Figma的第二大投资方Greylock Partners在2015年领投了该公司的A轮融资，当时股价估值为每股20美 分。知情人士称，Greylock对Figma的总投资约为5000万美元，IPO时其持股价值达20.3亿美元——投资 回报率超过40倍。同样剔除已售股份后，Greylock的持股价值在周四升至约67.5亿美元。 除这两家斩获数十亿美元回报的机构外，Kleiner Perkins和红杉资本(Sequoia Capital)等知名投资方也早 早押注了这家当时尚处起步阶段的公司。对于此前长期遭遇IPO市场寒冬的风投行业而言，这些巨额收 益意义非凡。 三年前，Figma的投资方险些只能获得远低于如今的回报。2022年，Adobe公司曾计划以200亿美元收购 Figma，但因监管问题，该交易在2023年宣告终止。本周，Figma以每股33美元的发行价上市，按完全 稀释计算估值为185亿美元;而到周四收盘时，其完全稀释估值已达650亿美元(每股115.50美元)，远超 2022年拟出售的价格。 设计协作平台Figma(FIG.US)于昨夜登陆纽交所，上市首日便飙升250%，引爆市场，其早期风投投资者 借此 ...

Core Insights - Figma, a leading design collaboration platform, has filed for an IPO with plans to raise up to $1.5 billion, pricing shares between $10 and $12, and is expected to be valued between $12.5 billion and $15 billion [2][4]. Company Overview - Founded in 2012 by Dylan Field and Evan Wallace, Figma focuses on cloud-based collaborative design [4]. - As of early 2025, Figma has 13 million monthly active users, with 95% being Fortune 500 companies [5]. Financial Performance - Figma reported revenue of $749 million in 2024, a 48% year-over-year increase, and $228 million in Q1 2025, a 46% increase [4]. - The company boasts a high gross margin of 91%, indicating strong profitability [3][4]. - The rolling 12-month revenue as of Q1 2025 was $821 million [4]. Market Context - Figma's IPO comes after a failed acquisition attempt by Adobe for $20 billion, which was blocked by regulatory authorities due to antitrust concerns [6][9]. - Adobe's acquisition was aimed at enhancing its competitive position in the design software market, but the deal was ultimately terminated, costing Adobe $1 billion in breakup fees [10]. Competitive Landscape - Figma faces competition from major players like Adobe, Canva, and Sketch, with Adobe being the most significant threat due to its established market presence [12][13]. - Canva, with a similar SaaS model, has rapidly grown and is valued at $8 billion, posing a direct challenge to Figma [13]. - Sketch, once a strong competitor, has seen its market share decline to 4.5% and is no longer a significant threat [14].