When they go IPO, will you guys buy it immediately, expecting it to go up? Curious what people think about the figma's future.
Figma files for proposed IPO
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Re: Figma files for proposed IPO
#12Looks like I got access to it riiiiiiiight as they're gonna start gutting themselves to pay for retirement and pension funds. Awesome!
Re: Figma files for proposed IPO
#13So now that Figma will be owned by Wall Street, it will only get considerably worse from here. It is now time consider and find and fund open source alternatives.
I know of excalidraw and perhaps penpot are there anymore?
Re: Figma files for proposed IPO
#14They don't link to the Form S-1 prospectus from their announcement, but it's publicly available at https://www.sec.gov/Archives/edgar/data/1579878/000162828025... Their highlighted metrics page: $821M LTM revenue, 46% YoY revenue growth, 18% non-GAAP operating margin, 91% gross margin. It's an incredible success story, and the engineering they did upfront (primarily led by co-founder Evan Wallace) that set the stage…
I was one of their first Enterprise customers way back in 2017’ish-give-or-take.
The brilliance of the system he built was that it allowed for real time collaboration. Which was god send from the Sketch -> Zeplin -> Invision -> Avocode (version management) ‘stack’ that lost Enterprise design orgs were using.
Which was already a large leap from what Adobe was expecting us to do with Photoshop/Illustrator (after they depreciated Fireworks).
Figma made handoff much easier. Made version control dead simple. Made my life as a UX leader much much better. I remembered talking to a few now-Gigantic companies back then and we all plotted the move together
It wasn’t lost on us that Sketch is/was much much smoother with its usage of Mac OS’s native shape rendering. It’s just that the benefits far outweighed the small drop in snappiness.
And for anyone who’s going to say “Sketch was Mac only that’s why it failed!” I assure you that had nothing to do with it. For the same reasons an entire generation of UX/UI designers stopped using Axure. But we would need to start talking about Invision 7 and Invision Studio if you wanted to get into the nitty gritty.
Re: Figma files for proposed IPO
#15They don't link to the Form S-1 prospectus from their announcement, but it's publicly available at https://www.sec.gov/Archives/edgar/data/1579878/000162828025... Their highlighted metrics page: $821M LTM revenue, 46% YoY revenue growth, 18% non-GAAP operating margin, 91% gross margin. It's an incredible success story, and the engineering they did upfront (primarily led by co-founder Evan Wallace) that set the stage…
Don't forget the incredible lock in Figma has in the design space.
Figma just has to jack up the price in order to appease Wall Street quarterly.
Business wise it's got a great margin, but the avaricious nature of Wall St. will force them to enshittify the entire product, the engineering doesn't matter unless Wall St. is satisfied.
Re: Figma files for proposed IPO
#16They don't link to the Form S-1 prospectus from their announcement, but it's publicly available at https://www.sec.gov/Archives/edgar/data/1579878/000162828025... Their highlighted metrics page: $821M LTM revenue, 46% YoY revenue growth, 18% non-GAAP operating margin, 91% gross margin. It's an incredible success story, and the engineering they did upfront (primarily led by co-founder Evan Wallace) that set the stage…
Evan Wallace basically said screw it, I'm writing a custom WebGL renderer and multiplayer protocol, when everyone else was slapping together existing libraries.
Most of us would have built a janky Electron app and called it a day. Instead they went nuclear on performance because that WAS their product differentiation.
Re: Figma files for proposed IPO
#17So now that Figma will be owned by Wall Street, it will only get considerably worse from here. It is now time consider and find and fund open source alternatives. I know of excalidraw and perhaps penpot are there anymore?
I agree. If they’re so profitable already, why take the company public at all?
Re: Figma files for proposed IPO
#18Its S-1 shows $70M held in Bitcoin ETFs, and board approval for another $30M BTC purchase via USDC! https://x.com/tier10k/status/1940133141546770454
Oh, so that’s why they’re taking it public: they are turning the company into a crypto investment fund which just happens to provide a SaaS design tool.
Re: Figma files for proposed IPO
#19Very predictable outcome: [0] [1]
Now prepare for price increases, lock-ins and many threads of people looking for Figma alternatives.
The ones cheering already have stock ready to dump it on the public markets on retail.
Re: Figma files for proposed IPO
#20Reminds me of the Linear story. You can disrupt a set of established players by focusing on simplicity, opinionated design, and maximum performance via hardcore engineering.