New York, May 18, 2026, 15:03 EDT
- Figma was at $23.20 in afternoon U.S. trading, putting its market cap near $12.1 billion.
- Figma now sees 2026 revenue between $1.422 billion and $1.428 billion, after reporting a 46% jump in first-quarter revenue.
- Goldman Sachs lowered its price target to $30 from $35 and kept its Neutral rating, TheStreet said Sunday.
Figma traded up Monday, keeping most gains after its earnings bounce. Investors are watching whether the design-software player can price new AI features without cutting into customer activity. Shares changed hands at $23.20 early afternoon, compared to $22.92 at Friday’s close, even as the Nasdaq dipped.
Traders are now focusing less on whether software firms have AI and more on whether the features actually make money. Figma set AI credit limits — these are usage caps for AI features that can turn into extra charges — for all accounts starting March 18. According to the company, over 75% of large-company users who went over those limits kept using credits in April, and more than 95% of those companies stayed on the platform.
Figma’s latest results gave a bit more clarity on a sticking point for the stock: whether new AI design and coding tools might eat into demand for its platform. But according to the company, that hasn’t happened so far. Figma said it’s seeing more seat growth and broader usage of Figma Make, Model Context Protocol, and Figma Weave.
Figma said first-quarter revenue rose 46% from last year to $333.4 million. The company also raised its full-year revenue forecast by $55 million and is guiding for second-quarter revenue between $348 million and $350 million.
Figma reported a GAAP net loss of $142.4 million. GAAP uses standard accounting. The company’s non-GAAP numbers, which adjust for some expenses, showed net income at $56.5 million and operating income at $52.1 million.
Customer growth was in focus for the market. The number of paid users climbed 54% to around 690,000. Customers generating more than $100,000 in ARR increased 48%. ARR stands for annual recurring revenue, or what the company expects from subscriptions each year. Net dollar retention hit 139%, meaning existing customers increased their spend.
Figma CEO Dylan Field said in the results release, “design is the competitive edge.” CFO Praveer Melwani pointed to “promising early traction” in AI monetization as a reason for the higher outlook. Figma Investor Relations
Melwani said “Q2 will be our first full quarter of credit monetization,” during the earnings call, according to a TradingView report. Figma’s March launch only gave the company a partial quarter to see if customers would keep using AI tools after hitting limits. TradingView
Competition is still the big question. Adobe is the top brand in creative software and tried to buy Figma in a $20 billion deal that both sides dropped after hitting regulatory pushback in Europe and the UK.
AI-native design tools are now in focus. Reuters said Anthropic rolled out Claude Design last month. Melwani told Reuters about those AI tools, “you can’t dismiss them.” Reuters
But that’s the catch. Goldman’s new target, according to TheStreet, flagged competition, gross-margin strain tied to AI spending and a valuation needing solid follow-through. If paid credits don’t keep pace with AI usage or if competitors launch similar tools for less, the gains could unravel fast.
