Overview

• Shares have slipped about 20–23% to trade around $94–$96, cutting into the 250% first-day gain and valuing Figma near $45–60 billion.
• The IPO floated just 7% of outstanding shares at $33 apiece, a small offering designed to secure long-term institutional support but magnify the initial pop.
• At current levels, Figma’s price-to-sales multiple exceeds 60×, far above mature peers like Adobe and raising concerns over sustained growth expectations.
• Investors point to intensifying competition from Microsoft’s integrated design tools, Canva’s expanding user base and emerging AI-native platforms as potential headwinds.
• About two-thirds of Figma’s stock remains locked under a 180-day agreement expiring in January 2026, when increased share supply could pressure the price further.