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:

• Created an entirely new market for collaborative visual development platforms

• Product-led growth model and network effects create compounding value that becomes exponentially more valuable as AI and automation reshape knowledge work

• Web-native architecture positions it uniquely to capture the convergence of design, development, and business process automation

Patient capital can benefit from both multiple compression in the near term and extraordinary optionality in the long term.