Figma managed something rare in today's market: it stayed independent, survived a failed Adobe acquisition, and went public on its own terms. But its post-IPO performance tells a more complex story about startup exits in 2025.

Jai Das, President and Partner at Sapphire Ventures, joined Rebecca Bellan on Equity to discuss what Figma's IPO really signals about the current climate for startup exits. With more than a dozen IPOs under his belt including MuleSoft, Square, and Box, Das broke down Figma's debut, which was 40x oversubscribed and briefly surged to $125 per share before settling closer to $90.

Listen to the full episode to hear:

Equity will be back Friday with our weekly news roundup, so stay tuned.

Equity is TechCrunch’s flagship podcast, produced by Theresa Loconsolo, and posts every Wednesday and Friday. 

Subscribe to us on Apple Podcasts, Overcast, Spotify and all the casts. You also can follow Equity on X and Threads, at @EquityPod. 

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