Welcome back to another episode of the EUVC Podcast, your trusted inside track on the people, deals, and dynamics shaping European venture.

This week,

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, gather to unpack the macro forces and micro signals shaping European tech and venture.

They sit down to break down the two sides of the IPO market: the soaring optimism behind Figma’s public debut — and the deep freeze that’s hit London listings harder than at any time since before the dot-com crash.

They also unpack what Figma’s $730M paper loss means, how vertical AI is the next generation of SaaS, and what the UK must fix to stand a chance in the global listings race.

If you’re investing, building, or just trying to make sense of the markets this summer — this one’s for you.

Here’s what’s covered

• 02:30 | AI infra’s moment & CoreWeave hype
  Why infra plays like CoreWeave and Circle have the market buzzing — but vertical AI is where the next SaaS returns lie.
• 04:50 | Figma’s $730M paper loss explained
  Mad breaks down the headline figure, the failed Adobe deal, the FTC veto, and why this IPO is about fundamentals — not hype.
• 08:20 | Tender offer drama & employee morale
  How Figma’s $20B exit fizzled — and the May 2024 tender to keep teams motivated ahead of listing.
• 12:00 | Figma as a bellwether for design & vertical AI
  Why product-led SaaS is shifting toward deep vertical AI workflows — and what that means for investors.
• 15:45 | London: the slowest IPO H1 in nearly 30 years
  Counter to the US’s $9B+ haul in 12 deals, London managed just $160M across five listings. A brutal gap.
• 18:10 | Worse than dot-com. Worse than ‘08.
  Dan & Mad put the numbers in perspective: this is the weakest stretch since before many listeners were born.
• 26:15 | Dual-class shares & free float: too little too late?
  Why tweaking share classes & float minimums is more copy-paste than innovation — and not the real fix.
• 35:20 | The ESG paradox & listing tension
  Where does London’s ESG edge help — and where does it push big companies abroad?
• 40:15 | US vs UK capital markets: talent, trust & scale
  Why founders and funds still flock to New York — and the structural advantages London must address.
• 44:30 | Can London fight back?
  What would it actually take to make London relevant again for growth listings? Dan’s realist take.
• 50:00 | Lessons from Figma for founders
  Why strong fundamentals still matter — and how the tender saga shows the cost of employee trust.
• 55:00 | The vertical AI playbook: Europe’s edge?
  Where Europe’s sector expertise might win if it can get capital markets working again.