Equity Figma's IPO success is 'a little bit of a meme stock,' says Sapphire Ventures' Jai Das
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Aug 6, 2025 Jai Das, President and Partner at Sapphire Ventures, shares his insights on Figma's remarkable IPO journey. With a rich history of backing tech giants, he delves into Figma's impressive market debut, which was 40x oversubscribed. Das discusses what this signals about startup exits and the current market climate. He also explores why AI is prioritizing talent over technology and highlights promising sectors like defense tech and SpaceTech, offering a glimpse into the future of investment opportunities.
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Figma's IPO Journey
- Jai Das shared Figma's IPO journey from a $4M ARR startup to a blockbuster public debut.
- The IPO was 40x oversubscribed, surged to $125, then settled near $90, highlighting market excitement and volatility.
Six-Month IPO Valuation Rule
- Real valuation of newly public companies like Figma often emerges six months post-IPO after lockups expire.
- Investors benefit from observing multiple earnings reports to understand true growth and enterprise value.
AI Boosts Growth Through Distribution
- AI tailwinds boost growth for companies with strong distribution and customer loyalty like Figma.
- Established tech firms' AI-driven earnings highlight importance of embedding AI into existing platforms.