Figma’s top VCs sitting on $20 billion in stock after IPO pop

Along the Silicon Valley, you can almost smell bubble swing.

Follow -up Figma Blockbuster Market is sitting on Thursday, four of the iconic names in venture capital – Index Ventures, Greylock, Kleiner Perkins and Sequoia – in the stock of approximately $ 24 billion design software seller.

Until recently, there were very few reasons to celebrate. From the end of 2021, inflation and rising rates pushed investors from risky assets, while technology was more and more far away from the middle of 2025, and most of the companies that achieved it did not affect the Wall Street. This is the initiative firms that provide scarce returns for retirement funds, donations and financing foundations.

While processing a record of Nasdaq, the mood these days is significantly brighter.

Figma is the latest and perhaps the highest profile technology company to be released, and it seems to want Wall Street more. After increasing the price range this week and then pricing at the top of this range, Figma shares increased by 250% on the first days of the New York Stock Exchange.

Investors will admit that they are lucky. Figma had to be purchased for $ 20 billion. AdobeAn agreement established by the two companies in 2022. However, the following year, the process collapsed after saying that the British regulators would harm the competition.

The Figma is now closing more than three times the value of Adobe, with a market value of almost $ 68 billion on Thursday.

CEO Dylan Field, who founded the company in 2012, has a share of over $ 6 billion. Danny Rimer, partner of Index Ventures and Figma Board Member, Blog post Failed acquisition on Thursday came with “intense pressure and a spotlight faced by several founders”.

“Dylan remained as the usual grounded, transparent self,” he wrote Rimer first bet In 2013, the biggest shareholder with a stock of $ 7.2 billion in Figma and the company. “When the agreement fell a year later, he did not escape. He turned the page and returned to the building.”

Figma’s proposal has collected $ 1.2 billion, and two -thirds of revenues go to existing investors. Except for the small stock of each venture companies sold at $ 33, the rest of their assets is subject to a locking period, ie the whole existing value is currently on paper. The majority of unpaid stocks are locked for 180 days, so large stock sales cannot be realized until January.

Stablecoin exporter Apartment It was opened to the public in June and the other technology public offering that has recently created heavy refunds for VCs. Stocks were initially sold at $ 31 and are currently trading over $ 183 and investment companies leave IDG Capital, General Catalyst, Accel and Breyer Capital with a share of close to $ 12 billion. Circle doubled on the first day of trade.

IPO POPs produce a lot of buzzing and they are not universally celebrated while significantly lifts the value of investors’ assets. Bill Gurley from Benchmark has been a critic of this first day gains for years, and argued that bankers have left money on the table for new investors while delivering deeply discounted stocks.

In a series of posts on Thursday, Gurley defined As a result of the figma “expected and completely deliberate”.

“Who benefit?” Gurley writtenShortly after the stock starts trade. “The big customers of the investment banks (returning to in favor of other services). Last night they bought $ 33 and today they can sell more than $ 90.”

In 2021, after a record one year, 155 US initiative -backed public offering collected $ 60.4 billion every year because it was relatively gloom. data From Jay Ritter, Professor of Finance University of Florida. In 2022, there were 13 such offers, which collected $ 18.3 billion in 18 and 30 last year.

The slowdown watched the Federal Reserve’s aggressive rate-hiking campaign in 2022 and slowed down inflation. As the low growth environment extended to the second and third years, the venture companies faced increasing pressure to return cash to investors.

Earlier this year, the output environment still looked ominous. After President Donald Trump’s announcement of sweep tariffs in April, companies, including online lenders and Ticket Marketplace Stubhub, delayed public offering plans. Nasdaq fell by 10% per week because investors feared the potential of increased import costs and supply chain cuts.

However, Trump later withdrew his threats, and the trade agreements he landed resulted in tariffs lower than fear before.

Sunflower seedThe artificial intelligence infrastructure provider opened to the public just before Trump’s first plans were announced. The stock has now increased the public offering price for almost the public offering and closed on Thursday at $ 114.13, but in June it fell by about 38% from its highest level.

Coreweave and Circle have big gains for investors with its market boundaries now about $ 56 billion and $ 41 billion. The figma is even more valuable.

NYSE President Lynn Martin said CNBC’s “Street on the Street” on Thursday.

Figma’s first investors and major financial winners have published blog posts shining about the area and journey with the company he started after leaving the university in 2012.

“How did Figma reshape the world’s design,” Figma’s brutal focus on the product, community and craft, “John Lilly from Greylock wrote Post on Thursday. In 2015, his company managed the AI investment of $ 14 million and currently has a share of approximately $ 6.7 billion.

Kleiner Perkins led the $ 25 B Series announced in 2018.

“The product was still powerful, but love from the small user community was open,” Cleiner Partner Mamoon Hamid said. His article After the public offering. “We were convinced that Figma has the potential to reshape how to design digital products, and we knew we had to be a part of it.”

Two years later, Venture Powerhouse Sequoia took a step to lead Figma’s 40 million dollar C series tour. Sequoia’s Andrew Reed written At the time of the company’s “permanent, basic company ability and culture”.

On Thursday, Reed took the shares of Figma to $ 3.8 billion in Figma, Reed took the X to X for congratulations.

“Incredible congratulations @Figma Team, “Reed written. “The most creative, determined, creative and positive group of people. I am very happy for all your success.”

– Jordan Nove from CNBC contributed to this report.

WRISTWATCH: Interview with CNBC’s Figma CEO Dylan Field