10 Days Later: Is Figma Worth the Price?

A SaaS 2.0 artifact priced as if it already controls the AI futur.

Credit: TechCrunch

Just ten days ago, Figma went public under the ticker “FIG”. It ended its first day of trading at levels that generated the largest pop for any public listing since at least 2018 (+250%!). However, Figma's share price has since fallen sharply from that peak, settling at around $40 billion - still a valuation that would make even the bench of elite SaaS companies take notice.

Given the scarcity of IPOs, particularly in high-growth SaaS companies, institutional investors were initially willing to pay multiples comparable to those of elite companies like ServiceNow, Datadog, or Snowflake. The first day saw extraordinary price action by any standard. Now, past the initial trading frenzy, the question becomes whether Figma justifies its current price - one that implies a ~35x forward revenue multiple, slightly less than half that of Palantir (~73x NTM revenue), and (very) largely above that of all other software companies.

Within a week of Figma's S-1 filing on July 1, 2025…