Figma Successfully Listed Independently, Faster Than Adobe: In summer 2025, Figma finally listed on the New York Stock Exchange. The IPO price was 33 USD per share but on the first day the stock soared to 115 USD; corporate value instantly exceeded 60 billion USD. Adobe attempted to acquire Figma for 20 billion USD in 2022 but the deal was blocked by EU antitrust regulators in 2023 -- the blocked acquisition at 20 billion USD became a 60 billion USD IPO, meaning regulatory intervention that prevented the acquisition created far more value for Figma shareholders. Figma born on a browser as a design language: Figma is built on real-time collaboration where multiple designers edit simultaneously in the browser -- AI is a natural extension of this model; Figma already has the context including design files, component libraries, and design system that makes AI assistance genuinely useful rather than generic; Adobe must integrate AI into legacy desktop application architectures, which is harder; the development workflow convergence that Figma is pursuing with Dev Mode creates stickiness beyond the designer audience into engineering teams. Figma IPO at 60 billion USD versus Adobe current market cap of approximately 150 billion USD: Figma is valued at 40% of Adobe despite being much smaller -- the growth rate premium reflects the market believing Figma is capturing the design workflow of the AI era while Adobe is defending its existing creative tool business.