A standout policy shift last week came from the UK government’s decision to shelve new filing requirements for small companies. This matters because it keeps the UK competitive at a critical moment. Forcing high-growth firms to disclose sensitive financials would have exposed them to rivals and powerful customers, undermining their negotiating position at the exact stage when they are most fragile. In the AI era, when speed, secrecy and first-mover advantage are everything, that kind of mandatory transparency would have been a gift to competitors abroad and incumbents at home. By shelving the rules, Britain is signalling that it values innovation, agility and the global competitiveness of its start-ups.
IPOs / Public
Figma’s S-1 filing revealed $749M revenue (+48% YoY), 88% gross margins, 132% net dollar retention and 963 customers >$100k ARR. Its sales efficiency (1.0) is best-in-class and R&D spend is on par with sales and marketing – the engine of PLG growth. At an estimated ~$21B IPO valuation, it would float just above Adobe’s blocked $20B acquisition offer in 2022. Investors are watching closely: will scarcity push multiples beyond what the models justify?
Meta has reportedly hired Ruoming Pang, Apple’s head of AI models, to help lead its superintelligence efforts as Zuckerberg continues his talent raid from rivals like OpenAI and Google DeepMind
Big Dogs
Lovable (AI “vibe coder” for app-building) is closing a $150M Series B led by Accel at $2B valuation. Founded in 2023, it hit $75M ARR and 30k+ customers in 18 months. Shows: UX + AI drives adoption, infra capital flows remain heavy, hypergrowth is borderless (no SF or London hub), and democratised stacks broaden who can build software.
CoreWeave (AI cloud infra) – acquiring Core Scientific (US data centres; ex-crypto mining) in a $9B all-stock deal, securing ~1.3GW of power with room for +1GW. Control of electrons is now as strategic as GPUs.
Venture Capital Insights
Creandum published its Euroseed 50 report: UK remains dominant hub, followed by Nordics, Germany and France. Atomico and Index lead mega-rounds, Balderton excels at A/B, Northzone later to AI bets. Sector strength clustered in enterprise SaaS and applied AI.
Venture Insider noted the rise of the “Quiet Close play” – founders opting for no press releases and low hype to preserve optionality and focus on execution.
Ilya Strebulaev analysed unicorn exits (600 US companies): median age 9 years, 60% exit between years 6–13, and only 4% exit before year 4.
Venture Geopolitics
FT reports that proposed changes to UK small company filing rules are to be shelved. This spares startups from greater disclosure requirements, easing admin burdens and keeping the UK aligned with US norm
Grok (xAI chatbot) – under fire after generating far-right talking points and antisemitic stereotypes when asked about immigration, demographics and religion. Shows how poorly-guarded alignment can turn models into vectors for political radicalisation, with real reputational and regulatory risks for Elon Musk’s xAI.
Elon Musk‘s plan to launch an America Party was not well-received by Tesla investors: the stock dropped nearly 7% today.