套现50亿，今年最“爽”的IPO来了

Core Viewpoint - Adobe's dominance in the creative software market is challenged by Figma, a startup that simplifies design tools and enhances accessibility for users, leading to a significant valuation in its upcoming IPO [1][3]. Group 1: Adobe's Market Position - Adobe's products are essential for various creative tasks, with over 40% of commercial content creators using them. The company's Q2 FY2025 revenue reached $5.87 billion, marking an 11% year-over-year growth [1]. - Adobe attempted to acquire Figma for $20 billion, which represented over 10% of its market value at the time, indicating the strategic importance of Figma in the design software landscape [8]. Group 2: Figma's IPO and Valuation - Figma plans to issue over 36 million Class A shares at an expected price range of $25 to $28 per share, leading to a valuation of approximately $16 billion (around 114.5 billion RMB) [3]. - The IPO is expected to raise over $1 billion, with estimates suggesting it could reach $1.5 billion (around 107 billion RMB), making it one of the largest IPOs in the U.S. market this year [3][5]. Group 3: Figma's Growth and Investor Interest - Figma has completed eight rounds of funding since its inception in 2012, attracting top-tier venture capital firms, which enhances its credibility and market position [5]. - The latest funding round before the IPO valued Figma at $12.5 billion, showcasing its growth trajectory despite market fluctuations [6]. Group 4: Impact of the Failed Acquisition - The cancellation of the Adobe-Figma acquisition led to several advantages for Figma, including a $1 billion breakup fee from Adobe, which exceeded Figma's total previous funding [12]. - Following the acquisition's failure, Figma shifted focus back to its development, launching new AI products to compete with emerging rivals [12]. Group 5: Figma's Founding and Evolution - Figma was co-founded by Dylan Field, who initially aimed to create an open-source drone operating system but pivoted to web-based design tools after recognizing market needs [11][14]. - The company emphasizes collaboration and accessibility, aiming to create a design platform that is user-friendly and allows for real-time teamwork [2][14].