Shared agent run on NexusTrade
Is Figma cooked by AI? Due diligence from SEC filings
Quarterly revenue, year-over-year growth, retention, AI adoption and cash flow for Figma (FIG), pulled from SEC filings by NexusTrade's agent.
User: Someone on TikTok said "Figma is cooked, thanks to Claude." The argument is that AI coding and design tools are going to cook Figma (FIG). Do deep due diligence on Figma using real data and build the strongest data-backed bull case refuting that claim. Cover: 1. Revenue growth trend quarter by quarter since the IPO, plus the latest quarter's year-over-year growth. Is growth accelerating or decelerating since Claude and other AI coding tools took off? 2. Net dollar retention, paid customers, and customers paying over $10K and $100K. Are customers leaving or spending more? 3. Gross margin, operating cash flow, free cash flow, and the cash and debt position from the SEC filings. 4. What Figma is doing with AI itself (Figma Make, AI features, MCP server, any partnership with Anthropic or Claude) and whether it shows up in the numbers. 5. Valuation today: price, market cap, EV/sales and how it compares to peers like Adobe. How far the stock is from its post-IPO high. 6. Then steelman the bear case honestly (AI disruption, stock-based compensation, lockups, deceleration), and refute each point with the data where the data supports a refutation. End with a short, punchy verdict: the 3-5…
Aurora: 1. **Parallel batch A — Stock Screener** — Collect structured Figma market, fundamentals, quarterly revenue history since the IPO, customer metrics where available, current price, market capitalization, and valuation inputs; explicitly test the quarter-by-quarter growth trend and latest year-over-year growth. 2. **Parallel batch A — Sec Edgar** — Retrieve and analyze Figma's relevant SEC filings for revenue, net dollar retention, paid customers, customers above $10K and $100K, gross margin, operating cash flow, free cash flow, cash, debt, stock-based compensation, lockup information, and filing dates; cite each figure to its filing. 3. **Parallel batch A — General Info V2** — Research Figma's AI products and strategy, including Figma Make, other AI features, the MCP server, and any Anthropic or Claude partnership; verify current valuation context, peer comparison points, and the post-IPO high with source URLs and dates. 4. **Parallel batch A — Stock News Querier** — Gather current Figma news and sentiment relevant to AI disruption, customer adoption, product launches, partnerships, guidance, lockups, and material catalysts as of the requested date. 5. **Parallel batch A — Deep Res…
User: Stock Screener: Collect structured Figma FIG market data including current price market cap valuation inputs plus quarterly revenue history since the IPO and customer metrics where available to test quarter-by-quarter growth trend and latest year-over-year growth. Sec Edgar: Retrieve and analyze Figma FIG SEC filings including 10-Q 10-K and S-1 for revenue net dollar retention paid customers customers over 10K and 100K gross margin operating cash flow free cash flow cash debt stock-based compensation lockups and filing dates with a cited figure for each number. General Info V2: Research Figma AI products and strategy including Figma Make other AI features MCP server and any Anthropic or Claude partnership plus current valuation context peer comparison to Adobe and post-IPO high with source URLs and dates. Stock News Querier: Gather current Figma FIG news and sentiment on AI disruption customer adoption product launches partnerships guidance lockups and material catalysts as of October 5 2026. Deep Research: Perform broad multi-source due diligence on Figma FIG and the claim that AI coding and design tools will make Figma obsolete covering competitive dynamics customer behavior pro…
Aurora: Okay, real talk: Figma is not cooked. Q2 2026 revenue grew 48% year over year, accelerating for the third straight quarter, with net dollar retention at 136% (https://investor.figma.com/news-events/news/news-details/2026/Figma-Announces-Second-Quarter-2026-Financial-Results/default.aspx). I love that you're asking for receipts instead of TikTok vibes. Here's the data backed bull case, plus the honest bear case. **1. Growth is accelerating, not dying** Figma said Q2 2026 was a record quarter and its first full quarter of AI credit monetization, with revenue up 48% year over year and gross profit growth accelerating alongside it (https://investor.figma.com/news-events/news/news-details/2026/Figma-Announces-Second-Quarter-2026-Financial-Results/default.aspx). CEO Dylan Field's words: "Q2 was Figma's third straight quarter of accelerated revenue growth, and as code gets commoditized and value moves up the stack, the opportunity ahead of us has only grown" (https://investor.figma.com/news-events/news/news-details/2026/Figma-Announces-Second-Quarter-2026-Financial-Results/default.aspx). Full year 2026 outlook was raised to revenue between $1.463 billion and $1.467 billion, implying 39%…
Aurora: | Quarter End | Quarter Label | Revenue | Prior Year Revenue | Yoy Revenue Growth Pct | Prior Q Revenue | Qoq Revenue Growth Pct | Gross Margin Pct | Operating Cash Flow | Free Cash Flow | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2024-06-30 | 2024-Q2 | $177.2M | N/A | N/A | N/A | N/A | 77.68 | N/A | N/A | | 2024-09-30 | 2024-Q3 | $198.6M | N/A | N/A | $177.2M | 12.10 | 90.58 | $61.6M | $61.2M | | 2025-03-31 | 2025-Q1 | $228.2M | N/A | N/A | $198.6M | 14.88 | 91.48 | $97.2M | $96.3M | | 2025-06-30 | 2025-Q2 | $249.6M | $177.2M | 40.88 | $228.2M | 9.40 | 88.83 | $62.5M | $61.3M | | 2025-09-30 | 2025-Q3 | $274.2M | $198.6M | 38.03 | $249.6M | 9.83 | 69.40 | $51.2M | $49.5M | | 2025-12-31 | 2025-Q4 | $303.8M | N/A | N/A | $274.2M | 10.80 | 82.12 | $39.9M | $39.2M | | 2026-03-31 | 2026-Q1 | $333.4M | $228.2M | 46.12 | $303.8M | 9.76 | 79.41 | $97.3M | $89.5M | | 2026-06-30 | 2026-Q2 | $370.1M | $249.6M | 48.25 | $333.4M | 10.99 | 83.66 | $60.9M | $54.2M | For [Figma](https://nexustrade.io/stock/FIG), the market snapshot in this screen is $21.36 as of 2026-10-02's close, with a 0% return on that single-day start-to-end window. Because you asked for current price,…
Aurora: NexusTrade Data Lake SEC result saved at tool-results/754ce21d61a593ed/6b74b7333ae3b66a1a17fad20f2132ebb4dd60bca7281baa7fe535aaac7ba804.json. Read the structured result in this message.
Aurora: [FIG](https://nexustrade.io/stock/FIG) is back in focus after a sharp pullback, with fresh product news and AI-infrastructure validation helping offset fading momentum concerns. * Fair-value debate back on after ~11% 30-day drop to $21.36, with narrative fair value at $22.36 and focus on AI costs vs ecosystem moat [Simply Wall St](https://simplywall.st/stocks/us/software/nyse-fig/figma/news/figma-fig-pullback-puts-its-fair-value-narrative-back-in-foc) * Motion tool update adds custom animation styles, audio timeline and Lottie export in open beta, with Dev Mode and MCP handoff for developers and agents [TheNextGenTechInsider](https://www.thenextgentechinsider.com/pulse/figma-enhances-motion-tool-with-custom-styles-and-audio-integration) * Named as Cerebras Inference Cloud customer for agentic workflows alongside Block and GSK, spotlighting Figma as AI inference buyer [24/7 Wall St](https://247wallst.com/investing/2026/10/05/cerebras-systems-tough-2026-continues-itll-double-soon-according-to-one-of-the-biggest-global-banks/) **TL;DR**: [FIG](https://nexustrade.io/stock/FIG) pullback has refocused debate on valuation while Motion updates and AI-customer validation provide fresh cata…
Aurora: # Figma (FIG): AI is more likely to expand and reposition the platform than make it obsolete—so far **As of October 6, 2026, the “AI coding/design tools will make Figma obsolete” thesis is not supported by observed customer or financial behavior.** Figma’s latest reported results instead show accelerating growth, 136% net-dollar retention, expanding enterprise cohorts, and substantial AI usage. The bear case is still credible: AI-native tools can bypass conventional design files, commoditize basic UI production, pressure pricing, and shift value toward code agents and foundation-model platforms. The most defensible investment conclusion is therefore **“Figma is adapting into an AI-native creation and collaboration platform, but must prove that AI monetization produces durable gross-profit and margin leverage rather than merely higher usage and compute expense.”** ## Headline findings 1. **The current evidence argues against near-term obsolescence.** Q2 2026 revenue was **$370.1 million, up 48% year over year**, and management raised FY2026 revenue guidance to **$1.463–$1.467 billion**. NDR was **136%**, while customers with more than $10,000 of ARR rose to **15,964**, up 34% year…
User: Okay, that TikTok take is spicy, but the receipts say something else. Figma just printed $370.1 million in Q2 2026 revenue, up 48.2% year over year, with 136% net dollar retention (https://investor.figma.com/news-events/news/news-details/2026/Figma-Announces-Second-Quarter-2026-Financial-Results/default.aspx). That is acceleration after Claude took off, not a business getting cooked. I love that you asked for filings instead of vibes, so here is the full bull case with the bear case left in. 1. Revenue trend: accelerating into the AI wave Quarterly revenue from lake filings plus screener history runs $177.2M in 2024-Q2, $198.6M in 2024-Q3, $228.2M in 2025-Q1, $249.6M in 2025-Q2, $274.2M in 2025-Q3, $303.8M in 2025-Q4, $333.4M in 2026-Q1, and $370.1M in 2026-Q2 (Stock Screener lake canonical_quarterly_financials as of 2026-10-02, SEC companyfacts CIK 1579878). Year over year growth is 40.9% in 2025-Q2, 38.0% in 2025-Q3, 46.1% in 2026-Q1, and 48.2% in 2026-Q2 (same lake source). So the latest quarter is the fastest of the four comparable prints. That timing matters. Claude Design launched April 17, 2026 (https://profitvisionlab.com/en/fig-deep-research-update-20260420), and the June…
Aurora: Okay, that TikTok take is spicy, but the receipts say something else. Figma just printed $370.1 million in Q2 2026 revenue, up 48.2% year over year, with 136% net dollar retention (https://investor.figma.com/news-events/news/news-details/2026/Figma-Announces-Second-Quarter-2026-Financial-Results/default.aspx). That is acceleration after Claude took off, not a business getting cooked. I love that you asked for filings instead of vibes, so here is the full bull case with the bear case left in. 1. Revenue trend: accelerating into the AI wave Quarterly revenue from lake filings plus screener history runs $177.2M in 2024-Q2, $198.6M in 2024-Q3, $228.2M in 2025-Q1, $249.6M in 2025-Q2, $274.2M in 2025-Q3, $303.8M in 2025-Q4, $333.4M in 2026-Q1, and $370.1M in 2026-Q2 (Stock Screener lake canonical_quarterly_financials as of 2026-10-02, SEC companyfacts CIK 1579878). Year over year growth is 40.9% in 2025-Q2, 38.0% in 2025-Q3, 46.1% in 2026-Q1, and 48.2% in 2026-Q2 (same lake source). So the latest quarter is the fastest of the four comparable prints. That timing matters. Claude Design launched April 17, 2026 (https://profitvisionlab.com/en/fig-deep-research-update-20260420), and the June…