Figma's Market Cap Surges to $30 Billion on OpenAI Partnership
Figma, the popular design platform, has seen its market capitalisation reach $30 billion. The company's stock surged recently following an announcement by OpenAI that Figma would be available within its ChatGPT app.
Figma went public on July 31, 2023, and its stock has been volatile since then. After an initial rally of 250%, the price dropped to around $61.18. However, the recent partnership with OpenAI has boosted Figma's stock again. On Tuesday morning, shares of Figma (FIG) increased by 6.7% as of 12:15 p.m. ET.
Before its IPO, Adobe attempted to acquire Figma. Figma's first earnings release took place on September 3, 2023. The company's current price-to-sales ratio stands at 33 times, which is considered high and may indicate a risky buy at current levels.
The integration of Figma into OpenAI's ChatGPT app has positively impacted Figma's stock price. However, investors should be aware of the high price-to-sales ratio and the stock's volatility since its IPO.
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