Discussion

• @nadavwiz @nadavwiz on x

  Me: sign up to buy 3000 $FIG shares on IPO @RobinhoodApp: Here's 1. Pretty ridiculous [image]

• @bgurley Bill Gurley on x

  With $FIG we have another massive “POP” highlighting the gross inefficiency in the modern IPO process. It's very simple. They REFUSE to match supply/demand (that happened today). They brag about the mis-match - “30X oversubscribed.” The outcome is expected & fully intentional.

• @andrew__reed Andrew Reed on x

  Congrats to the incredible @Figma team. The most creative, determined, imaginative, and positive group of people. I'm just so happy for all of your success. [image]

• @bgurley Bill Gurley on x

  Who benefits? The large clients of the investment banks (who return the favor paying for other services). They bought it at $33 last night and can sell it today for over $90. Many will. I love this email from Goldman Sachs back in 1999 where they make it clear. This is all well […

• @scobleizer Robert Scoble on x

  There is what most entrepreneurs I meet dream of. Be a nice person, respected by tech leaders, hit a home run, change the world. In this case he has quite a few home runs.

• @akothari Akshay Kothari on x

  So much to love about @figma's incredible IPO today. My favorite part? Their thoughtful taglines: “Design is everyone's business” and “Design is going public today!” [video]

• @danprimack Dan Primack on x

  Remember all those headlines about @reidhoffman wanting Biden to fire Lina Khan (all of which seemed overblown at the time, in fairness to Reid)? Well, Lina Khan stopped Adobe from buying Figma — generating billions of extra dollars for the VC firm Reid used to lead.

• @haridigresses Hari Raghavan on x

  Time for a quick rant on the deeply broken IPO process. @bgurley has been beating this drum for years, but I don't think anything paints the picture quite as clearly as the Figma IPO. Figma tripled in its IPO debut, leaving ~$2B+ on the table. That value solely accrued to the [im…

• @gergelyorosz Gergely Orosz on x

  While every other web app was busy tying to optimize React or Vue to built a performative web app: Figma sidestepped all of this by building a C++ engine running in WebAssembly, and having a smooth multiplayer UX no other product can hope to come close to...

• @robertjbye Robert Bye on x

  Was incredible even playing a small part in @figma's journey! Amazing product, incredible people, and awesome leadership from @zoink @yuhkiyam @kris_rasmussen, @nlevin, @skuwamoto and others. Hope all Figmates past and present are celebrating today, such a huge achievement!

• @rsg Bobby Goodlatte on x

  Congrats to @zoink, my friends at Figma past & present like @soleio & @rsms, and to @johnolilly who saw the potential early at Greylock! I was in the room for the pitch, as a Designer-In-Residence at Greylock! A big morning for design getting the recognition it's due in tech!

• @gergelyorosz Gergely Orosz on x

  Everyone surprised Figma uses Ruby might be missing the forest from the tree. What is amazing about Figma's tech stack is not Ruby, or not using GraphQL in my view. It's that they built a full-on cross-platform rendering engine in C++ and how web devs still wrote C++ at Figma [im…

• @gergelyorosz Gergely Orosz on x

  Figma is going public today (31 July). Here's their tech stack, at a high-level, from the deepdive with CTO Kris Rasmussen in The Pragmatic Engineer back in 2023: The full deepdive on how Figma operates from an engineering point of view: https://newsletter.pragmaticengineer.co m/…

• @vladlykhonis Vlad Lykhonis on x

  I'm happy to see @figma doing this. We did similar choices back in 2018 at Amazon while building our Rust and then C++ UI toolkit. Flutter and React Narive and many more toolkits do the exact same stack - it's proven, it's flexible, light, and fast! C++ can we swapped to other

• @ashleevance Ashlee Vance on x

  At this rate, Figma will be able to acquire Adobe by the end of next week

• @alexrkonrad Alex Konrad on x

  Congrats to @zoink and Figma on the IPO! And to all the VCs who have waited for years all dialed up with a touching personal anecdote that reminds us you're an investor — this is your moment 👏👏👏

• @mihikapoor Mihika Kapoor on x

  BIG day for design 🖍️🌈💫👩‍🎨🤳🕺🛝🎨📱💻🖌️ it's hard to overstate the impact @figma has had on my life - figma was released when I was a self-taught designer in college. then years later i had the privilege to help build it! congrats to all figmates, and also the entire design

• @esthercrawford Esther Crawford on x

  Spouse: what's that huge bank transfer for? Me: Figma IPO, obviously [image]

• @mattturck Matt Turck on x

  Welcome to “how can I make the Figma IPO about me” day to all of us VCs who celebrate.

• @jsngr Jordan Singer on x

  all time figma comment [image]

• @rrhoover Ryan Hoover on x

  9 years ago, @zoink launched Figma's Preview Release on Product Hunt. Today they IPO. Congrats. :) [image]

• @jaredpalmer Jared Palmer on x

  I think we all take for granted that @figma is one of the greatest websites of all time. It's a tour de force of web technology: WebGL, WebAssembly, CRDTs, IndexedDB, React, and more. [image]

• @martymadrid @martymadrid on x

  Happy $FIG day to all who celebrate! I'm proud to be the smallest investor on the actual cap table! My favorite letters of the alphabet are I.P.O.! Congratulations to the entire @figma team today for building world-class software that the world loves! [image]

• @aaron_epstein Aaron Epstein on x

  Design just went public! Congrats to @figma @zoink on the IPO, and showing what's possible for design founders everywhere. [video]

• @lulumeservey Lulu Cheng Meservey on x

  One time I asked Dylan Field, “You'd take a bullet for Figma, wouldn't you?” To my surprise he hesitated for a beat Then he pointed to his leg and said, “Ok here” Turns out the only thing he had to think over was the location

• @judson Jud on x

  Congrats to the Figma team on going public!! y'all have come a long way from me sneaking myself into product illustrations on the website. I contracted with the brand team back in 2019 after a very rough time in my career and it became my favorite place to be [image]

• @ycombinator @ycombinator on x

  Congrats to @zoink and @figma on their IPO today! A few months ago, Dylan sat down with us to talk about Figma's early days, why great design matters more than ever, and how they turned a meme generator into one of the most important tools in tech. ▶️ https://www.youtube.com/... …

• @highyieldharry @highyieldharry on x

  Figma Management getting told that they're opening 3x higher than where they priced. [image]

• @tmrohan Terrence Rohan on x

  Figma's original seed pitch, and how it still holds today. Congrats @zoink and Evan and all the Figmates @figma - what an incredible company, community and moment!! [image]

• @danprimack Dan Primack on x

  Asked Figma CFO earlier today about how he views a stock pop. His answer: Most of the shares were secondary, with the primary to cover RSU tax implications. So even big pop doesn't mean co left much $$ on the table. Both true and also a lie he tells himself.

• @eglyman Eric Glyman on x

  The gang had a good time celebrating our neighbors and hometown heroes, @figma! Sending our best for an incredible IPO today, @tryramp could not do what we do without them. [video]

• @greylockvc @greylockvc on x

  Congrats, @zoink and the entire @figma team on today's IPO! (NYSE: FIG) Today is a landmark moment and a powerful validation of Dylan and Evan's founding vision back in 2012: to “eliminate the gap between imagination and reality.” [image]

• @tryramp @tryramp on x

  When your neighbors across the street go public, there's only one thing to do... drop a 40 foot banner. Happy IPO, @figma! [video]

• @apompliano Anthony Pompliano on x

  Figma's stock price increasing 3x on IPO day is just another sign of retail being at a disadvantage. Billions of dollars quietly transferred from employees who built the company to investors who will flip out of the stock in a few days.

• @mikeyk Mike Krieger on x

  Enormous congrats to @zoink and the entire @figma team for their IPO today! It's been really fun seeing NYSE all decked out in Figma colors, so much energy from Figma fans outside too. [image]

• @rsms Rasmus Andersson on x

  So excited to see what all the incredible (ex-)Figma employees will go out and build in the world! This is what's so exciting about “financial exits” where employees benefit — a great seeding event. Lots of new little seeds being planted, lots of new ideas made into reality ✨

• @jordihays Jordi Hays on x

  I've used Figma daily for my entire career so none of this is that surprising but still very surreal to be here. Congratulations to the thousands of people that created this reality [image]

• @trungtphan Trung Phan on x

  Adobe seeing Figma valued at $60B+ on its IPO after trying to acquire the company for $20B but having the deal blocked and forced to pay a $1B breakup fee to Figma [image]

• @mamoonha Mamoon Hamid on x

  More than a decade ago, @zoink joined the inaugural KP Fellows class while still an undergrad at Brown. A few months later, he started building @Figma When we led Figma's Series B in 2017, it came down to three things: Explosive Market: Design was becoming central to every [image…

• @elianoayounes Eliano A. Younes on x

  The Figma IPO makes you appreciate Palantir's decision to DPO rather than IPO. Retail > institutions

• @andyzg3 Andy Zhang on x

  Huge congrats to @zoink and the @figma team on the IPO! it's been so inspiring to see the journey and I'm grateful to have been a small part of it 🙂 [image]

• @joecarlsonshow Joseph Carlson on x

  I was told, repeatedly, that Adobe was “overpaying” when they offered $20 billion for Figma. I said that I was extremely bullish on that transaction, Figma was a needed asset for Adobe. I was sad for Adobe when it was blocked (by the UK of all things). Now, day 1 of the IPO and

• @jimcramer Jim Cramer on x

  Figma still too high, but i can see people getting too excited and paying these prices... but it is way too expensive,assuming 40% growth rate — 54 x sales. One of most expensive stocks in the market, Second only to Palantir?

• @alexkehr Alex Kehr on x

  figma $fig ipo price at $33 and opening at $100+ is bill gurley's 9/11

• @zck Zak Kukoff on x

  An inconvenient truth is that two of the best VCs of our time are Lina Khan (created billions in Figma shareholder value) and SBF (would have delivered a $20B return on Anthropic)

• @growing_daniel Daniel on x

  Shorting figma. Just discovered Mac OS preview edit mode

• @jimcramer Jim Cramer on x

  If you are putting in a market order from Figma you should pull it now. You will get it lower .It is near 50x sales!!!!

• @danprimack Dan Primack on x

  Most of the big VC-backed IPOs so far this year have been fintech. Figma isn't, which should be a big signal for other unicorns (including Canva, which must be having some serious discussions today)

• @growing_daniel Daniel on x

  Lina Khan vindicated [image]

• @zacharydewitt Zach DeWitt on x

  Every private software company growing 30%+ with $300M+ of ARR and good unit economics should be drafting their S-1 tonight

• @stevesi Steven Sinofsky on x

  See post in replies. This is a super good summary that debunks a popular meme on IPO pricing.

• @arampell Alex Rampell on x

  Timely reminder re: IPOs: “A price without a quantity is not a price” Read @skupor and my piece from 2020 (next post)

• @nic__carter Nic Carter on x

  hearing a lot of people on RH got filled for 1 share (lol)

• @packym Packy McCormick on x

  I'm glad that @tbpn is going live from the NYSE for the Figma IPO, but we need them to get a live cam on Bill Gurley too. [image]

• @unusual_whales @unusual_whales on x

  Figma, $FIG, which just IPOed, was up more than 200%. It was halted numerous times. See more: https://unusualwhales.com/...

• @levie Aaron Levie on x

  Huge congrats to @zoink and the Figma team today. Figma revolutionized how we design and build software at Box - “low fidelity mock” is no longer a thing anymore. Watching Dylan and team for the last 12 years has been super fun, and can't wait to see what they do next.

• @nic__carter Nic Carter on x

  figma IPO, priced at $33, opening indicated at ~$95 per share street feasts, retail loses yet again

• @farooqib Badrul Farooqi on x

  Seeing @figma go public today is a reminder of how special it was to be part of the early team. I'm deeply grateful for the chance to work alongside such talented people. Congrats to the Figma crew on an incredible milestone! [image]

• @clairetbutler Claire Butler on x

  I recently learned the German word freudenfreude. There's no direct translation but it roughly means “deriving joy from someone else's success.” That is how I feel today. SO proud of my figfam and the entire @figma community! $FIG 🤍

• @packym Packy McCormick on x

  Most people wouldn't guess this, but not boring doesn't actually employ a team of designers. It's only possible for me to make beautiful things like this because of Figma. Thanks and congrats @zoink & team. [image]

• @erondu Jared Erondu on x

  “Design is everyone's business.” What a powerful tagline. Congrats to the Figma team on such a big milestone! I'll never forget when @zoink showed the Teespring design team early Figma back in 2014/15. The seeds of something transformational were evident, but the resulting

• @itstarh @itstarh on x

  Figma listing today on NYSE at ~17x sales Market Cap of ~15B Fully priced by SaaS metrics [image]

• @thestalwart Joe Weisenthal on x

  Tough day to be a Figma shareholder. All that money left on the table.

• @dohamekki Doha Mekki on x

  I spent 10 years at DOJ talking to entities of all stripes in nearly every sector — Fortune 100s, superstar firms, mid-sized firms, startups, venture capitalists, sponsors, and more. The consistent message from market players was that competition and antitrust enforcement are

• @can @can on x

  good lord how much money did @linamkhan make for figma shareholders?!

• @thestalwart Joe Weisenthal on x

  @rleshner The gap between the IPO price and the market price is part of the company's fee to the underwriting banks, which then gets transmitted to the bank's power users as a perk for doing business. To my mind the question is how much value underwriters add to the process.

• @sarahmillerdc Sarah Miller on x

  Major validation for antitrust approach under @linamkhan @dohamekki Jonathan Kanter. Congrats to Figma on their blowout IPO

• @johnmarknewman John Mark Newman on x

  Critics of the new antimonopoly movement often make “sky is falling!” claims about chilling startup funding. But @FTC's Nvidia/ARM lawsuit ended up yielding the biggest IPO of 2023, and DOJ's pushback on Adobe/Figma is set to yield the biggest VC-backed IPO of 2025.

• @rleshner Robert Leshner on x

  The IPO process is broken; allocations go to whoever pays the bank underwriters the most fees, and the issuer leaves a lot of capital on the table (in missed upside, and fees). Yes, this is something crypto can fix.

• @arfurrock Arfur Rock on x

  $25B of shareholder value created. Everyone, please apologize. [image]

• @teroterotero Tero Kuittinen on x

  Dow went down 300 points after Figma went up 230%. And that's on efficient markets theory. Google it.

• @davidgeorge83 David George on x

  Congratulations to @zoink, Praveer and the @figma team on going public. When we originally invested, we said we were entering the decade of design. Amazing how much that has happened. Thanks for letting us at @a16z be part of the journey.

• @figma @figma on x

  Shipping something big today [video]

• @j0hnwang John Wang on x

  Figma took 6 years to get to $1M ARR this must be surreal for @zoink [image]

• @j0hnwang John Wang on x

  Figma just left $2.3 BILLION on the table — nearly double what they actually raised. IPO'd at $33. Target open at $95. That's not “market excitement”. It's deliberate underpricing and legalized theft by investment banks who sold it cheap to their institutional buddies. Retail

• @nyse @nyse on x

  Shipped: $FIG https://x.com/...

• @zoink Dylan Field on x

  Design is going public today. I feel immense gratitude to Evan, Figmates (past and present) and the design community. THANK YOU! https://www.cnbc.com/...

• @kwharrison13 Kyle Harrison on x

  In 2018 Figma did $4M ARR. Soon after I had a VC job interview where I did a Figma case study. I built a model with Figma becoming a $19B company in 2025. I didn't get the job. They said my analysis was “unrealistic.” Thoughts on how the best companies compound unexpectedly...

• @solana @solana on x

  “Tokenization may be the answer. Zero chance anyone in crypto would fail to use an auction to price something.”

• @traestephens Trae Stephens on x

  Let's goooooooooo. ❤️ you @zoink!

• @sarahdingwang Sarah Wang on x

  Congrats @zoink and the entire @figma team for this unbelievable ride! Watching you navigate these last few years has been a masterclass. Let's go $FIG!

• @emiliemc Emilie Choi on x

  I remember working at LinkedIn and seeing the summer data analytics intern, @zoink, present to the company. We all knew he was destined for great things. Congratulations Dylan on building an incredible company!

• @annbordetsky Ann Bordetsky on x

  Moments like this are a great reminder that one of the best things about being in Tech is getting to be part of an epic story Doesn't matter if you're early employee or later — you were there to write the story, you put another Lego in place and got to make a little history

• @sdw Sebastiaan de With on x

  What an incredibly cool day for design. Congrats to Dylan and all the Figma folks!

• @arya__deniz Arya Deniz on x

  @bgurley is a legend for calling this racket out. Direct listing is a decent alternate solution - $PLTR successfully executed this couple of years ago. Startup founders, it's extremely important to understand the IPO path - a company's life cycle doesn't always end after Series N

• @thogge Tyler Hogge on x

  A strange thing about me is that I get the same feelings about an IPO that I get watching the Olympics: Deep admiration and happiness watching a group of people accomplish the impossible. IPOs are a beautiful thing. Congrats @zoink and co. Amazing.

• @nikillinit Nikhil Krishnan on x

  I'm buying figma at any price - just doing my part to push up the pop and get bill gurley mad at bankers

• @buccocapital @buccocapital on x

  Bill Gurley waiting for Figma to start trading so he can tweet how broken the IPO process is [image]

• @asanwal Anand Sanwal on x

  Humbled to see Figma go public today I've been a user since Covid And so I'm glad to have been part of this journey Congrats Dylan and team I knew from the first time I didn't meet you that Figma was going to be huge

• @zoink Dylan Field on x

  Good morning [video]

• @stammy @stammy on x

  Couldn't be more excited for @zoink and this team on $FIG today! First met Dylan 10 years ago when he showed me an early Figma build in a coffee shop. I told him I wanted a native app and not something web-based. I'm glad he didn't listen to me. 😀 He took copious notes by hand [i…

• @bgurley Bill Gurley on x

  I would have loved to see DLs replace IPOs - it just makes sense to match supply/demand. But Wall Street may just be too addicted to the massive customer give-aways. Tokenization may be the answer. Zero chance anyone in crypto would fail to use an auction to price something.

• @william_blake Michael P Gibson on x

  Figma is going public today. Trading under the ticker FIG. Huge congrats to @zoink — I remember reading his application for the thiel fellowship in 2012, the first meetings about creating some collaborative design tool in the cloud...incredible teamwork and leadership to today

• @bgurley Bill Gurley on x

  It appears to me that @SECPaulSAtkins, @HesterPeirce , & @SecScottBessent recognize that our capital markets are stagnant/inefficient. This “pop” give-away is the greatest proof-point of that broken system. Second to that is the decline in # of public companies.

• @buccocapital @buccocapital on x

  Live look at Adobe CEO watching Figma open with a $55B market cap [image]

• @artemr Artem Russakovskii on x

  Robinhood pre-IPO investors mostly got 1 share each @ $33 😂. https://x.com/...

• @lexnfx Alexei Oreskovic on x

  $FIG goin nutz coming out of the gates! [image]

• @teroterotero Tero Kuittinen on x

  These Yankees are like drunken riverboat gamblers I swear. FINE. I'm gonna have a Nordic AI event on 5th Avenue in September. I can vibe with this 1999 scene. [image]

• @firstadopter Tae Kim on x

  I'm glad and excited Figma stayed independent. It will lead to more innovation and disruption in the technology industry. It's good for Figma, good for users, and good for competition.

• @firstadopter Tae Kim on x

  Imagine if Adobe was able to steal Figma for $20 billion. Crazy. Thank goodness for government anti-trust. lol [image]

• @artemr Artem Russakovskii on x

  Wow the $FIG @figma IPO is a huge hit. Up over 240% at launch. Crazy. [image]

• @mikeisaac Rat King on x

  a 300 percent pop is....not desirable for the company

• @mikeisaac Rat King on x

  holy fuck. Morgan Stanley underpriced this to hell

• @ashleevance Ashlee Vance on x

  Only 200 percent? [image]

• @danprimack Dan Primack on x

  Has anyone checked on @bgurley?

• @mikeisaac Rat King on x

  briefly: banks walk a tightrope of pricing shares not so high that it trades below opening share price and screws investors, but not so low that they leave money on the table that could have gone to the company typically a 10-15 percent pop is sweet spot https://x.com/...

• @levie Aaron Levie on x

  The Figma case study is a great one. A team 100% focused on building great product, product led growth, fair pricing, building strong network effects, and expanding into logical adjacencies without getting too overextended. Many lessons for the next crop of startups.

• @lutherlowe Luther Lowe on x

  Back of envelope: based on implied valuation at Figma's open today, the decision to walk away from the Adobe acquisition (compelled by the DOJ) netted Figma $41m per day since December 2023 in added valuation (ie ~$23B over M&A offer) not counting breakup fees. [image]

• r/UXDesign r on reddit

  Figma's $20 Billion Sale Died.  It Came Back to Go Public.  (Gift Article)

• r/web_design r on reddit

  Figma begins trading on the New York Stock Exchange under the ticker symbol “FIG” (opens at $33.00 per share)

• @zacharydewitt Zach DeWitt on x

  Power law in venture is immense. At $100 per share, Figma's VC returns: Index: $7B Greylock: $6.5B KP: $5.7B Sequoia: $3.5B 10x+ funds from one investment.

• @boringbiz_ @boringbiz_ on x

  Early investors in Figma made an absolute killing on the IPO today. Four firms in particular will have made $1B+ returns from one single name in the fund [image]

• @peteskomoroch Pete Skomoroch on x

  Figma's IPO is extra meaningful to me: it was my first angel check. When the Adobe deal fell through, my sense was @zoink and team would only accelerate toward this milestone. Flashback: Dylan Field joined my LinkedIn data products team as an intern the summer before he went to

• @signulll @signulll on x

  nothing hits like an ipo in america. it's the most iconic cultural moment that's relatively infrequent. the most beautiful part about it is that only here does a company going public trigger a national feedback loop of inspiration. kids watch it, builders feel it, & the next