CoinDesk owner Bullish prices IPO above range to raise over $1.1 billion
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Aug 13 2025
0mins
Should l Buy FIG?
Source: Reuters
Bullish IPO Details: Bullish, a cryptocurrency exchange backed by billionaire Peter Thiel, priced its U.S. initial public offering at $37 per share, raising $1.11 billion and valuing the company at $5.41 billion, exceeding its initial pricing range of $32 to $33.
Market Context and Future Plans: The IPO comes amid a resurgence in U.S. equity capital markets for crypto companies, supported by favorable regulations under the Trump administration, with Bullish expected to start trading on the NYSE under the ticker "BLSH" soon.
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Analyst Views on FIG
Wall Street analysts forecast FIG stock price to rise
9 Analyst Rating
3 Buy
6 Hold
0 Sell
Moderate Buy
Current: 19.080
Low
38.00
Averages
53.13
High
70.00
Current: 19.080
Low
38.00
Averages
53.13
High
70.00
About FIG
Figma, Inc. designs and develops platforms for people who build digital products together. The Company helps cross-functional teams align and build software more efficiently and ensure the advanced access and controls that large organizations require. Its products include Figma Design, Dev Mode, Figma Sites, Figma Make, Figma Draw, Figma Buzz, FigJam and Figma Slides. Figma Sites is a product that lets clients design a Website and directly publish it to the Web, with a custom URL. Figma Make is an AI-powered tool that turns a prompt into a fully functional prototype. Figma Buzz is a product for easily creating marketing assets (like social media assets and digital ads) at a scale that is consistent with brand or visual identity. Figma Draw provides a space for finer vector editing required when drawing detailed iconography and product illustrations. Figma Design combines powerful features with a collaborative workspace to help teams design and build better products together.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Market Environment Impact: As enterprises scrutinize spending on traditional SaaS tools, Figma's core product faces direct competition from AI tools, leading to diminished investor confidence in its future growth and negatively impacting stock performance.
- Valuation Challenges: Figma went public at a high valuation, currently trading at approximately 13 times sales, and while the company has achieved positive cash flow, its lack of profitability raises concerns about future earnings potential, exacerbating stock volatility.
- Future Outlook: Despite the risks, CEO Dylan Field has the capability to invest through the AI transition, and if he successfully navigates market changes, Figma could generate significant free cash flow by 2030, attracting the attention of long-term investors.
See More
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- Growing Customer Base: Figma currently boasts over 15,000 paying customers and generated over $1 billion in revenue last year, reflecting a robust 41% growth, indicating strong potential in the digital prototyping and collaboration platform market.
- Intensifying Market Competition: While Figma's technology excels in visual user interface creation, the lack of a defensible moat exposes it to threats from competitors like Adobe XD and Microsoft, which could impact its market share.
- Rising Operating Costs: As revenue increases, Figma's operating costs, particularly in research and development and sales/marketing, are also rising, leading to escalating losses that suggest its growth may not be sustainable.
- Dismal Investment Return Outlook: Despite Figma's market capitalization reaching $10 billion, the expected return on its stock over the next few years may be limited, prompting investors to carefully assess its long-term investment value.
See More
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- Stock Rebound: Figma Inc. saw a 5.03% increase in stock price on Thursday, closing at $22.15 per share, as investors engaged in bargain hunting after six consecutive days of declines, indicating confidence in its future growth prospects.
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- Rating Upgrade: Oppenheimer assigned a “perform” rating to Figma on Wednesday, highlighting its strong growth trajectory in software, particularly with its AI-embedded digital design platform disrupting the market, showcasing the visionary capabilities of its technology management team.
- Competitive Risks: Despite Figma's investment potential, analysts caution that agentic automation could diminish the value of design platforms and subscriber growth, increasing the threat from AI-native competitors, thereby posing risks to Figma's market position.
See More
Oppenheimer Initiates Coverage on Figma with Perform Rating
- Market Outlook: Analyst Brian Schwartz from Oppenheimer highlights that Figma's total addressable market is approximately $33 billion, and while it holds a leading position in the digital design market, the structural shift towards AI technologies may moderate deal sizes and subscriber growth, impacting its growth trajectory.
- Revenue Performance: Figma currently boasts a revenue run rate of $1.22 billion, showcasing its rapid expansion capabilities; however, concerns arise that the impact of AI could weaken Figma's competitive moat, posing challenges to its growth.
- Competitive Landscape: Schwartz notes that Figma faces increasing competitive pressure from native AI and large language model vendors, which could affect its market share and profitability in an environment where AI technologies are becoming more prevalent.
- Investment Rating: Despite Figma's visionary technology management team and a share price target between $29 and $31, Oppenheimer has initiated coverage with a 'Perform' rating due to AI threats and lackluster investor interest, reflecting a cautious stance on its future performance.
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