曾被Adobe 200亿收购未果！3年后，它独立上市市值狂飙反超

Core Insights - Figma, initially targeted for acquisition by Adobe for $20 billion, successfully went public in July 2025, achieving a peak market valuation of over $56 billion on its debut day, although it stabilized around $24 billion later [1][3] - The failed acquisition by Adobe, which resulted in a $1 billion breakup fee, highlighted Figma's potential and value in the market [1][3] - Figma's growth strategy is centered on "product-driven growth," where the product's usability drives user adoption and encourages companies to purchase subscriptions [1][3] Product and User Engagement - Figma's product is designed to be so effective that users advocate for its adoption within their organizations, as seen with Microsoft employees who began using Figma despite the company's existing reliance on Adobe products [3][6] - The company boasts a net dollar retention rate of 132%, indicating that existing customers not only renew their subscriptions but also increase their spending by an average of 32% annually [9] - Figma has evolved from a simple UI design tool to a comprehensive "collaboration operating system," integrating various functionalities such as real-time collaboration, version management, and even AI capabilities [15][19] Market Position and Strategy - Figma's user base includes 13 million monthly active users, with only one-third being designers, showcasing its appeal across various roles like product managers and engineers [19] - The company has strategically partnered with AI leaders like OpenAI and Google to integrate AI capabilities into its platform, rather than developing its own large models [21][25] - Figma emphasizes that AI enhances design processes but does not replace the need for a robust platform capable of supporting complex collaborative workflows [23][25]