Figma (FIG)

A Game for Patient Capital

Figma is one of the most compelling yet structurally mispriced opportunities in today’s software sector. The company has created an entirely new category of collaborative design tools and, in doing so, has built one of the most defensible moats in enterprise software.

In the midst of its euphoric IPO last week, the market introduced a structural mispricing that obscures the company’s true long-term value proposition.

Figma is demonstrably overvalued on current fundamentals; it is also underestimated in its long‑term potential. It represents a unique opportunity for patient investors who can look beyond immediate market euphoria to a future where the company could redefine the nature of collaborative work.

The investment thesis rests on three core pillars: