Figma deserves to rally sharply on its beat-and-raise report. Figma, Twilio and Atlassian, three companies at the heart of the "software is dead" argument, all beat and raised with upbeat forward commentary, suggesting AI isn't killing them. x.com 

Figma's selloff looks overdone: Q1 revenue reaccelerated to 46% year over year and guidance was raised. Citi initiated at Buy with a $36 target, citing a $25B AI opportunity, and an Adobe upgrade eased AI-disruption fears. The chart shows a double bottom, with buyers defending the same low twice. x.com 

Figma is still expensive and would only look attractive at Salesforce, Workday or Atlassian multiples. A post the author replies to argues the stock's failure to jump on strong numbers shows how bad sentiment is. x.com 

Figma is a $40 stock trading at $23, a deep discount to its value. x.com 

Figma is eating AI's lunch rather than being destroyed by it, yet trades at only about 10x sales in the $20s. Q1 revenue of $333M beat, growth accelerated to 46% for a second straight quarter, net dollar retention hit 139%, its highest in two years, paid customers rose 54% and guidance was raised by $55M. The market is also ignoring that Figma is itself an AI tool. The math points to $60 a share, a $30-32B market cap or even $50B. x.com  x.com 

Figma's fair value is a $3-5bn market cap, or under $9 a share. That valuation target answers @DivinelyLevered's question on what fair value underpins the short, set apart from the AI-cannibalization angle. x.com 

Figma's accelerating growth undercuts the bear case that prompt-to-interface tools like Claude Design make it obsolete. Growth went from 38% to 40% to 46%, net dollar retention is 139% and $100k+ customers rose 48%. Over 75% of enterprise users who exceeded AI credit limits kept buying credits, showing willingness to pay. NDR above 130% tonight would make the displacement argument very hard; a material drop would hand bears their data point. It trades around 10x sales. x.com 

Figma is an undervalued, fast-growing software stock that everyone will soon turn bullish on, and it could trade above $40 very soon. CEO and co-founder Dylan Field is a beast, and it has been one of the strongest software stocks in recent weeks. A circulating rumor that Apple may acquire Adobe would put an even higher premium on Figma. x.com 

Anthropic's Claude Design, which makes prototypes, slides and one-pagers by talking to Claude, spells trouble for Figma. The launch drew 20 million views in seven hours, and Claude keeps crushing these product releases. x.com 

Figma is monetizing AI tokens rather than being eaten by them, and could out-execute Adobe and gain share before AI reaches it. Q1 revenue rose 46% to $333M with 139% net dollar retention. About 60% of $100K+ customers use Figma Make weekly, and after AI credit limits went live, 75% of users who had exceeded them kept using credits in April, with over 95% still active. With $1.4B of ARR against Adobe's $19B in digital media, Figma has room to take share and use AI to deepen stickiness. x.com  … Show more