Figma Crashes 75% From Peak — The “Broken IPO” or the Ultimate Software Steal?

Figma, the design powerhouse that nearly merged with Adobe for $20 billion, is now trading around $36—a staggering 75% drop from its $142 post-IPO high. But don't let the price tag fool you. While the stock looks like a "broken IPO," the business is hitting massive milestones, including crossing the $1 billion annual revenue run rate with 38% growth.In this episode of Implied, we peel back the curtain on why a $1.1 billion paper loss is masking a cash-rich company with $1.5 billion on the sidelines. We explore how Figma’s acquisition of the AI startup Weavy is turning the tables on Adobe and why a 131% net dollar retention rate makes this one of the stickiest products in tech history. Is this a valuation trap at 18x sales, or a rare chance to buy a generational leader at a deep discount? Tune in for the full breakdown of Figma’s wild 2026 trajectory.