美国SaaS巨头4000亿市值叩开拍卖式IPO时代

Group 1 - Figma completed its IPO on August 1, 2025, with a closing market value of $67.6 billion, setting a record for the highest valuation in the global tech IPO market for the year [1][3] - The IPO utilized a Dutch auction mechanism, which allowed the pricing range to surge from $25 to $33, with an oversubscription rate of 40 times, breaking the traditional investment bank-led pricing model [1][3] - The company achieved a compound annual growth rate (CAGR) of 82% in revenue over the past three years, with an annual recurring revenue (ARR) projected to exceed $930 million in 2024 and a gross margin maintained above 84% [3][4] Group 2 - The auction-style IPO reflects a systemic shift in market pricing mechanisms, with over 23% of subscription shares coming from non-institutional investors, significantly higher than historical averages [4] - Figma's first-day trading turnover rate reached 48.7%, far exceeding the average for IPOs during the same period, indicating increased market liquidity but also potential for heightened price volatility [4] - The success of Figma's IPO serves as a dual demonstration effect, validating the adaptability of the Dutch auction mechanism in the era of information transparency and providing a pathway for traditional SaaS companies to navigate the AI landscape [4]