New York, Feb 11, 2026, 06:01 (EST) — Premarket
Figma Inc shares slipped 1.0% to $23.85 in premarket trading on Wednesday, after jumping 8.9% to close at $24.10 in the previous session. The design software maker touched $25.17 intraday on Tuesday, StockAnalysis.com data show. (StockAnalysis)
The move left the stock in the middle of a choppy stretch for U.S. software names, where traders have been quick to sell on any hint that AI tools could rewrite pricing and customer churn. Figma’s pullback from its early post-IPO highs has made it a test case for how much of that fear is already in the price.
JPMorgan strategists, led by Dubravko Lakos-Bujas, said “the market is pricing in worst-case AI disruption scenarios that are unlikely to materialize over the next three to six months,” and recommended adding exposure to a basket including Microsoft, Palo Alto Networks and ServiceNow. Morgan Stanley’s Katy Huberty said the “dislocation in U.S. Software valuations is sentiment-driven, not fundamental.” The call came after Anthropic’s launch of plug-ins for its Claude Cowork agent helped drive the S&P 500 software and services index down as much as 17% over six sessions through Thursday before a roughly 7% rebound, Reuters reported. (Reuters)
Figma has also kept pushing product changes, including new “@ mentions” in its Make connectors and a feature that lets admins bulk-share content with user groups, according to its release notes. (Figma)
Figma began trading on the New York Stock Exchange on July 31, 2025, priced at $33 a share, and hit an all-time high of $142.92 on Aug. 1, 2025, TradingView data show. The stock is still below its IPO price. (TradingView)
In its last report, Figma said third-quarter revenue rose 38% to $274.2 million and CEO Dylan Field said the company crossed $1 billion in annual revenue run rate, a way of expressing quarterly revenue on an annual basis. The company forecast full-year 2025 revenue of $1.044 billion to $1.046 billion, and CFO Praveer Melwani said, “We have the flexibility to keep investing to drive sustainable, long-term growth.” (Business Wire)
For investors, the question is whether the company can keep expanding beyond core design teams into broader product development, without a jump in costs that eats into cash generation. Tuesday’s bounce suggests bargain-hunters are sniffing around, but it is early.
But the upside case leans on sentiment as much as numbers. If management flags tougher renewals, heavier AI spend, or a weaker enterprise pipeline, the stock could snap back toward recent lows.
Next up is Figma’s fourth-quarter and full-year 2025 report, due after U.S. markets close on Feb. 18, with a conference call set for 5 p.m. ET. Investors are likely to focus on revenue growth, margins and whether newer AI-linked products such as Figma Make are pulling in customers beyond core design teams, the company said. (Business Wire)
