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 ...

Group 1 - Figma is set to go public on July 31, with a focus on being one of the most anticipated tech IPOs of 2025, underwritten by top investment banks [1] - The company has been authorized to issue "Blockchain Common Stock," marking a first in the global market [2] - Figma's founder, Dylan Field, has a history of engaging with the crypto space, indicating a long-term belief in the technology [3][4] Group 2 - Dylan Field's unique approach to leadership contrasts with typical Silicon Valley founders, focusing on collaboration rather than personal branding [5][6][8][9] - His early experiences in theater influenced his understanding of teamwork and collaboration, which later shaped Figma's product philosophy [15][16][22] Group 3 - Figma's growth trajectory has been impressive, with revenue increasing from $700,000 in 2017 to $7.49 billion in the last year, reflecting a 48% year-over-year growth [53][56] - The company has a high gross margin of 91% and a net revenue retention rate of 132%, indicating strong product demand and pricing power [57] - Figma has over 450,000 enterprise customers, including major companies like Microsoft and Netflix, and its user base has expanded beyond designers to include product managers and developers [58][59] Group 4 - The upcoming IPO is expected to price shares between $25 and $28, with plans to issue approximately 12.5 million new shares, raising around $310 million [61] - Dylan Field plans to retain significant voting power post-IPO, indicating his commitment to Figma's future [62] - Figma's financial reserves include approximately $70 million in Bitcoin ETF, showcasing its innovative approach to capital management [63] Group 5 - Figma's decision to reserve the right to issue blockchain common stock signals a strategic move towards integrating digital assets into its capital structure [64][72] - This approach contrasts with other companies' tokenization strategies, emphasizing governance and shareholder rights [74][78] - The potential for a "chain-based IPO" could streamline the traditional IPO process, reducing costs and increasing market efficiency [76][79]

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]

Core Viewpoint - Aurora Mobile Limited plans to integrate Figma's design platform into its service system, aiming to revolutionize its design approach across various service dimensions [1][4] Group 1: Business Model Innovation - Aurora's core business model provides comprehensive services for mobile app developers, leveraging vast real-time, anonymous device-level behavioral data to assist client growth [2] - The integration of Figma's design services is expected to significantly enhance the user interface (UI) and user experience (UX) of Aurora's platform and client solutions [2] Group 2: Ecosystem Optimization - Aurora has established a robust ecosystem across multiple industries, collaborating with mobile app developers, telecom operators, data analytics service providers, and AI technology companies [3] - Figma's design capabilities will play a crucial role in enhancing the design capabilities within this ecosystem, allowing for deep integration into the app development process [3] - The real-time collaboration features of Figma will enable designers and developers to work efficiently together, improving app quality and reducing time-to-market [3] - Figma will also be utilized to create more visually effective data presentation tools, aiding partners in gaining deeper insights for better business decision-making [3] - Additionally, Figma will enhance the design performance of Aurora's AI-related products, improving user interaction and maximizing the value of AI technology [3] Group 3: Leadership Perspective - The Chairman and CEO of Aurora expressed excitement about introducing Figma's services, emphasizing that design is increasingly becoming a key factor in service success and user experience [4]