Group 1 - Figma successfully navigated a failed acquisition by Adobe, remaining independent and going public on its own terms, which reflects a unique situation in the current market for startup exits in 2025 [1] - Figma's IPO was significantly oversubscribed at 40 times, with initial share prices reaching $125 before stabilizing around $90, indicating strong market interest despite complex underlying factors [2] - The current trend in AI exits is shifting towards acqui-hires, with major companies like Google and Microsoft prioritizing talent acquisition over product technology, as evidenced by Google's $2.7 billion investment to hire the Character.AI team [3] Group 2 - The post-IPO stock movement of Figma serves as a signal to the broader market regarding the dynamics of startup exits [5] - The focus on talent over technology in AI exits raises questions about the sustainability of this trend in the long term [5] - There are emerging opportunities in sectors beyond AI, such as defense technology, SpaceTech, and crypto infrastructure, which may present promising investment avenues [5]
Figma's IPO success is ‘a little bit of a meme stock,' says Sapphire Ventures' Jai Das