According to Harvard Business school (2017): the median market cap of a publicly traded company is $832m. Even at half its valuation, Figma is way, way, way above that.

https://corpgov.law.harvard.edu/2017/05/18/looking-behind-th...

Very little, but the marketing game is strong. Salesforce started as just sales, does more of a complete solution now, I always thought... wow, what a stupid thing to make so much money, but here it is.

I think Figma is the same, it captures a large part of the market and makes a lot of people reliant and pay for it.

Being one of few publicly known low-code or no code tools that exposes code?

Leaning into that with a new feature right now, actually.

There are lots of small listed companies. Bar to IPO is not high

They could direct list publicly, no need to raise capital

Is it any different than DataDog, Splunk, NewRelic, Gitlab, DigitalOcean, or any of the other publicly traded saas companies?

I mean Figma seems more sticky than something like DataDog. I worked at a company that would hop from DataDog to NewRelic back and forth. It was exhausting but in the end it didn’t take much time TO switch.