FIGMA'S IPO ISN'T FLASHY — BUT THAT'S THE POINT

Summary from the TLDR Founders newsletter

Figma just set its IPO range at $25–$28 a share, valuing the company at around $16B—less than Adobe once offered, but above its 2024 secondary round. It's not a moonshot, but it's solid: $1B run rate, strong margins, and a clear growth story. While most coverage focuses on past performance, Figma is quietly packing AI features into its product, possibly adding upside for retail investors who still believe in narrative.