The IPO market has been a barren wasteland since the carefree days of 2020. But this week, we bring you an IPO that might actually be worth a look.

Figma has released its hotly anticipated S-1, revealing a business firing on all cylinders—with double-digit revenue growth, a 132% net dollar retention rate, and, most notably, profitability. The company now hopes to extend its land-and-expand sales model beyond the UI/UX space, though that will introduce new competition. It’s also betting big on AI, while trying to not alienate the designers who have championed the brand, a delicate balancing act that a strong management team may just pull off.

Later, Emmet explores the impact of Trump’s ‘Big Beautiful Bill’ on Airbnb hosts. Thanks to new tax write-offs, becoming a short-term landlord just got a whole lot easier—and cheaper.

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00:00 Introduction to the Most Appealing IPO

08:13 Figma's IPO and Market Position

18:51 Figma's Financials and Market Potential

25:54 Exploring the Competitive Landscape of Figma

36:52 The Impact of Trump's Big Beautiful Bill on Airbnb