🐺 Wall Street thinks Figma is AI. Have they used it?

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 🤔 The Figma IPO Thing

So Figma's going public and I have thoughts.

I've been using the platform for years. Started out designing terrible mockups myself, then eventually learned to work with actual designers who knew what they were doing. Here's the thing though: every single designer I've worked with uses Figma.

The numbers are pretty wild when you look at them. They went from 4 million users in 2022 to 13 million monthly actives by Q1 2025. But more telling is the market share flip: 7% of designers in 2017, 90% by 2023.

And I get why. The collaboration part just works. I'm literally sharing designs with my email marketing clients directly in Figma. They comment, we iterate, they approve. No more PDF hell or "final_design_v7_ACTUALLY_FINAL.sketch" nonsense.

Here's where it gets weird, though

I have a few friends in central finance and we’ve been discussing the Figma IPO this week leading up to it. Turns out, they didn’t even know what Figma was, they just kept thinking it was an AI company. And I tried to tell them it’s a design collab platform, not an AI company. But then they’d send me stock descriptions and AI overviews from Google which all said "AI-powered platform" this and "AI tools" that. They genuinely thought they were investing in an AI company.

Which is bizarre because Figma's AI stuff feels pretty secondary. They have some AI features rolling out, sure, but that's not why 13 million people use it every month. They use it because it solved the actual pain points of design collaboration better than anyone else.

Maybe Wall Street knows something I don't. Maybe they're betting on what Figma becomes rather than what it is. The company will definitely dump money into AI now that investors expect it. But it feels backwards to me.

Figma already won by fixing real workflow problems. They made design collaboration actually work instead of being a nightmare of conflicting versions and broken handoffs. The AI layer might be nice to have, but the foundation was built on solving genuine day-to-day frustrations.

What happens next

The IPO performance probably depends on whether Figma can do both things well. Keep dominating design collaboration while building whatever AI magic Wall Street thinks they're buying.

For those of us actually using the tool, this creates an interesting situation. We already have something that transformed how design happens. Now we're getting AI enhancements driven more by investor expectations than user requests.

I'm not against AI integration. If they can make the design process even smoother, great. But I hope they don't lose focus on what made them essential in the first place.

Those 13 million monthly users aren't going anywhere regardless. The design world already voted with their workflows.

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💎 Data Gem

Full-scale AI agents will create up to $450B by 2028, but only 2% of organizations are actually doing it. (Capgemini)

That’s right: the market upside is immense, but rollout lags. Organizations that have scaled agentic AI report an average value gain of $382M, compared to just $76M for those in pilot stages that’s a gap worth paying attention to.