Adobe(US:ADBE) 投中网·2025-07-26 04:35Core Viewpoint - Adobe's dominance in the design software market is being challenged by Figma, a cloud-based design platform that simplifies design processes and enhances collaboration among users [2][4][20]. Group 1: Adobe's Market Position - Adobe products like Photoshop, Premiere, and InDesign are essential tools for content creators, with over 40% of commercial content creators using Adobe's products [4]. - Adobe reported a revenue of $5.87 billion for Q2 of fiscal year 2025, reflecting an 11% year-over-year growth when adjusted for fixed exchange rates [4]. Group 2: Figma's IPO and Valuation - Figma is set to launch its IPO, planning to issue over 36 million Class A shares with an expected price range of $25 to $28 per share, leading to a valuation of approximately $16 billion (around 114.5 billion RMB) [6]. - The fundraising amount is expected to exceed $1 billion, with potential estimates reaching $1.5 billion (around 107 billion RMB), making it one of the largest IPOs in the U.S. market this year [7]. Group 3: Figma's Investor Backing - Figma has completed eight rounds of public financing since its inception in 2012, attracting top-tier venture capital firms such as Andreessen Horowitz, Sequoia Capital, and General Catalyst [9]. - The latest funding round before the IPO was completed in July 2024, with a valuation of $12.5 billion led by Coatue and General Catalyst [9]. Group 4: Shareholder Dynamics in IPO - In the upcoming IPO, existing shareholders will sell nearly 24.7 million shares, amounting to approximately $690 million (around 5 billion RMB) at the upper end of the price range, indicating a significant exit opportunity for them [11]. - Notable shareholders include Figma's founder Dylan Field, who plans to sell 235,000 shares, potentially cashing out $6.5 million (around 46 million RMB) [12]. Group 5: Figma's Growth and Market Strategy - Figma's growth trajectory has been bolstered by its ability to adapt and innovate, including the development of AI products to stay competitive in the evolving market [16]. - The cancellation of Adobe's acquisition of Figma in December 2023 resulted in a $1 billion (around 7.15 billion RMB) breakup fee paid to Figma, further enhancing its financial position [16]. Group 6: Founder's Background and Vision - Figma was co-founded by Dylan Field, who initially aimed to create an open-source drone operating system but pivoted to develop a browser-based design tool after recognizing market needs [18][20]. - The collaboration with Evan Wallace, who had extensive software engineering experience, led to the creation of a user-friendly design platform that emphasizes accessibility and collaboration [19][20].