Figma

“For IBM, for example, we saw a shift from 72 engineers to every one designer in 2012. Again, 72 engineers to every one designer. And then in 2017, five years later, they were at eight engineers to every one designer across the company. And on mobile, they were…”

“I had met John Lilly, the seed, and he turned us down, actually. But he said, hey, look, like, if you want to keep talking, I'm down.”

“Ended up dropping out with the support of the Teal Fellowship to go found Figma.”

“I also hope that the tool team that's working on the editor at Figma, where we're supporting designers who have to put food on the table, and eight percent of our users are international, and many of them are living in third-world countries. This is bringing t…”

“That said, a lot of the plugins that we're seeing are across many different tools. And so it's not just enough to make it so that a plugin exists on your platform and people use it. But you also need to make it so that the plugin works best in your platform.”

“Our director of design, Noah, I think it took us like two or three years to get him in the door.”

“You keep things simple, and I think that especially later in your product life cycle, the requests you get are dominated by power users sometimes, and they're asking for more power. You can't forget that the reason that became a power user in the first place i…”

“I think to scale, you can't really be all sync, because then you have challenges around how you communicate and how you make decisions, but you also can't be async, otherwise you lack connection, you lack spontaneity.”

“I think it might take a little bit longer to go platform route, but then you have this sort of opportunity to back into scale it faster.”

“For Figma, internally, pre-COVID, we were entirely in person, and now we're supporting remote work, of course, just like, you know, everyone else does, but also we're permanently doing that long term.”

“I think that early on, I wasn't empowering enough, and that was a really hard part for the team. I was at Henry Ports or so, and we hadn't launched the product yet, and everyone was going, gosh, will this ever be a thing? Will anyone ever even care? It was lik…”

“Well, I certainly learned from people that I invest in, so probably yes in that way, but I think mostly it's the value it brings to Figma is that it's just very energizing for me. I really like helping people. And helping people as an investor is just a very d…”

“I think that there's an opportunity for us to totally own and support the design process and life cycle. So everything from idea to mock-up to research and consolidation to prototyping all the way production.”

“I think that anytime you're able to introduce more workflow, that is a pretty inherently defensible thing that will help your product.”

“Well, we're still, speaking of board, we're still finalizing our twenty-twenty win plan, but I think we'll near double the team again, which is pretty wild.”

“When we went from being in person to doing all of these things, you know, we no longer do brainstorming in a big conference room with, you know, stick stickies, post-it notes, you know, now we do it all on Figma, and actually I started noticing, man, I'm just …”

“I think the first angel was Dylan Field at Figma.”

“Our view was that all front end engineers in the future will engage in design, and this is 10 X plus bigger in terms of market opportunity than just defining what they do in the design space.”

“As the sales organ Figma is rounding a hundred people and growing steadily.”

“You know, we're now a ten billion dollar company with the most recent fundraise, but we also genuinely think that that's just the floor. I mean, Figma is going to be a massive company and we're just getting started.”

“So what I learned early that I think the founder and that sales leader should be meeting at least weekly is my expectation for an hour, you know, at minimum, I think going into that, and this is a general framework that I follow for all the people in my team i…”

“And we're actually soon launching SMB”

“When I joined Figma, for example, there was nobody in a customer facing role.”

“After a while, we kind of like remove the manager fit screen because we felt like we're really calibrated with recruiting.”

“I think if you have hit some level of product market fit, you're seeing traction. You know that there is a market to go grab, and it's a speed game. And like, we need to go do it fast. And you're like, I think that we can support having five salespeople, even,…”

“We don't discount the product. It's something we've held to really strongly.”

“Founder of Figma is a really close mentor of mine. I mean, what's great about Dylan is he is able to do so many different things. He's running Figma, but he's also extremely deep in the NFT space, so he's just been, like, very helpful from, like, mentoring us …”

“Figma and Notion. Community first. Welcome sales assist. Impassioned user base.”

“If you look at the difference between the Sequoia round in Figma or the durable round in Figma, right? It's the difference between, you know, having a hundred plus X outcome and a two X outcome.”

“When I joined Figma, for example, there was nobody in a customer-facing role, and so I'm Sales enablement, sales operations, sales finance, and I'm all of those things bad or mediocre at best because you just have to be. Those roles and those functions don't e…”

“200,000 dollars of equity at Figma is going to be very different than 200,000 dollars at Maybe a small company that doesn't have a good chance of success. And is probably either going to get acquired for a nominal amount or just fizzle out because you know wha…”

“I don't think any of those people are going to go off and start the next Figma. I think they're going to continue to look for a job. They can kind of phone it in and make a lot of money.”

“If your product has a social collaboration, network effect, that kind of thing, think about Slack, LinkedIn, right, or anything like, or Airtable, Figma, hiring for growth early on, a little bit earlier, will allow you to engineering those growth loops into th…”

“I think Figma did a really great job with the launch of FigJam. It was smart feature development to bring in a different section of the market with a product that plays very nicely with their core offering.”

“I think the enterprise value of, like, portfolio companies is Total bullshit though, too, because it's like, I could invest in, you know, Figma and the Series E. Fair enough. And then it's like, we've created thirty-five billion dollars, and you're like, come …”

“This comes back to my bias around wanting to see some early signs of product market fit before investing, and Figma did not have a launched product. Before its first couple of venture rounds.”

“I remember when they, it's public, but they were at four million in ARR when Andrew did them at 400.”

“And so how that actually plays out is probably a third of the company from my surveying has paid seats inside of Figma, and they pay about three times as much as they would for something like Slack.”

“Dylan at Figma, Zach at Plaid and Alex at Scale, and I have enormous respect for all three of them got to know all three of them really early, and I just, I struggled with it.”

“So if I have to create the next notion, the next superhuman, the next figma, My bet is that it certainly is going to look completely different because before I would reach for what I would call like software one point no solutions.”

“What's working often is unsustainable, and it's your sneaks, your figmas, your big IDs, which actually may take a bit longer. But you wouldn't allocate to them if you were doing it on traction.”

“Figma in some ways was easier case for the government in the FTC, which has been very aggressive than many other cases. You know, Figma Is competitive with Adobe's products. Like at the end of the day, that's not like a stretch where the FCC has been taking so…”

“I'm a huge fan of rapid prototyping, like not just creating interactive Figma mockups that you can click on, but literal prototyping with real software code so that you can just rapidly experiment and feel out using your intuition and your instinct”

“Too much regulations could just gonna stiffer innovation. And what we've seen here, where they just extrapolate them, making up their own opinions with CMA and in firms of Figma maybe competing in the future. I think it's totally wrong and it was stiff for com…”

“Well, it's what, I mean, Adobe, the majority of Adobe's revenue is still from designers designing assets in creative cloud. And that is exactly what Canva does. It's not prototyping products, which is what Figma is great at.”

“I think, I do think the regulators got this one wrong, and maybe even they got it wrong, who knows, because of, this is why the Google HubSpot thing might be worse, and maybe it's how they were lobbied or manipulated, because I don't think it's competitive.”

“So, so, so an example is in the case of Figma, clearly it was going to take three years plus To come up with an alpha. But that was more a question of, were they going to be able to deliver the product of significance enough to be relevant and to dominate the …”

“Somebody who I really admire is Mamoon at Kleiner. I think Mamoon has an exceptional track record of investing in companies that are not at all obvious at the time. And I think about the series B in Figma, which is a round that we looked at and passed on. I th…”

“So the series C and Figma, when Figma had, I think, 4.6 million of ARR, that was not at all obvious, but Andrew had spent three years Studying the design market and had a real point of view.”

“And I think about the series B in Figma, which is a round that we looked at and passed on.”

“Figma was directly destroying a thirty million dollar product line that Adobe had abandoned, ok, with XD sketch or whatever it's called.”

“If Figma could be blocked, I actually think Wiz is, is more competitive to, there's more antitrust, even though I don't think it should be blocked remotely,”

“Companies that usually, like, usually mergers that fall apart or acquisitions that fall apart end up with in a really bad place because companies just typically have checked out by the time the acquisition happens. Figma is thriving. And I think they're thrivi…”

“You know, actually Figma was quite contentious. Yeah, it was, yeah. Because to your point, around like half a million of AR at a 110, 15 post, whatever it was at the time it was really like the same thing. There's Envision, there's Sketch. This company's been …”

“Probably Slack, I would say, you know, even at the 250 post that's, you know, with all the dilution over time and, If you take the twenty-seven billion or some other number that's a, obviously, a good, great multiple. Figma, you know, the initial investment wa…”

“Slack created a market. In some ways, Figma created a market. There wasn't a notion of collaborative design software.”

“I don't think, ah, a lot of us put a lot of the blame on Lena Khan, poor Lena Khan because, you know, in our own experience, that's not, that was not the issue for Adobe Figma. It wasn't Lena, ah, or the FTC, ah, there were other issues. So I think it's broadl…”

“You just saw that designers were using the product 1516, 1718 days out of a month.”

“But Sketch and InVision are way bigger than Figma for a while.”

“I mean, if you look at, you know, I was very fortunate to see some amazing companies from index from the early days, whether it was a Figma, whether it was a whiz, whether it was a data dog companies that, you know, have been able to build TAM by just increasi…”

“I mean, look, I'm an investor and all the rest, and I think Figma is an amazing company that's gonna, gonna, I'm probably going to make substantially more money because the deal was essentially derailed, but there was a bad theory of the case.”

“Mine is Figma. It was quite a while ago now. It was still pre-launch, so it was trying to write like a very large check pre-launch.”

“But if Figma doesn't manage to connect that to the full end to end chain of prototyping and building and so on, then this could be a pretty existential threat. To companies like that over time, or at least like a threat to their current revenue model”

“Stripe, Figma Chime, the list of folks north of five hundred million, ok, Canva, three billion, that are gonna IPO in the next 18 months.”

“We had worked on some AI features the year before, which at the time we had called make design, where you can go from a prompt and it would generate some designs on the canvas. And it was a pretty simple feature. You write some prompts and then it would use so…”

“There's still a strong disconnect between what people design and what ends up in users hands. And for me, a thought experiment is next time a designer shares a portfolio with you, are they sharing the designs that were beautiful mocks? Are they sharing the des…”

“If you're perfecting details for a critical part that it's going to help you understand how well this product is going to do in the market, then by all means. But if you're starting to kind of perfect these areas that are much more speculative or areas of the …”

“In fact, some of our most popular launches are these small little things that we brand them as little big updates. Our users love it.”

“Building something tangible that people can use convinces people more that this idea is tenable.”

“For example, at Figma, we have a culture of everyone wants to get the details right, so sometimes we have to encourage people to be comfortable getting something shipped.”

“In Figma make, source of truth is code, and we figure out how to take your design, translate it into code, and then let you iterate via code, because code is so expressive.”

“It's important to observe how people hack your product, you know, use that as inspiration, because that's real signal, right? They're going out of their way to demonstrate to you that they have a need, even though you're not delivering on it.”

“I would say it's primarily bugged today. Perhaps at times masquerading as a feature because I think designers are always designing ahead, right? So they're always thinking about v one, v two, v next. And so as a result of that, it is natural for the designs to…”

“The future has to be one where there are many entry points because building a product is just necessarily this very Complex, multifaceted thing.”

“It's still a very tribal knowledge. You know, you kind of have to know this random nuance here, which is why, you know, this backstory, which is why we can't do this. And sometimes that prohibits some of the new people from being able to get to a better soluti…”

“Our first product, Figma Design, has always set the bar for what it means to be a kind of tool that people are deeply, deeply reliant on. That's kind of the golden standard... We call it ND sevens, like how many days in a week? That people are using your produ…”

“We often do some beta testing where we put it in front of a team and then we check in a week later and are they still using it?”

“It's not always the case that throwing more people or resources at a problem makes something go faster, and I say this because we just launched a bunch of new products, and perhaps the hardest problem still is how do we make them connect better, and making the…”

“One of the first things he did was he took design Twitter, he visualized it as a graph, and then figured out which people designers are following the most, and then went to those designers to get feedback on Figma and get them excited about Figma. And that was…”

“But as we started building other products, we realized, and other audiences, they're like, oh no, people are confused by a two D canvas. They would prefer to be in more of a workflow where they can see one thing at a time. And so as we contemplated other Types…”

“Before our Slides product, three and a half million decks were being made in Figma design, even though it wasn't intended for it.”

“All too often people end up kind of having to walk people through, okay, this tutorial of like, let me just explain to you why this product is better. And to me, that's not just a story. It's also kind of a constraint in the design. Like you're maybe not pushi…”

“I don't think we'll have fewer engineers than we have today, but you know, I think we'll be able to do more than we're able to today. You know, as we expand more products, I don't, expect the number of engineers, for example, to grow in proportion.”

“Some of these are pretty sophisticated products, and the kind of interesting thing about building a tool is a tool is very different from, like, a typical consumer product where, you know, there's a funnel and you're trying to optimize the metric. Like, you're…”

“If it had just been a Figma design, we probably was like, ah, you know, ah, maybe, maybe not. But the prototype was. So good that it convinced everyone.”

“The things that the lovables and figmas do as like maybe a very small fraction of what software is. Like ultimately, like most software is not just like a website that, that it has like some backend attached to it.”

“Internally right now, when we build apps, we're not very, very quickly going to Figma at the very beginning if the app can be built Very fast inside.”

“My guess is it totally makes sense for them to get a great IPO under their belt. In a way that, and not do the strike thing of stay private for another three or four years.”

“And you didn't even mention one of the more impressive ones, which is kind of the profitability and free cash flow margins last quarter, like, 40% plus. So, upping positive, free cash flow positive, growing 46%. So, again, rough math on an iPhone on a small sc…”

“You know, it also, you know, I mean, Scott Belsky was right. They should have bought him. People made fun of them for overpaying, right? Twenty billion, right? But I think the beauty is if you're Adobe, you can be a little patient. It's okay if you pay two yea…”

“It's actually one of the few companies that could have done it, it's profitable, so it's not sitting there. I mean, one of the reasons you don't do a direct listing is either you need the capital, they don't, or you have this existential dread of screwing up y…”

“I think they're only raising around six percent primary share dilution.”

“Today, they're great partners. It doesn't make sense that they will be great partners for prototyping in 12 months. It makes no sense.”

“My sense is it's hard not to imagine this thing pricing and then popping very well because the structure of how they went at it is such that they will almost certainly be that money left on the table feeling”

“The reality of four VC firms, each making a billion dollars, that'll focus the mind.”

“Startup activity in the space that Figma plays is not going to be a thing anymore. You're not going to do a non, imagine you're not going to build a non AI collaborative design tool. You're not going to build a non AI, any kind of B to B software.”

“Our holding period is now longer than the tech cycle. That's a terrifying fact. Figma's holding period is 12 or 13 years”

“If you're a GC, their last fundraiser, seven billion, say you own 10% of a Figma, which is a generational company, two billion, you know, they're going to take 20% of that. I mean, you've returned what? Point zero point two X. You need 15 Figma's.”

“It's probably going to, we'll see where it prices, call it 20 to twenty five billion.”

“Largest shareholder in Figma, largest shareholder in Dream Games, largest shareholder in Wiz you know, second largest shareholder in Scale.ai, Revolut.”

“The 98 price only happened because the IPO happened at 38.”

“Instead of getting, let's call it, the designed 15, 20% pop that makes everyone feel good, you ended up with this absurd 250% pop, right, which is clearly off the charts. I mean, I think it's the largest pop since 1999.”

“The people who said, oh, Figma left three billion dollars on the table because they could have got 95 dollars a share, are talking out of their ass. Because I can guarantee you, the order book, I think it was one of the prices, 35, 38, whatever it was, there w…”

“The founders make the decision on what the price is. So Dylan decided at the end of the day.”

“Zendesk at the time went out. And it was just, it was timing, and it was just a shaky week that they went out, and they just didn't get, they didn't get the big long onlys, and they had a good story, and they didn't get them, and they never really got them. Th…”

“All those big buyers who came in at Figma at 38, before they buy, they have an internal process with a price target to exit. None of those price targets are going to be more than a 110 bucks a share.”

“We invested in, you know, every round.”

“The way of doing it right now with the design, what like one person does all the design very slowly, very detailed is going to be replaced by AI doing, you talk much more high level, and you talk about your design philosophy, and then the AI does the implement…”

“The answer, of course, is no, because I believe, as I said earlier, in reversion to the mean, and Figma had the largest bounce of any large cap IPO since, I think, 2000. So I sincerely doubt they'll copy that.”

“And then what we spend most of the time doing is looking at designs. So the designer will literally present Figma and say, okay, we've got a new problem we're looking to solve. This is how we're going to solve it. And we go through screen by screen.”

“What it told people for listeners is they looked at all 547, 2018 series B investments, and then they did a histogram of where they come out in less than a one X, you know, one to a two X. Oh, that was series B. So 547, and then, you know, 20, 18% of them grea…”

“One of the first hundred X deals, I think, in SaaS, and people were like, a hundred X ARR, what the hell? And obviously it ended up being, you know, I don't know, 30, 40 X, unbelievable investment.”

“If you think about his huge, huge winners, whether it's Figma, Glean, Rippling, they all have like a common through line of the, you know, it's B to B software, but it's almost like consumer like software that, that demands really high user love and engagement…”

“Figma actually went from being the first step to being the last step. So now you have this process where you vibe design the kind of journey, the flows, the interactions, and because you're instructing the design through code, through writing, it doesn't get t…”

“If you're growing less than 20% of a cherry pick basket, 5.1 X AR, Wix is lower. It's not in my basket. 20 to 30, 11.8 X AR. And then the 30% plus, which is Rubrik, Palantir and Figma, average 23.7 X AR, but Palantir and Rubrik push that up.”

“I don't think we're going to see it. I don't think we earned it this year. I don't think we have so many. You're better than Figma. You're better than Netscope. It's a high bar.”

“I think it's like 30 or 40% lower than Adobe deal adjusted for time dilution and risk, 30 to 40% lower.”

“I think so, to be honest. I think that the role of a designer will be as important as it is today, maybe even more, but I think that the tools that we use will evolve. And so you won't work on pixels and then code, but you will likely merge the two things.”

“I think the bigger risk for so many vendors is that it maims Figma... HubSpot and box and even anthropic using it, they don't leave, they renew, they don't buy as many seats, right? Because the team is also using cursor, but of course they don't churn. The log…”

“If you're not Figma or better, it's going to be rough out there. And that all these VCs are saying you can IPO at a hundred million and the IPO, the Vaughn says no to me. It says it's just barely cracked opened.”

“None of the unicorns are better than Figma, almost none of the prior, and if Figma isn't good enough, it's not good enough.”

“It's still a twelve billion dollar market cap company. It's still growing. Yeah, it's still trading at 10 times forward sales, growing at 30% plus.”

“That, by the way, is sort of ahead of where I think the market is going in terms of moving from products focused on execution, which today are being subsumed by coding agents, to markets focused on thinking, right? And I think a lot of the thinking work is goi…”

“That lovable and replet should not be owning product prototyping and development for product people. Figma should own this. They don't. They missed a whole generation. Here. And that's the, that ties into all of this. Figma, can't argue with Figma today. That …”

“So I believe it will aggressively attack parts of Figma this year, even though they're key partners.”

“I would just be shocked if at some point in the next eight to 18 months, a Claude Code can't automatically make designs that are as elegant, as beautiful as a designer can. Because you already can in some custom LLMs for images, you can build epic images. I ju…”

“Figma came out with their Q four, 20, 25 earnings. They were very good. Accelerating growth at 1.2 billion in ARR, growing 40% year on year versus 38% year on year in Q three, so up there. Amazing retention of 10,000 dollar plus customers, 97% GRR, a 136% NDR.…”

“We are not a part of Figma, but have a lot of respect for that company. But I know that Dylan is a generational founder, and it's a very important company with an incredible financial profile, and it just feels for a lot of ways, for a lot of reasons, oversold…”

“After using Make, I cannot do Figma. I cannot do Figma after make. This is not a world-class product.”

“And so, when I saw Figma, the power of Figma I felt was, it was not just that a person could use it, but it was much easier to share with other people in your company.”

“As an angel, I used to hold till IPO. So Figma had many liquidity opportunities during the years, but I kept, kept holding it for 13 years till it went public.”

“Five of, between 500 and a thousand X at the time of IPO, but it has sadly gone down since then.”

“You've got a half million customers you're trying to support with, I don't know, 300 quarter carrying reps, whatever the number is, like, you're pretty freaking efficient already.”

“I don't necessarily believe that you completely de-risk your year by making sure that you've dished out enough quota to cover your target. I think that's a bit of like of a false, you know sense of comfort.”

“We're probably pushing 500 in my whole org. That's not just sales quota carriers, but if you include some of the supporting resources, et cetera, yeah.”

“We're gonna start monetizing our AI usage through credits as well.”

“SMB, that's the PLG motion, everything else is sales led. Everything else we do, mid-market, enterprise strat, which is the majority of our team and the reps that we have, it's running like a very traditional SaaS sales business.”

“At Figma we to this day have not actually done any type of like industry based teams”

“So we always make people do, you know, a challenge or an exercise at the end that requires some heavy lifting in terms of like learning a bit about our business but also showing off your, you know, basic sales skills run discovery.”

“The job of a sales rep, they get their book of accounts, right? And every year we've created more focus around them and we've done, we've had to do ruthless prioritization on like which accounts are we going to really go deep on. But once they get their accoun…”

“I think for an enterprise rep, one of the things we want to do is kind of as quickly as possible, even before we teach them all the product stuff and the sales skills, which hopefully they're bringing some with them. We kind of want to get them into their acco…”

“That's an the ability to actually manage your pipeline effectively you know, leveraging our medic framework. That's when you're doing discovery, we teach calm. We call it Figma value selling, but are you leveraging Our methodology, how you're, when you're doin…”

“If where you're ending up is, hey, we have an opportunity, we love what we're doing, but we have to push it to the market, and we have to do that in a very proactive, strategic, outbound way and we need x type of people to do that, then index towards giving pe…”

“Oh yeah. A hundred percent. Not, not a hundred percent of our business up on, but a hundred percent in that the, what the sales team is doing at Figma is majority outbound today.”

“An average enterprise rep here might have three to four X their OTE for a quota, and we're happy with that.”

“I agree, with the exception of, what if we got it wrong? What if we got the quota wrong? What if we set it too high? And that happens. It truly does.”

“We're also moving to classroom style. In person. And, you know, in the COVID days, we kind of got away from that, but we're going back to classroom style. We're going back to in person.”

“And personally, I'm much more interested in how they do, frankly, on the discovery side of that, because I think, you know, it's probably a little bit unfair to expect someone to be doing this amazing demo of your product with just a few days of playing around…”

“I, if those are the two options to choose from, I would take the person with the experience doing the deal, because I think the industry experience you can teach with, to the person who's got, you know, the right willingness to learn and the curiosity, and obv…”

“If at the end of a process, you know, with Figma spending a couple of weeks doing all this work if you're not like, all right, I'm in. I want to do this. It tends to be a little bit of a yellow flag for me. And if they're actively trying to pit you against a, …”

“We don't actually have a traditional CS team.”

“We also don't have traditional SDRs.”

“Like most of our customers, even today, at some point they started by going online with a credit card. Someone bought a couple of licenses, started sharing links internally, and that's how things took off and that.”

“I have a usually a pretty visceral reaction to people who are super jumpy, you know, in terms of a resume.”

“Recently we made a new shift, and we said even that we're gonna kind of take the focus away from, and we're using them now in a more pointed way on existing customers and managing small you know, transactional renewals to get those off the plates of some of th…”

“We added five points on our net retention, pretty significant when I think went from 131% to 136%.”

“No, I don't see any evidence of turning, of these agentic investments working. I would rather miss, miss out on the bounce right off the hard deck than invest in something that may fall below it.”

“I think the odds that they desire, decide to build a Figma competitor from this for a decade approach zero.”

“Those both can be true that we won't see it in Figma's numbers next quarter. And that over four, six, eight quarters, it will maim its growth.”

“It's better than Figma by the numbers, right? It's better than Figma by the numbers by far. By far.”

“But I do not believe Anthropic will ever build a direct Figma or Illustrator or Adobe competitor. They don't have to maim them.”

“While you guys were doing my Skydio, I just sold Figma, 40% down.”

“What Figma missed is I create this design. It's beautiful. I loop in the product team to approve it. And then I click a button, which it says push into full production prototype. And it just works. It works like, and you can, and the irony is Replit and Lovabl…”

“I don't think anything sub Figma can IPO and have a decent IPO.”

“We still use Figma, yes. I know where you're going with this. As soon as you start building a system that's larger than something very small, you want consistency, and you want to have a design language and all that kind of stuff, and so you need somewhere to …”

“So with Lovable, it's much harder because they haven't built the human centric software. I think it's much easier to add the LLM on top, especially as it becomes commoditized by all these major models.”

“Figma's tracking million dollar deals, right?”

“To be honest, I let the team do whatever is best for them, and this is a trend I've just observed amongst almost everybody, is that cloud design has done a great job. People really like using it, it's easy to use, and we've just had a natural movement towards …”

“We see Claude Design has actually really started to eat away at Figma.”

“This is my theory behind why like Claude design was strategic. While it's not like a massive amount of revenue for Anthropic, like not probably not a significant amount of revenue. It does get the design team to really care about Anthropic models. And so the c…”

“I firmly believe a big chunk of Replit and Lovable could have been Figma's if they'd done it.”