• Commercial lunar success: Blue Ghost mission soft-landed NASA payloads on the Moon

• Strong backlog: $1.12 billion in contracts with NASA, U.S. Space Force, Lockheed Martin, and more

Did You Know? Many of the biggest tech IPOs happened when founders were in their late 20s to early 30s—Snap’s Evan Spiegel went public at 26, Facebook’s Mark Zuckerberg at 28, Google’s Larry Page and Sergey Brin at 31, Bill Gates at 31, and Jeff Bezos at 33.

Till next time,

Spatial Signal