Figma (FIG.N): Built for AI-Driven Design Chaos: Initiate at Buy/HR

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Figma (FIG.N): Built for AI-Driven Design Chaos: Initiate at Buy/HR

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17 Jun 2026 05:28:53 ET │ 46 pages

Figma (FIG.N)

Built for AI-Driven Design Chaos: Initiate at Buy/HR

CITI'S TAKE

We initiate on Figma at a Buy/High risk rating with a $36 TP. The traditional

design category is facing significant disruption as low-cost and AI-native

tools proliferate. While AI-driven efficiency raises legitimate concerns Buy / High Risk

around seat compression, we believe the market underestimates offsetting Price (16 Jun 26 16:00) US$17.98

growth from seat mix upgrades, expanding non-designer personas, and

Target price US$36.00rising AI-driven consumption. Our proprietary customer and go-to-market

(GTM) checks with hyperscalers and large financial services (FS) firms Expected share price return 100.2%

suggest strong seat upgrades & credit pack utilization, which offer positive Expected dividend yield 0.0%

reads on AI-monetization strategy. Our Q2/FY26E revenue estimates are

Expected total return 100.2%7/9pts above consensus. We see several catalysts ahead with upcoming

Config conference, and additional monetization opportunities with new Market Cap US$9,500M

product and MCP server monetization launches, though this is offset by a

final lock-up expiry (mid-Aug). Our $36 TP implies 9.4x EV/FY27E revenue.

Ramping AI Traction Likely Drives Significant Upside — Our Q2/FY26 revenue Price Performance

estimates are 7/9 pts above the street. Our industry checks support strong AI

(RIC: FIG.N, BB: FIG US)traction out of the gate, noting Full Seat upgrades, and AI credit usage driving need

for add-on credits. MCP presents a unique monetization opportunity as design

surfaces become proliferated across AI tools. We frame Figma’s growth through