Alternative Investing Report - August 1, 2025

In partnership with

*as of 7/31; Sources: S&P, BTC, FTSE, DJRE, 30YM

Design startup Figma went public yesterday (NYSE: FIG) and its shares more than tripled, ending the day at $115.50 per share after opening at $33 per share. When after-hours trading is factored in, the stock price more than quadrupled, sending its market cap to over $68 billion. This debut is a happy ending for Figma’s early investors, who saw a potential $20 billion acquisition by Adobe fall apart in 2023 followed by the company being valued at $12.5 billion in a tender offer.

➨ TAKEAWAY: The exit is a massive result for Figma, for its investors, and the VC ecosystem as a whole, which has seen very little exit activity over the past few years. This was only the fifth IPO to raise more than $1 billion on the year, though the VC-backed IPOs coming out in ‘25 have fared well. Figma’s, along with CoreWeave’s and Circle earlier this year, shows leading private companies that there is market demand for their shares and should lead to more of the them going public sooner rather than later. With more than 1,500 private unicorns out there, the floodgates could open when conditions favor it.

In this episode of Smart Humans, Slava Rubin talks with entrepreneur and investor James Altucher about becoming a successful investor, the impact of AI on the economy, and the future of crypto. Don’t miss James’ investment picks for three years out.

More and bigger data centers are being built worldwide to catch up to the intensive energy needs of the AI industry, and even with all of the infrastructure spending planned, pundits still project a significant shortfall by 2030. Wholesale electricity prices in the U.S. are up 22% this year, and Americans’ electric bills are likely to get higher as a result.

➨ TAKEAWAY: AI chips and AI models are likely going to get more complex and more energy-intensive, and there is only so much cheap energy to go around. AI data centers also use significant quantities of water to cool the equipment, and many are located in water-stressed areas. Companies that can provide cheap and efficient energy or a better system for cooling could be poised to reap the “picks and shovels” benefits of the AI revolution that is not slowing down anytime soon.

📊 PCE report: The Fed’s preferred inflation metric showed prices increased in June by 2.6% annually, while the core PCE measure that strips out food and energy costs rose 2.8%. This metric will be viewed as a measure of vindication for the decision earlier this week to keep interest rates steady.

🏡 Sellers cutting prices: The number of for-sale listings cutting their price in June hit the highest level Zillow has ever recorded, with metro areas that boomed during the pandemic seeing the highest proportion of price cuts.

🪙 Kraken fundraise: The crypto exchange is reportedly trying to raise $500 million at a $15 billion valuation, which could delay an IPO that was expected to take place early next year.

🏢 Multifamily permitting: Miami has been the top market in the country for multifamily permits over the past twelve months, followed by Columbus, Brooklyn, and Houston.

🚀 Clean Energy VC: Fundraising for the clean energy sector fell 6% in Q2, which was a decent result given the policy headwinds so far in 2025. Grid infrastructure saw the highest deal count, and the biggest fundraise of the quarter was nuclear startup TerraPower’s $650 million round.

🦗 3,400 year-old grasshopper relic: A 3.5” ivory and wood carving that may have been stolen from King Tut’s tomb sold for $450,000 despite questions about its provenance.

Monday: 💵 Asset allocations, 🏡 Capital gains tax
Tuesday: 🏡 Short-term rentals
Wednesday: 📈 Mark bubble?, 🏡 Slowing market
Thursday: 📊 Fed rate decision, 🪙 Crypto treasury companies

Have a great weekend!