Figma has done something rare in today’s market: it survived a failed Adobe acquisition, remained independent and went publicly on its own terms. But the post -iPO performance tells a more complicated story about the start of 2025.
“This is a small piece of meme stock,” he said Jai dasPresident and partner at Sapphire Ventures, in this week’s Equity episode. Das joined Rebecca Bellan to break down what Figma’s iPO really marks for the current climate for boot outings.
With more than twelve public records under his belt, including Mulesoft, Square and Box, Das knows what a strong debut looks like. Figma’s IPO was 40 times over -revelation and briefly increased to $ 125 per share before it was set up closer to $ 90. Despite the impressive economics, DAS warned that the basics were not the only force in the game.
“The price of the shares is a little driven by cash flows and profits, but many of them are also guided by human behavior, what people know about what people are talking about,” he said.
In other words, the advertising campaign for piping.
While Figma stands out, DAS noted that most of the large 2025 outputs look very different. At AI, mergers and mergers dominated the Acqui-Hires and not the acquisitions of products. Google reportedly paid $ 2.7 billion only to hire the character team. Microsoft, Amazon and others have made similar moves, prioritizing talent over technology.
Listen to the full episode to hear:
- What is the movement of the Figma Post-IPO in the rest of the market.
- Because AI exits today it focuses more on talent than technology and if it is viable.
- Where Jai sees timely promise beyond AI, from defense technology to space technology and cryptographic infrastructure.
Equality will return on Friday with our weekly news Roundup news, so stay tuned.
Equity is TechCrunch’s flagship podcast, produced by Theresa Loconsolo, and publishes every Wednesday and Friday.
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