设计软件巨头Figma开盘涨超172%，报93.5美元，IPO定价33美元。 ...

风险提示及免责条款 软件开发公司Figma（FIG）美国IPO首日开盘报85美元，此前给出的IPO发行价为每股33美元。 市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何 意见、观点或结论是否符合其特定状况。据此投资，责任自负。 ...

7月31日，美国云计算设计软件公司Figma(FIG.US)在美国纽约证券交易所（NYSE）上市，股票代码"FIG"，Figma成为美股今年最大的一个IPO。这标志 着经历多年寒冬后，投资者对纯科技类公司IPO的热情正在复苏。 Figma以33美元的价格发行了3690万股，成功募集12.2亿美元资金。发行价高于此前设定的30至32美元目标区间，而本周早些时候公司已上调发行价区 间，显示出市场强劲需求，投资者对高增长科技企业的兴趣正在复苏，这将激励更多企业寻求上市。 综合 | 招股书 智通财经 金融界 编辑 | Arti 本文仅为信息交流之用，不构成任何交易建议 Figma是一家成立于2012年的云端协作设计平台，因其在网页端即可实时协作设计的功能而受到众多设计师和开发者的青睐。此次上市不仅是对其商业模 式的认可，也将成为科技独角兽回归资本市场的又一里程碑事件。 摩根士丹利、高盛、Allen & Company及摩根大通担任本次IPO的主承销商。 Figma的云端设计平台支持用户协作创建和编辑应用程序、网站及软件界面，客户包括ServiceNow(NOW.US)、Workday(WDAY.US)和SAP(SAP ...

7 月 31 日，硅谷设计软件巨头将在纽交所正式上市，由摩根士丹利、高盛、艾伦公司与摩根大通等一线投行联席承销，是 2025 年度最受关注的科技股 IPO 之一。 在即将 IPO 的 Figma 提交的招股书里，有一句话引起了我们的注意：公司已被授权发行「区块链普通股（Blockchain Common Stock）。放眼全球，这种 做法尚属首次。 其实，这不是 Figma 第一次与加密世界产生交集。此前，他们已将 BTC ETF 纳入资产负债表。而 Figma 的创始人 Dylan Field，也是少数在很早期就关注 Crypto 动向的 Web2 创业者。因此，这并非一次机会主义的尝试，而是对于 Crypto 长期看好的表达。 世界最前沿的公司，正在用行动证明，他们正在逐步接纳加密技术。我们不该轻视这一变化。我们想从一个更独特的视角重新认识这家公司：不仅是它的 估值与增长曲线，也包括它的产品哲学与资本结构设计。 而这一切，都绕不开一个人——Dylan Field。 谁是Dylan Field？ 此后几年，他断断续续接了不少演出，在湾区和洛杉矶都拥有了自己的经纪人，还为 eToys 和 Windows XP ...

Core Insights - Figma's IPO on July 31, 2023, priced at $33 per share, achieved a valuation of $19.3 billion, marking it as the highest-valued enterprise software IPO since the 2021 market downturn [1][4] - The successful IPO is seen as a key indicator of a potential rebound in the IPO market and renewed interest from venture capitalists in the "AI + design" sector [1][19] - Figma's growth and profitability are highlighted, with a Q1 2023 revenue of $228 million, a 46% year-over-year increase, and a net profit of $45 million, showcasing a gross margin of 91% and an operating margin of 18% [4][20] Company Overview - Founded in 2012, Figma specializes in online UI design tools, known for real-time collaboration and a robust plugin ecosystem [1] - The company benefitted from a failed acquisition attempt by Adobe in 2022, which resulted in a $1 billion breakup fee that bolstered its product development and AI capabilities [1][4] Financial Performance - Figma's revenue is projected to reach $749 million by 2025, with an anticipated growth rate of 48% [4] - The company has achieved a compound annual growth rate (CAGR) of 53% in revenue from 2021 to 2025, with a non-GAAP operating profit margin steadily increasing [4][20] - The net dollar retention rate is expected to be 134% in 2024, indicating strong customer loyalty and repeat business [9] Product and Market Position - Figma's integration of AI into its design processes has significantly enhanced its product offerings, creating a unique end-to-end design collaboration ecosystem [5][20] - The platform currently has 13 million monthly active users and over 11,000 enterprise customers contributing more than $10,000 annually [8] - Despite its penetration into 78% of the Forbes Global 2000 companies, there remains substantial potential for customer expansion, as only 24% of customers pay over $100,000 annually [8] Industry Implications - Figma's IPO is viewed as a potential catalyst for a wave of upcoming software IPOs, particularly in the AI-driven sector, with analysts predicting more high-profile listings [17][19] - The success of Figma's IPO is seen as a confidence booster for venture capital-backed tech companies, signaling a possible recovery in the IPO market after a prolonged downturn [19][20]

Core Viewpoint - Figma is positioned to become a leading player in the UI/UX design space, leveraging its cloud-based collaboration and product-led growth strategies to drive significant growth and market penetration [3][4]. Group 1: Figma's Competitive Advantage and Growth Logic - Figma has established itself as the default platform for UI/UX designers, surpassing competitors like Sketch and InVision since 2020, driven by its cloud-based collaboration and product-led growth strategies [10][13]. - The company has 13 million monthly active users, with a diverse user base comprising one-third designers, one-third front-end engineers, and one-third other roles, indicating successful penetration into various functions within the front-end workflow [15][20]. - Figma's financial performance is strong, with a projected 48% revenue growth for FY2024 and a 46% growth in Q1 FY2025, alongside a net dollar retention (NDR) rate of 132% and a free cash flow margin of 24% [3][4]. Group 2: Figma Make Redefining the Company - Figma Make, set to launch in 2025, is anticipated to be one of the most AI-native products in the software market, bridging the gap between design and code development [4][24]. - The integration of Figma Make within the existing Figma ecosystem enhances user experience by allowing seamless transitions from design to code generation, significantly improving efficiency for both front-end engineers and non-developers [25][27]. - Figma Make is positioned to be a core capability within Figma's product matrix, indicating its potential to drive future growth and integration across the platform [30][33]. Group 3: Natural Advantages in Integrating Design and Code - Figma is not just a design tool; it is evolving into a collaborative development operating system, making it a strong contender in the integration of design and code in the AI era [42][49]. - The introduction of features like Variables and Grid enhances the connection between design and code, allowing for a more efficient workflow that aligns with developers' needs [43][46]. - Figma's ability to provide actual CSS code snippets directly from design files exemplifies its commitment to bridging the gap between design and development, positioning it favorably in the evolving landscape of front-end product development [49]. Group 4: Challenges and Risks - The company faces potential challenges in maintaining growth momentum post-2025, particularly as the impact of price increases may affect NDR rates [51]. - Long-term competition from AI-driven design and code generation tools poses a risk, as the market adapts to new workflows that may reduce the need for traditional front-end developers [52].

三年来估值最高的软件公司IPO来了！ 7月31日，Figma以每股33美元的价格在纽交所挂牌，估值高达193亿美元，一举成为自2021年美股IPO热潮退潮以来估值最高的企业软件上市公 司。 在全球风险资本退潮、科技初创企业"集体观望"的背景下，Figma的高点上市不仅重新点燃了一级市场对"AI+设计"赛道的热情，也被视为硅谷 VC回归与IPO市场回暖的关键风向标。 Adobe错失的独角兽 Figma成立于2012年，主打在线UI设计工具，因支持多人实时协作、基于云的无缝版本控制、插件生态完善，成为业内创新代表。 2022年，Adobe曾开出高达200亿美元的收购报价试图拿下Figma，然而这一并购案最终在2023年因监管阻力宣告失败。 尽管交易未果，Figma却从中获益颇丰——Adobe支付了10亿美元的"分手费"，为其后续的产品打磨、AI能力拓展与盈利提速提供了充足弹药。 如今，Figma凭借稳健增长重返资本市场：本次IPO定价为每股33美元，募资规模达12亿美元，公司估值达到193亿美元，几乎追平当年被收购时 的估值高点。 业务层面，Figma也展现出罕见的增长与盈利双轮驱动。 招股书显示，今年一季度，F ...

Welcome back to Squawk. Design software developer Figma pricing shares of its IPO at $33 each. That is above the expected range.The offering raising $1.2% billion with most of the proceeds going to existing stockholders. It values Figma at $19.3% billion. Now, the company, if you remember, had been agre had agreed to be acquired by Adobe for $20 billion.This was many years ago now, two or three years ago. Uh but that deal fell apart in 2023 following objections from regulators. The stock expected to debut t ...

Core Insights - Figma is set to go public on July 31, 2023, and is expected to be the largest software IPO since Klaviyo in September 2023, transitioning from a single design tool to a full-stack product platform [2][5] - Figma aligns with three core trends in modern enterprise software: product-led growth (PLG), scalable SaaS business models, and deep integration of AI technology, achieving a 48% year-over-year revenue growth [2][12] - The RockFlow research team believes Figma's leading position in design collaboration, strong growth rate, and AI-driven opportunities support its current high valuation, making it one of the most attractive investments in the AI SaaS sector [2][25] Company Overview - Figma was founded in 2012, recognizing the trend of cloud collaboration in design tools, and launched in 2015 with groundbreaking real-time multi-user canvas features [9] - The company has redefined the delivery of design software, offering significant advantages over traditional players like Adobe, which have been slow to adopt browser-native collaborative workflows [10][12] - Figma operates on a freemium subscription model, hosted on AWS, supporting various design functions and enabling real-time collaboration across teams [11] Growth Strategy - Figma is evolving into a comprehensive product development suite, with projected revenue of $749 million for FY 2024, reflecting a 48% year-over-year growth [12] - The company has over 13 million monthly active users, with two-thirds not being designers, indicating a broad market appeal [6][12] - Figma's growth is driven by PLG and community-led initiatives, fostering a vibrant community that promotes and maintains the platform [15][17] Competitive Landscape - Figma's success stems from a fundamental restructuring of assumptions in the design software industry, leveraging a cloud-native architecture that offers seamless collaboration [22] - The free-to-use model lowers user entry barriers and creates a self-driven growth engine, enhancing scalability and profitability [23][24] - Figma's net dollar retention rate (NDRR) reached 132%, indicating strong customer loyalty and revenue growth from existing clients [34] Financial Performance - Figma reported $228.2 million in revenue for Q1 2025, a 46% year-over-year increase, with expectations of continued strong growth in Q2 2025 [29][30] - The company serves 450,000 customers, with 1,031 clients contributing over $100,000 annually, showcasing its penetration in large enterprises [32] - Figma's operating profit margin reached 17%, with a non-GAAP operating profit margin of 18%, reflecting improved profitability [31] Market Potential - Figma seeks a $19 billion IPO valuation, higher than its 2024 valuation of $12.5 billion but lower than the $20 billion valuation during Adobe's failed acquisition attempt [37] - The company holds approximately 80% market share in the product design segment, with a total addressable market (TAM) estimated at $33 billion [37][38] - Figma is poised to benefit from the rise of digital products and the democratization of software creation through generative AI [38] Investment Outlook - The RockFlow research team provides three scenarios for Figma's future performance, considering various growth rates and market conditions, with target stock prices ranging from $42 to $92 by 2030 [40][41][43][45] - Figma's investment value lies not only in its financial metrics but also in its role in redefining software industry paradigms, emphasizing user experience and product design [47][49]

在垂直应用服务领域，Figma还可用于打造更具可视化效果的数据呈现工具。借助更加直观、易懂的数 据展示方式，极光可以帮助合作伙伴更加深入地洞察数据，助力业务决策更加科学高效。 此外，Figma还将提升极光AI相关产品(如 GPTBots.ai)的设计表现。出色的AI智能体界面设计将显著优 化用户交互体验，便于企业客户上手使用，从而更加充分释放AI技术的价值。 极光董事长兼首席执行官罗伟东先生表示："我们非常期待引入Figma的服务。设计正日益成为决定服务 成败与用户体验的关键要素。通过引入Figma 这一全球顶尖设计平台，我们希望在业务模式、生态体系 及服务等多个维度推动创新，持续为客户和合作伙伴创造更大价值。" Figma助力极光生态体系优化 极光已构建起横跨多个行业的强大生态体系，合作伙伴包括移动应用开发者、电信运营商、数据分析服 务商及AI科技企业。Figma的服务将在提升该生态体系设计能力方面发挥关键作用。 对于极光生态内的移动应用开发者，Figma的设计能力可深度融入应用开发流程。设计师与开发者通过 Figma的实时协作功能高效配合，确保开发出的app设计流畅并富于吸引力。这不仅能够提升app的质 ...