Figma Figma just raised the bar for IPOs in 2025.

Today we break down their revenue, margins, retention, and potential valuation in the public markets.

You can find the full analysis in written form at:

https://www.mostlymetrics.com/p/figma-ipo-s1-breakdown

This week’s podcast is brought to you by Campfire (www.campfire.ai)

We’ve all used legacy ERPs. Painful migrations, endless consulting fees, and even after you’re live, getting simple answers still means hours in spreadsheets.

Campfire fixes that. It’s the AI-first ERP built for modern finance and accounting teams. It's helping mid-market and enterprise teams close faster, unlock insights instantly, and scale smarter - without the additional headcount.I use Campfire myself, and it’s been a game changer for our finance workflow. The interface is intuitive, migration was quick & painless, and it's freed us up to focus on strategic work.They just raised $35 million from Accel to further reimagine ERP. That's not easy to do.

I’m excited to see how they keep reimagining this space – and you should be too.

Check them out at www.campfire.ai.

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit cjgustafson.substack.com