Market Overview - The US stock market experienced a decline on Thursday, with the S&P 500 index recording its third consecutive day of losses. The Dow Jones fell by 0.74%, the S&P 500 decreased by 0.37%, and the Nasdaq saw a slight drop of 0.03% [1][3]. Trade Policies Impact - The primary reason for the market pullback is attributed to a series of trade and price control policies accelerated by Trump during the election campaign. He announced new tariffs on goods from multiple countries, including a 15% tariff on South Korean products in exchange for a $350 billion investment from South Korea [3]. - Trump also stated that starting Friday, a 25% tariff would be imposed on Indian goods, warning of further penalties if India continues to purchase Russian energy [3]. - Additionally, Trump urged 17 multinational pharmaceutical companies, including Eli Lilly, Novo Nordisk, and Pfizer, to lower US drug prices to the lowest globally within 60 days, leading to a significant drop in the pharmaceutical sector [3]. Figma's IPO Performance - Figma, a cloud-based design software company, saw its stock surge by 250% on its IPO day, opening at $85, nearly three times its $33 issue price, and reaching a high of $112 before closing at $115.50 [4]. - The successful IPO has injected strong momentum into the US IPO market, with over $21 billion raised so far in 2025, surpassing the $20.2 billion raised in the same period of 2024 [9]. Future Growth and M&A Strategy - Figma aims to expand its user base beyond designers to include product managers, marketers, and general office users, which is seen as a key variable for long-term growth [7]. - The company plans to integrate AI capabilities deeply into its products and is actively seeking acquisition opportunities to enhance its offerings in design, collaboration, and development [8]. Market Sentiment and Valuation - Analysts suggest that the recent rapid market increase has already priced in a lot of positive expectations, particularly after the S&P 500 reached new highs for six consecutive days. The current market valuation is considered high, and any policy changes or hawkish statements could trigger technical adjustments [3].

设计软件制造商 Figma（FIG）将于周四开始交易，该公司周三将IPO定价为每股 33 美元。由于这一价 格高于 30-32 美元的预期区间，表明市场需求旺盛。 Figma 此次 IPO 之前，曾在 2023 年计划以 200 亿美元的价格出售给数字软件巨头 Adobe（ADBE）， 但由于欧洲监管机构对这两家数字设计巨头的合并提出反垄断担忧，该交易最终告吹。 Figma 的 IPO 计划一直受到华尔街的密切关注。华尔街最初预期的定价区间为 30-32 美元，而 Figma 的 定价已超出这一范围，且这一预期区间本身就高于 Figma 自己此前预测的 25-28 美元。 按 33 美元的定价计算，该公司总股本为 5.85 亿股，那么市值将达到 193 亿美元。 此次 IPO 将发行 3694 万股股票，其中公司发售 1247 万股，现有股东发售 2446 万股，预计将筹集约 12 亿美元资金。 ...

Core Insights - The U.S. IPO market is experiencing a significant resurgence, highlighted by Figma's successful debut on the New York Stock Exchange, where its opening price was $83, more than double its issuance price of $33, and it closed at $115.5, marking a 250% increase on its first day [2][3][4] Company Overview - Figma is a design software company that provides collaborative design tools for websites, applications, and digital products, with notable clients including Netflix, Airbnb, and Duolingo [3] - The company raised $1.2 billion by selling 36.9 million shares during its IPO, with early investors including prominent venture capital firms like Sequoia Capital and Kleiner Perkins [3][4] Market Context - Figma's IPO is seen as a symbol of the recovery of the tech IPO market, as it coincides with a strong rebound in the U.S. stock market, driven by robust earnings reports from major tech companies like Microsoft and Meta, and a growing interest in generative AI [3][4] - The overall IPO market in the U.S. is showing signs of recovery, with 59 IPOs completed in Q2 2025, raising a total of $15.02 billion, surpassing the previous quarter's figures [4][5] AI Integration - Figma is accelerating its AI capabilities to maintain its competitive edge in the design software industry, having launched several AI features aimed at enhancing design efficiency and lowering barriers to use [6][7] - The competitive landscape is intensifying, with other design platforms like Canva and Adobe rapidly integrating AI functionalities to capture market share [6][7] Valuation and Growth Potential - Figma's improved capabilities in AI are seen as a key factor in its valuation reassessment, especially after a failed acquisition attempt by Adobe at a $20 billion valuation [7]

Figma的第二大投资方Greylock Partners在2015年领投了该公司的A轮融资，当时股价估值为每股20美 分。知情人士称，Greylock对Figma的总投资约为5000万美元，IPO时其持股价值达20.3亿美元——投资 回报率超过40倍。同样剔除已售股份后，Greylock的持股价值在周四升至约67.5亿美元。 除这两家斩获数十亿美元回报的机构外，Kleiner Perkins和红杉资本(Sequoia Capital)等知名投资方也早 早押注了这家当时尚处起步阶段的公司。对于此前长期遭遇IPO市场寒冬的风投行业而言，这些巨额收 益意义非凡。 三年前，Figma的投资方险些只能获得远低于如今的回报。2022年，Adobe公司曾计划以200亿美元收购 Figma，但因监管问题，该交易在2023年宣告终止。本周，Figma以每股33美元的发行价上市，按完全 稀释计算估值为185亿美元;而到周四收盘时，其完全稀释估值已达650亿美元(每股115.50美元)，远超 2022年拟出售的价格。 设计协作平台Figma(FIG.US)于昨夜登陆纽交所，上市首日便飙升250%，引爆市场，其早期风投投资者 借此 ...

三年前，Figma的投资方险些只能获得远低于如今的回报。2022年，Adobe公司曾计划以200亿美元收购 Figma，但因监管问题，该交易在2023年宣告终止。本周，Figma以每股33美元的发行价上市，按完全 稀释计算估值为185亿美元;而到周四收盘时，其完全稀释估值已达650亿美元(每股115.50美元)，远超 2022年拟出售的价格。 Index Ventures合伙人丹尼.里默(Danny Rimer)在2013年主导了Figma的种子轮投资，当时该公司股价估值 仅为每股9美分。他表示，自己长期以来一直被联合创始人迪伦.菲尔德(Dylan Field)的产品愿景所打 动，并认同菲尔德的观点——设计是许多面向消费者的科技企业"最重要的决定因素"。 设计协作平台Figma(FIG.US)于昨夜登陆纽交所，上市首日便飙升250%，引爆市场，其早期风投投资者 借此获得了数十亿美元的丰厚回报。 据一位不愿具名的知情人士透露，Figma最大的风投支持者Index Ventures在该公司初创期的种子轮融资 中投入了近1亿美元。以Figma的IPO发行价计算，截至周三，Index持有的股份价值21.7亿美元。 而 ...

Group 1 - The U.S. IPO market is experiencing a significant resurgence, highlighted by Figma's successful debut on the New York Stock Exchange, with its opening price at $83, more than double the $33 issue price, and a closing price of $115.5, marking a 250% increase on its first day [1][3][4] - Figma's strong performance is seen as a pivotal moment for the tech IPO market, potentially encouraging more AI-related tech companies to restart their listing plans, which could lead to a transformative recovery in the U.S. IPO market by 2025 [1][4][5] Group 2 - Figma, a platform for collaborative design tools, has notable clients including Netflix, Airbnb, and Duolingo, and its early investors include prominent venture capital firms like Sequoia Capital and Kleiner Perkins [3][4] - The company raised $1.2 billion by selling 36.9 million shares at an adjusted issue price of $33, which was above the previously set range of $30-$32 [3][4] - The successful IPO of Figma is viewed as a symbol of the recovery of the tech IPO market, with analysts noting that the demand for rapidly growing software companies has been absent for years [4][5] Group 3 - Figma's IPO coincides with a strong rebound in the U.S. tech sector, driven by robust earnings reports from major companies like Microsoft and Meta, alongside a surge in investment interest in generative AI [3][4] - The overall IPO market in the U.S. is showing signs of substantial recovery, with 59 IPOs completed in Q2 2025, raising a total of $15.02 billion, surpassing the 45 IPOs and $11.23 billion raised in Q1 2025 [4][5] Group 4 - Figma is accelerating its AI capabilities to maintain its competitive edge in the design software industry, having launched several AI features aimed at enhancing design efficiency and lowering barriers to use [7][8] - The competitive landscape is intensifying, with other design platforms like Canva and Adobe rapidly integrating AI functionalities to capture market share [7][8] - Figma's improved AI capabilities are seen as a key factor in its valuation reassessment, especially after the failed acquisition attempt by Adobe at a $20 billion valuation [8]

Core Insights - Figma's IPO raised $1.2 billion, with a market valuation significantly exceeding the $20 billion level at which Adobe terminated its acquisition agreement, signaling a revival in the U.S. tech IPO market [1] - Figma's stock opened at $83, doubling its issue price of $33, and reached a peak of $125 during trading, closing at $115.5, marking a 250% increase on its first day and a market capitalization of $67.6 billion [1] - The strong debut of Figma is viewed as a pivotal moment for the tech IPO market, which has been sluggish for years, potentially encouraging more AI-related tech companies to pursue IPOs [1][2] Company Overview - Figma provides collaborative design tools for websites, applications, and digital products, with notable clients including Netflix, Airbnb, and Duolingo [2] - The company was backed by prominent venture capital firms such as Sequoia Capital and Kleiner Perkins, and its CEO Dylan Field retains 74.1% voting power through Class B shares [2] Market Context - The successful IPO of Figma is seen as a sign of recovery in the tech IPO market, coinciding with strong earnings reports from major tech companies like Microsoft and Meta, which have boosted investor sentiment [2] - In 2025, the U.S. IPO market is expected to see a significant turnaround, with a total of 59 IPOs raising $15.02 billion in Q2, surpassing the 45 IPOs and $11.23 billion raised in Q1 [3] Industry Trends - Figma is accelerating its AI capabilities in response to rapid advancements in generative AI and changing market dynamics, having launched several AI features aimed at enhancing design efficiency [5] - The competitive landscape is intensifying, with companies like Canva and Adobe rapidly integrating AI functionalities into their platforms to capture market share [6] - Figma's improved AI capabilities are seen as a key factor in its valuation reassessment, especially after the failed acquisition by Adobe, which was previously valued at $20 billion [6]

在科技界迎来又一重要时刻之际，硅谷设计软件巨头Figma于7月31日在纽交所正式挂牌上市，此举由摩根士丹利、高盛、艾伦公司及摩根大 通等多家顶级投行联合承销，成为2025年度备受瞩目的科技股IPO之一。Figma的招股书中一项创新举措尤为引人注目：公司宣布已获授权发 行"区块链普通股"，这一做法在全球尚属首例。 Figma与加密世界的渊源并非始于今日。此前，该公司已将比特币ETF纳入资产负债表，显示出其对加密领域的持续关注。Figma的创始人 Dylan Field更是Web2创业者中较早关注Crypto动态的一员，这并非一次偶然的尝试，而是对Crypto长期潜力的认可。 作为全球前沿公司之一，Figma正通过实际行动展示其对加密技术的接纳。本文将从独特的视角重新审视这家公司，不仅关注其估值与增长曲 线，还深入探讨其产品哲学与资本结构设计。这一切的核心人物，正是Dylan Field。 Dylan Field并非典型的硅谷明星创始人。他身材微胖，穿衣随意，早年甚至有过演艺经历。五岁时，他便首次登上舞台，这段经历让他深刻体 会到"协作的力量"。高中时期，他开始接触编程，并在大学期间与未来Figma的另一位创始人 ...

【导读】道指跳水！设计软件巨头Figma IPO首日狂飙256%，脸书股价业绩向好涨超11% 中国基金报记者 郭玟君 大家早上好！昨夜今晨，又有很多大事发生。 美国三大股指全线收跌，中国资产逆市上涨。设计软件巨头Figma IPO首日狂飙256%！脸书股价因业绩向好大涨11.25%，领涨美国科技七巨头。 要求降息未果，特朗普再指鲍威尔是"糟糕的美联储主席"。 美国三大股指全线收跌 美东时间7月31日，美国三大股指全线收跌。道琼斯工业指数跌0.74%，报44130.98点，本月累计上涨0.08%；标普500指数跌0.37%，报6339.39点，本月累 计上涨2.17%；纳斯达克指数跌0.03%，报21122.45点，本月累计上涨3.70%。 | 44130.98 昨收 44461.28 成交额 | | 0.00 | | --- | --- | --- | | -330.30 -0.74% 今开 44665.82 成交量 | | 0 | | 上涨 | 8 平盘 | 0 下跌 22 | | 最高价 44665.82 市盈率 | | 31.7 | | 最低价 44049.01 市净率 | | 9.01 今年来 = 3 ...

Core Insights - Figma Inc.'s IPO has generated significant market attention, with CEO Dylan Field's net worth soaring to $6.1 billion, nearing the threshold to join the world's 500 richest individuals [2] - The stock debuted at $115.50, a 250% increase from its $33 offering price, marking it as one of the most notable tech IPOs of the year [2] - Co-founder Evan Wallace also became a billionaire with his shares valued at approximately $3.1 billion, although he donated about 3% of his shares to a community foundation [2] Compensation and Performance Targets - Field is likely to achieve long-term performance targets set by the company due to the stock price surge, with a compensation plan reserving 14.5 million shares divided into seven performance tiers [3] - The first tier requires a 60-day average stock price exceeding $60, while the highest tier is set at $130, with Field already surpassing the first threshold [3] - The incentive structure is designed to reward significant company growth, with shares vesting over seven years and an additional 14.5 million shares subject to a traditional vesting schedule [3] Additional Stock Options - Field may also gain an extra 11.25 million shares from a previous compensation plan linked to company valuation targets, with Figma's current valuation exceeding $65 billion, making these shares worth approximately $1.3 billion [4]