Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Bottom-Up

<ul>
<li>Figma reported a solid 1Q’FY26, reflecting the highest net dollar retention rate of 139% in over 2 years, and strong overall (+55% YoY) and large customer (+48% YoY) growth.</li>
<li>Management has noted the early traction from AI credit monetization, which started on March 18. Revenue grew 46% YoY to ~$333M, accelerating from 40% in the prior quarter.</li>
<li>With shares down ~32% in 2026, Figma has underperformed the IGV (-4.98%). I view valuation as attractive, but the competition fears might weigh on the stock in the near term.</li>
</ul>


Figma reported a solid 1Q’FY26, reflecting the highest net dollar retention rate of 139% in over 2 years, and strong overall (+55% YoY) and large customer (+48% YoY) growth.
Management has noted the early traction from AI credit monetization, which started on March 18. Revenue grew 46% YoY to ~$333M, accelerating from 40% in the prior quarter.
With shares down ~32% in 2026, Figma has underperformed the IGV (-4.98%). I view valuation as attractive, but the competition fears might weigh on the stock in the near term.


Findell Turns Bullish on Figma. Attractive Valuation, But Range Bound Till Competition Fears Ease

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/space-exploration-technologies-corp-spacex" target="_blank" data-smartkarma-citation="entities:33284:1" rel="noopener">SpaceX (SPCX US)</a>, an Elon Musk led Space to AI company, aims to raise around US$75bn in its US IPO.</li>
<li>SpaceX is set to be the largest IPO ever. It will also probably end up being one of the most controversial ones given the asking valuations and other worldly promises.</li>
<li>We looked at its Space and Connectivity segments in our previous note. In this note, we talk about its AI Segment.</li>
</ul>



SpaceX (SPCX US), an Elon Musk led Space to AI company, aims to raise around US$75bn in its US IPO.
SpaceX is set to be the largest IPO ever. It will also probably end up being one of the most controversial ones given the asking valuations and other worldly promises.
We looked at its Space and Connectivity segments in our previous note. In this note, we talk about its AI Segment.


Aequitas: SpaceX IPO - AI - The Next Frontier, but a Cash Guzzler and MAU Laggard

Private Markets, Angel and Secondary Investing, Sacra

Sacra

Private Markets, Angel and Secondary Investing

Bringing transparency to private markets so investors, founders, and employees can build on conviction. Sacra delivers deeply researched insights on the private companies shaping tomorrow's markets. By surfacing the data, context, and operator perspective that are missing from private markets today, we help secondary buyers and sellers price equity accurately and unlock liquidity for the people building these businesses.

Private Capital Markets

<ul><li>Sacra estimates that DataRobot hit $225M in annual recurring revenue (ARR) at the end of 2023, up 13% year-over-year.</li><li>The company has raised approximately $1.1 billion in total funding across multiple rounds.</li><li>DataRobot sells a B2B SaaS enterprise AI platform via subscriptions to large organizations across government and commercial sectors.</li></ul>

Sacra estimates that DataRobot hit $225M in annual recurring revenue (ARR) at the end of 2023, up 13% year-over-year.The company has raised approximately $1.1 billion in total funding across multiple rounds.DataRobot sells a B2B SaaS enterprise AI platform via subscriptions to large organizations across government and commercial sectors.

<ul><li>Sacra estimates that Cohere hit $240 million in annual recurring revenue (ARR) in 2025, up 287% year-over-year from $62 million at the end of 2024, surpassing its internal $200 million target.</li><li>In April 2026, Schwarz Group committed €500 million (approximately $600 million) in structured financing as lead investor for Cohere&#39;s Series E round, which CFO Francois Chadwick said is expected to close within the next few months.</li><li>The company generates approximately 85% of its revenue from private deployments, with large enterprise customers including Oracle, Fujitsu, RBC, LG, and Notion signing multi-year contracts that provide revenue visibility.</li></ul>

Sacra estimates that Cohere hit $240 million in annual recurring revenue (ARR) in 2025, up 287% year-over-year from $62 million at the end of 2024, surpassing its internal $200 million target.In April 2026, Schwarz Group committed €500 million (approximately $600 million) in structured financing as lead investor for Cohere&#39;s Series E round, which CFO Francois Chadwick said is expected to close within the next few months.The company generates approximately 85% of its revenue from private deployments, with large enterprise customers including Oracle, Fujitsu, RBC, LG, and Notion signing multi-year contracts that provide revenue visibility.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/space-exploration-technologies-corp-spacex" target="_blank" data-smartkarma-citation="entities:33284:1" rel="noopener">SpaceX (SPCX US)</a>, an Elon Musk led Space to AI company, aims to raise around US$75bn in its US IPO.</li>
<li>SpaceX is set to be the largest IPO ever. It will also probably end up being one of the most controversial ones given the asking valuations and other worldly promises.</li>
<li>We looked at its Space segment in the previous note. In this note, we talk about its connectivity segment.</li>
</ul>



SpaceX (SPCX US), an Elon Musk led Space to AI company, aims to raise around US$75bn in its US IPO.
SpaceX is set to be the largest IPO ever. It will also probably end up being one of the most controversial ones given the asking valuations and other worldly promises.
We looked at its Space segment in the previous note. In this note, we talk about its connectivity segment.


Aequitas: SpaceX IPO - Connectivity - The Growth Driver and Cash Generator

United States

Anthropic, PBC operates as an AI safety and research company. The Company builds reliable, interpretable, and steerable AI systems. Anthropic serves customers in the United States.

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Anthropic (1892140D US)

Findell Turns Bullish on Figma. Attractive Valuation, But Range Bound Till Competition Fears Ease

Figma stock trades below IPO offer price of $33.00 per share. I view current valuation as attractive. However, the competition fears may continue...

Andrei Zakharov

Aequitas: SpaceX IPO - AI - The Next Frontier, but a Cash Guzzler and MAU Laggard

SpaceX (SPCX US), an Elon Musk led Space to AI company, aims to raise around US$75bn in its US IPO. In this note, we talk about its AI segment.

Sumeet Singh

Primer: DataRobot - 31 May 2026

AI software for automating model development, deployment, and monitoring across enterprise teams

Sacra

Primer: Cohere - 31 May 2026

API for fast, cost-effective large language models tailored to enterprise deployments

Sacra

Aequitas: SpaceX IPO - Connectivity - The Growth Driver and Cash Generator

SpaceX (SPCX US), an Elon Musk led Space to AI company, aims to raise around US$75bn in its US IPO. In this note, we talk about its connectivity...

Sumeet Singh

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