$Figma(FIG)$ My take: Great product, elite metrics… but I don’t chase pre-IPO prints. Price discovery works in your favor.
Underwriting lens: product-led growth, >120% net retention, premium gross margins, and Rule-of-40 discipline post-public.
Valuation sanity: pay premium sales multiples only if growth is durable and SBC is contained.
Trade plan: Wait for the S-1, first guide, and the first miss—that’s where the risk premium appears.
Risk: collaboration spend cycles, enterprise seat expansion slowing, competition from platform suites.
I love Figma the product; I’ll love Figma the stock when the S-1 tells me how much I’m paying.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
