Figma investors cheer 40% growth, ties to Anthropic and OpenAI—but concerns remain about letting the ‘fox into the hen house’

SaaS-pocalypse. SaaS-mageddon. Those are just a few of the clever software-as-a-service portmanteaus being tossed around as investors debate a massive selloff in the sector that has vaporized roughly $1 trillion in valuations from recent highs, with more than $285 billion in market value wiped out in February alone. On Wednesday, it was cloud-based design platform Figma’s turn to announce its fourth-quarter 2025 earnings results to a market primed to search for signs of a continuing SaaS-nado. Investors ...