Figma's IPO success is 'a little bit of a meme stock,' says Sapphire Ventures' Jai Das
On an episode of TechCrunch's Equity podcast, Sapphire Ventures president and partner Jai Das discussed Figma's IPO and what it reveals about the 2025 startup exit climate. Figma survived a failed Adobe acquisition, stayed independent and went public on its own terms, with an IPO that was 40x oversubscribed and a stock that briefly surged before settling. Das called the result a little bit of a meme stock, noting that human behavior and hype, not only fundamentals, drove the price, and he contrasted it with the rest of 2025's exits, which leaned heavily on AI acqui-hires.
Key Takeaways
- Sapphire Ventures' Jai Das joins Equity to discuss Figma's IPO debut and what it reveals about today's startup exit climate.
Rebecca Bellan , Theresa Loconsolo Aug 6, 2025 Listen on Apple Podcasts Listen on Spotify Figma managed something rare in today's market: It survived a failed Adobe acquisition, stayed independent, and went public on its own terms .
- With more than a dozen IPOs under his belt, including MuleSoft, Square, and Box, Das knows what a strong debut looks like.
Figma's IPO was 40x oversubscribed and briefly surged to $125 per share before settling closer to $90.
- In AI, M&A has been dominated by acqui-hires rather than product acquisitions.
Google reportedly paid $2.7 billion just to hire Character.AI's team , and Microsoft, Amazon, and others have made similar moves, prioritizing talent over technology.
- Equity is TechCrunch's flagship podcast, produced by Theresa Loconsolo, and posts every Wednesday and Friday.
- Through candid fireside chats and high-impact networking, you'll walk away with valuable insights and new connections.
Stats & Key Facts
- #Figma survived a failed Adobe acquisition, stayed independent and went public on its own terms, with an IPO that was 40x oversubscribed and a stock that briefly surged before settling.
- #Rebecca Bellan , Theresa Loconsolo Aug 6, 2025 Listen on Apple Podcasts Listen on Spotify Figma managed something rare in today's market: It survived a failed Adobe acquisition, stayed independent, and went public on its own terms .
- #Google reportedly paid $2.7 billion just to hire Character.AI's team , and Microsoft, Amazon, and others have made similar moves, prioritizing talent over technology.
Sapphire Ventures' Jai Das joins Equity to discuss Figma's IPO debut and what it reveals about today's startup exit climate. Rebecca Bellan , Theresa Loconsolo Aug 6, 2025 Listen on Apple Podcasts Listen on Spotify Figma managed something rare in today's market: It survived a failed Adobe acquisition, stayed independent, and went public on its own terms . But its post-IPO performance tells a more complex story about startup exits in 2025.
"This is a little bit of a meme stock," said Jai Das , president and partner at Sapphire Ventures, on this week's episode of Equity. Das joined Rebecca Bellan to break down what Figma's IPO really signals about the current climate for startup exits. With more than a dozen IPOs under his belt, including MuleSoft, Square, and Box, Das knows what a strong debut looks like.
Figma's IPO was 40x oversubscribed and briefly surged to $125 per share before settling closer to $90. Despite impressive financials, Das cautioned that fundamentals weren't the only force at play. "The price of shares is driven a little bit by cash flow and earnings, but a lot of it is also driven by human behavior, what people know, what people talk about," he said.
For more details please read the original article at TechCrunch M&A.
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