Figma, Inc.
Information Technology · Application Software
Structural: Figma is the de facto standard for UI/UX design at modern software orgs; browser-native multiplayer collapsed Sketch + InVision into one tool over 2018-2024. IPO'd July 2025 after Adobe's $20B acquisition was terminated late-2023 on UK CMA + EC antitrust pressure - Adobe paid a $1B break fee, leaving Figma cash-rich and independent.
- Near-monopoly mindshare in product design seats; Dev Mode extends ARPU into engineering org
- Net dollar retention historically >130%; seat-expansion motion compounds without new logo spend
- AI Make Designs + FigJam AI position Figma as a design-side $ADBE alternative on the generative wave
- Post-break cash pile (~$1B Adobe fee + IPO proceeds) funds aggressive AI build-out
- Enterprise tier penetration still early vs Org-tier base
- $ADBE refocused Express + Firefly directly at Figma's wedge; bundle pricing pressure real
- Generative AI compresses the "design a screen" job - value may migrate to model layer ($OPENAI, $ANTH)
- Seat-based pricing exposed if AI agents replace junior designer headcount
- IPO valuation prints rich vs $TEAM, $MNDY, $ASAN collab-SaaS comps
- Cursor / v0 / Bolt code-first tools route around design files entirely for greenfield apps
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