TBPN's Figma IPO Coverage: Complete Analysis

When Figma filed for IPO, TBPN dedicated extended coverage to S-1 analysis, expert interviews, and market implications. The coverage exemplified TBPN's deep technical analysis.

The TBPN community wearing TBPN hoodies while designing products mostly use Figma daily—making coverage personally relevant.

S-1 Analysis

John Coogan and Jordi Hays broke down: $800M ARR growing 40% YoY, 90%+ gross margins, top 10 customers <20% of revenue (healthy diversification), 4M+ users across 500K+ organizations.

$15B Valuation

~19x revenue multiple—premium but justified by growth and margins. 25% discount from Adobe's proposed $20B reflects market conditions.

Industry Implications

• Vertical SaaS thrives—best-in-class beats generalist
• Collaboration is table stakes
• Browser-based beats desktop apps
• IPO window opening after 2022-2023 drought

Designers wearing TBPN caps celebrated the blocked Adobe deal—feared Adobe would ruin Figma.

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