FIG 2Q25:Figma Make Could Emerge as the Catalyst for Figma’s AI Growth Story

Figma’s Strategic Vision: Building the Operating System for Software Development

In our previous analysis, we noted that Figma’s long-term vision is to become the operating system for software development. By integrating AI to build a platform with a broad set of components, Figma aims to comprehensively cover the entire software development lifecycle, ultimately creating an OS-like product suite. This positions the company to connect the full workflow from idea → design → development. On this foundation, even in an era where AI Agents may replace designers, developers, and potentially product managers, Figma can continue to evolve and transform by controlling the entire value chain.

Stock Performance and Guidance

Since reaching its post-IPO peak, Figma’s stock has declined by 45%. At IPO, management guided Q2 revenue growth of 39–41% and full-year growth of 35%. Many buy-side investors speculated that, similar to CoreWeave’s first earnings beat (10%+ revenue surprise post-IPO), Figma intentionally issued conservative guidance to enable a beat-and-raise cycle. With potential tailwinds from AI product progress, management could signal optimism on the earnings call, creating momentum for the next rally.

Figma Make: The Key AI Product

This time, we focused on Figma’s pivotal AI product—Figma Make—tracking its traffic growth since the May launch and estimating its potential revenue impact. So far, the signals around this product appear encouraging.