Short answer: Jordan Metzner says Figma was priced at 33, opened at 85 and traded around 102, about a $41 billion valuation, after losing its $20 billion Adobe deal. He suggests a direct listing might have captured more upside.
Watch this answer from Episode 6 (starts at 22:20) · Episode 6 notes and transcript
From Episode 6: From Avatar to AI Hire: Building NTRVSTA, starting at 22:20.
Sam Nadler [22:20]: Let's do Figma. It's IPO ing today. We talked about it briefly, I think, two weeks ago. It's a really interesting IPO. It is open now, it looks. I think it was initially going to list at, what, $28 or $25, but already at a 102. That's crazy on its first day, and it's a great product. What do you think?
Jordan Metzner [22:55]: I think it was supposed to open in the it looks like previous closed open rate was 33. It opened at 85. It's trading at $1.00 2. I mean, these are just, like, incredible numbers for IPO and technology companies overall. I think this might beg another reason for why not do direct listing. I read that it was a lot of secondary, but still, I think direct listing probably would have captured some of the upside here. But, yeah, Figma is a great product. We use it internally. I think, since, implementing AI, we probably use it less than we used to. But, yeah, it's been an incredible story of, the Figma having the deal with Adobe at 20,000,000,000 and then losing the deal with Adobe. And now here they are on opening IPO day, trading at 41,000,000,000. It looks like it's continuing to trade up and down. It was halted for a little bit. I don't even know if you know that, but it was halted this morning once it went out to post trading. So, yeah, the market is feverish for these types of hungry growth technology companies.
Jordan Metzner [23:51]: And I think, probably even at this price, even at a 40,000,000,000 cap, it's probably still gonna be upside here for companies like Figma. And I think it'll probably be a pathway for other technology companies like the stripes of the world to go public if we're seeing such hunger in the market. You know?
Sam Nadler [24:07]: Yeah. I was gonna ask. So, 2025 has been a pretty good year for IPOs, if not a great year. Who do you think's coming next?
Jordan Metzner [24:15]: Yeah. I don't know who's coming next. I think, we're gonna see the hottest technology companies go public. And if now is not a time for a company like Stripe, I don't know who is, but I don't know when is, actually. But yeah. I think and I hope more technology companies do go public. I think it's a good thing for the market and good thing for the tech industry overall.
Sam Nadler [24:37]: Alright, Jordan. So as always, a crazy week in AI news with Microsoft, Figma, Meta, so many more happening. Thanks for walking me through Ntrvsta. It's been a fantastic episode. Hope everyone likes and subscribes, and we'll see you next week. Any final thoughts, Jordan?
Jordan Metzner [25:01]: Yeah. Great episode six. Love talking about AI this week and Ntrvsta, Meta, Microsoft, Figma. So much going on. Seems like it's not gonna slow down. Maybe GPT-5 coming up next week, which obviously will just turn everything upside down. If we see GPT-5 beat Claude, it's gonna be another crazy week. And, yeah, I don't see any way of this slowing down. So AI is gonna continue to dominate the tech news and tech space, and, I think we're up for another crazy week next week. So, anyway, this was great to see you, Sam, and looking forward to next week's episode.
