Fig Sensational IPO Last week, a long debate on IPO pricing and day one pop music resurrected, and it was no surprise that the newly listed stocks had a 333% increase on the first day of trading. Analysis as an investor product (As Fig stocks resolved, fell 27% on Monday), and other key issues emerged: Figma’s debut would entice other startups to jump into the competition, thus ending the tech industry’s tech industry IPO Drought? If so, who is who?
There is a series of late-stage VCs supporting tech companies with a strong customer base, and Wall Street investment bankers want to be open and public. Many of the multi-billion dollar companies include Databricks, Klarna, stripeand SpaceXhas been the subject of IPO speculation for many years. And then, of course, there are a lot of value for AI startups from Openai and Anthropic to Elon Musk’s Xai.
These companies may continue to be in the spotlight, but in the conversations I had with several investors after Figma’s debut, other names are more likely to appear soon, including Canva, Revolut, Midjourney, Midjourney, Motive, and Anduril.
“Having a positive IPO is a great sign for everyone,” said Kirsten Green, founder and managing partner of Forerunner Ventures, whose portfolio company Chime has recently made public 37% stock price trend On the first day of the transaction. (The pioneers also invested in late-stage private companies including OURA.) “I believe we should revisit the idea: IPOs are Series A to enter the public market, and it is indeed a motivation that people are willing to, or even a desire to be public.” (As if on the tip, medical technology company Heartflow submitted the S-1 at a valuation of $1.3 billion on August 1.
Kyle Stanford, PitchBook’s director of U.S. venture capital research, noted that as of June 30 this year, only 18 companies with venture capital have been made public. He said this is a factor of policy uncertainty that translates into funding headwinds and excessive funding that continues to hinder venture capital in 2021. “It’s expected to start breaking the dam, but it’s a very slow quarter,” he said.
While Figma (manufacturing design software) is profitable and has powerful integrated AI capabilities, these qualities are not essential for companies that are successful in IPOs, Stanford said. He said investors would rather the company generate at least $200 million in revenue, grow at high interest rates, and prioritize free cash flow over profitability. Unless the company grows very high and is extensive, it is also important to have an AI story.
Several investors I interviewed said that since this is a design company similar to figma, Canva is probably the most attractive case. Design Cooperation Company Canva It raised about $589 million in 18 bullets at a valuation of $32 billion, higher than Figma’s valuation at the time of the IPO. “Canva is what happened yesterday in Figma,” said Jason Shuman, an investor at Primary Ventures. Shuman, an investor who is not Canva, pointed out that Canva’s annual revenue was $3 billion, a year-on-year increase of 35%, a sign of durability of its business.
Others agree. “Canva – After watching figs, divine nonsense, they will try to do an IPO as soon as possible,” said Felix Wang, managing director and partner of Hedgeye Risk Management, who is not Canva Investor. Canva, recently Worth $37 billion During the stock buyback period, no Fortune’s request for comment was responded.
Wang and others point out that in many ways, the rise in fig prices is not actually driven by fig prices. Instead, the market is at an all-time high, leading to demand for the novice market by retail traders. “They don’t even know about the company, but they know it’s a new company,” said Wang, a retailer who invests in fig stocks. “They will put the money in it and then, more interestingly: They will show off on social media.”
Just like figs are canvas; Nubank is Revolut, the reason is the main Shuman. He looked at FinTech Nubank, which grew about 13% from its IPO in early 2025 and believed that Revolut with very similar business models could be imitated. Revolution tells wealth In a statement:Our focus is not whether or when we will conduct an IPO, but continue to expand our business, build new products, and provide better and cheaper services to serve our growing global customer base. ”
Another potential IPO candidate that has not been realized in the near future is chipmaker Brain, who invests in vertical AI, B2B, SMB and financial and defense companies, but has no stake in the cerebellum or revolution, said Primary Shuman. ((Cerebellum submitted S-1 In September 2024, its IPO was postponed by regulators focusing on a $335 million investment based in the UAE G42. Now, regulators have cleared public markets, but the company has raised $1 billion in IPOs, which has raised IPOs. Report information)
Many companies, including the largest and most popular private company Openai (just captured Valuation of $300 billion,according to New York Times), there is a lot of motivation to keep private. This is because they can avoid public scrutiny caused by the disclosures required by public companies and can use a large amount of private capital to obtain the usually essential liquid infusion.
However, the facts of behemoths like Openai, Stripe (valued at $91 billion) and SpaceX ($400 billion) are even hidden costs of public markets. “I’m going to be philosophical,” said Avant-garde Green. “Part of the public market is created so that a wider population can participate in economic and economic growth; it’s not about sitting in the hands of some people.”
A behemoth may enter the focal point of the stock market. Anduril, a defense technology company Due to the nature of its business, the G series of G is valued at a valuation of $30.5 billion. But Pitchbook’s Stanford University predicts that this will be the next technology IPO. Besides Anduril’s CEO’s announcement that it will conduct a public deal “absolutely”, its value proposition is at the heart of priorities for Trump’s security and defense sectors, which could make it a hot choice for investors, the reason why Stanford University is.
“Beyond that, the list of potential IPO candidates is long these days: “There are probably about 300 companies more.” ”
