Google I/O Reactions, Large IPOs Incoming, Figma's AI Assistant | Dylan Field, Brian Chesky, Feross Aboukhadijeh, Tae Kim, Immad Akhund, Marcus Milione

SpaceX Prepares $80 Billion IPO That Would Dwarf Past Blockbusters

Funding and deals

• SpaceX. Roughly $80bn IPO, reportedly led by Goldman Sachs, would dwarf past blockbusters, and Founders Fund and Valor could gain over $60bn.
• Socket. Developer security platform raised a $60m Series C at a $1bn valuation led by Thrive Capital, with ARR up over 500%.
• Mercury. Business banking platform for startups raised $200m led by TCV, and applications ran about 2.5 times higher in the first quarter.

Guest interviews

• Tae Kim, Senior Portfolio Strategist at Rockefeller Capital Management. He calls NVIDIA cheap at about 19 times forward earnings and expects roughly 80% growth on about $80bn of revenue next quarter. He cites Michael Dell's math that memory per GPU will rise 25 times, which he says gives memory stocks pricing power. He is negative on Google for its absence from coding agents.
• Brian Chesky, co-founder and CEO of Airbnb. Airbnb took sixteen years to expand beyond homes, and he says the app most people see is only about 20% of the business. New offerings include grocery delivery, airport pickups, luggage storage and car rentals, plus a boutique hotel price match guarantee. He expects the World Cup to be Airbnb's biggest event ever.
• Dylan Field, co-founder and CEO of Figma. He says AI-generated design is becoming as easy to spot as AI-generated text. Figma's new design agent brings file context into an AI agent and can handle work such as design system maintenance. He argues design becomes the battleground as code commoditizes.
• Marcus Milione, founder of Minted New York. He built the brand by posting three videos a day for 365 days, and about 99.5% of growth is organic. Minted runs with three full-time employees and uses decoy listings to beat bots during drops.

News

• NVIDIA revenue jumps 85% to $81.6bn. Net income rose to $42.96bn from $18.8bn a year earlier, and the stock fell 2.4% at one point after the release.
• Developers cool on Google's I/O Gemini upgrades. Google showed smart glasses with Samsung, Gentle Monster and Warby Parker, but a new model scored below Cursor's Composer 2 at about four times the cost.
• TSMC plans much higher capital spending. TSMC says spending over the next three years will far exceed the last three. The hosts discussed Gavin Baker's view that restrained TSMC capacity could prevent an AI bubble.
• Warby Parker shares rise 43% in six months. The company is valued at about $3bn, down from $6bn in 2021. Jordi Hays expects smart glasses to find a first market among people who already wear glasses.