Evening Scan

Anthropic's $900B valuation, confirmed as terms were agreed on a $30B raise, was the day's largest number. Figma and Kioxia both posted results showing the AI buildout extends across a wide supply chain.

$333.4M — Figma's Q1 revenue, against a $313.2M estimate — the beat is almost as notable as the growth rate.

Anthropic Closes Terms on $30B Round at $900B Valuation

Sequoia, Dragoneer, Greenoaks, and Altimeter are co-leading a round for a company that still hasn't shipped a consumer product most people use daily. (Financial Times)

Kioxia Reports Record Earnings, Plans U.S. Listing

The Japanese flash storage maker is forecasting ~$8.2B in Q1 operating profit and is up 300% YTD — one of the AI trade's largest gainers. (Bloomberg)

Bill Ackman Takes New Stake in Microsoft

Size to be disclosed in a 13F filing, but Ackman's public framing — that investors have underestimated Microsoft — reads less like commentary and more like a thesis for buying on weakness. (Bloomberg)