Figma Sensational IPO Last week, long -standing debates about IPO prize design and pops of the first day – a non -surprising reaction to the 333% increase in the newly listed stocks in the first days of trade. Interpret the offer (And when Figma’s stocks decreased by 27% on Monday), other important questions arose: Figma’s debut will tempt other startups to jump into the fight and end the Tech industry IPO -Dürre? And if so, who will come next?
There is a long list of VC companies in the late stage with a strong customer base that Wall Street Investment Banker would like to make public. Many of these billions of companies, including database, Klarna, StripAnd Spaceexhave been subjects of IPO speculations for years. And then of course there is the harvest of richly estimated KI startups, from Openai and Anthropic to Elon Musks Xai.
These companies will probably continue to be in the spotlight, but in conversations that I made with several investors to Figma’s debut, other names were more of a IPO, including Canva, Revolut, Midjourney, Motif and Anduril.
“With a positive IPO is a good signal for everyone,” says Kirsten Green, founder and managing director of Forerunner Ventures, whose portfolio Company recently went to the stock exchange and has experienced one 37% pop share course on his first trading day. (Forerunner also has investments in the public company HIMS & HERS and private companies in the late Stage, including oura.) “I think we should visit this idea again: A IPO is a series A to be on the public market – and this is really a motivator for the willingness of people and maybe even the opportunity to go public.” (As with CUE, Heartflow, a medical technology company, submitted an S-1 for his IPO with an assessment of $ 1.3 billion on August 1st).
Kyle Stanford, the research director for US risk capital on the PitchBook, finds that only 18 companies of venture backed companies were published by June 30 of this year. This is a factor for political uncertainties that are transferred to the financing of headwind and overfunding, which occurred in 2021, which continued to occur. “Hopefully Figma starts breaking the dam, but it was a pretty slow quarter,” he says.
Although Figma, which makes design software, is profitable and has a strong series of integrated AI functions, these properties for companies that are forced to win IPO are not of essential importance, says Stanford. He says that investors would prefer that companies achieve sales of at least 200 million US dollars that grows too high interest rates and prioritizes a positive free cash flow against profitability. Having a AI story is also “very important”, unless the company is very high growth and profitable through broad margins.
Canva may be a must compelling case, since it is a design company with a similar basis as Figma, several investors said that I interviewed. Design Collaboration Company Canva Has collected around 589 million US dollars with an assessment of 32 billion US dollars, higher than that of Figma at the time of the IPO. “Canva is a big winner when it comes to what happened to Figma yesterday,” says Jason Shuman, an investor at primary companies. Shuman, who is not an investor in Canva, refers to the annual turnover of $ 3 billion from Canva and growth of 35% compared to the previous year as a sign of the durability of his business.
Other votes. “You will try IPO to IPO as soon as possible after looking at Figma, Holy Mist,” says Felix Wang, Managing Director and Partner of Hedgeye Risk Management, who is not a Canva investor. Canva that was recently worth 37 billion US dollars During a share buyer, Fortune’s request for comments did not react.
Wang and others notice that the increase in Figma’s price is not driven by Figma in many ways. Rather, the market is on an all -time high, which leads the retail trader’s demand for companies on the market for companies. “You don’t even know this company, but you know that it is a new company,” says Wang of retail dealers who invest in Figma. “You will put some money in and then more interesting: you will show it on social media.”
Like Figma is on canvas; Nubank is too revolut, reasons from Primary’s Shuman. He looks at FinTech Nubank, which rose by around 13% compared to the early IPR in 2025, and believes that revolut, which has a very similar business model, could pursue. Said Revolut Assets In an explanation: “Our focus is not on whether or when we IPO, but rather to expand the business, create new products and provide better and cheaper services to operate our growing global customer base. ”
Another potential IPO candidate in close-up competence is chip maker Cerebras, says Shuman von Primary, who invests in vertical KI-, B2B, SMB and finance and defense companies, but has no participation in Cerebras or Revolut. ((Cerebras submitted an S-1 In September 2024, however, the IPO was delayed by those affected by the VAE investments of $ 335 million from G42. Now it has been released by the supervisory authorities for a public market list, but the company has held back an IPO because it collects $ 1 billion. Report The information.))
Many companies, including the largest and hottest private company Openai (which has just grabbed a Evaluation of 300 billion US dollarsby the New York Times), have considerable incentives to stay private. This is due to the fact that you can avoid a public exam that results from information from public companies and have access to a significant private capital for liquidity infusions that are often essential.
However, the fact that giants such as Openai, Stripe (91 -billion dollar evaluation) and SpaceX (400 billion US dollars) are private can even be hidden costs for the public market. “I am becoming philosophical,” says Forerunner’s Green. “Part of the public market was created so that the wider population could take part in the economy and growth of the economy. It was not intended to sit in some people in some hands.”
A giant may be able to enter the stock market lights. Anduril, the defense -tech company This has achieved an evaluation of 30.5 billion US dollars for its series G and has incentives to remain private due to the type of business. But Stanford from PitchBook predicts that it is the next technical IPO. In addition to Andurils CEO, who announces that it is “definitely” listed, its promise of value is the core of the priorities of the Trump management in safety and defense, which could make it a hot selection for investors.
“Apart from that,” he says that the list of potential IPO candidates is long nowadays: “There are probably about 300 other companies that they could be.”
