Three months into life as a public company, Figma has its first activist. Hedge fund Findell Capital sent a letter to Figma’s CEO and board pushing for three things: streamline the product portfolio down to Design, Dev Mode, FigJam, and Make; cut R&D (projected to exceed 30% of revenue in 2026) and stock-based comp (around 27% of revenue versus Adobe’s 8%); and launch an independent investigation into the Anthropic relationship. Findell flags the sequence in April — Mike Krieger resigned from Figma’s board on the 14th, Anthropic shipped Claude Design on the 17th — and notes two remaining board members are material Anthropic investors. The fund still calls Figma ​“a generational company” with ​“a true moat.”

Figma’s first quarter as a public company: $333.4M in revenue, up 46% year-over-year, accelerating from 40% last quarter. Full-year guidance raised. Dylan Field’s framing in the release — ​“when code is a commodity, design is the competitive edge” — is the line the company will be repeating all year.

Dylan interviewed post earnings on TBPN: ​“We discuss Figma’s growth, the rise of Figma Make, the shift from linear coding to a visual-first product loop, why taste becomes the real moat in an agent-driven world, and why design is the ultimate differentiator in 2026.”

Praveer Melwani, Figma CFO: ​“Q4 was our best quarter for net new revenue on record, as platform-led adoption across our customer base–including enterprise and international–powered durable growth at scale. We closed the year with 40% year-over-year revenue growth in Q4, an uptick in Net Dollar Retention Rate, and strong cash generation, with a 13% operating cash flow margin. Our healthy balance sheet and positive free cash flow gives us the flexibility to continue investing in AI and the platform while maintaining financial discipline for sustainable, long-term growth.”

Dylan Field joins Deirdre Bosa from CNBC for a pre-earnings interview and an announcement of the Code to Canvas partnership with Anthropic. Dylan argues that AI coding tools will dramatically lower the barrier for writing software, but product design and understanding human needs remain essential; AI cannot replace the judgment, taste, and empathy of designers and product teams. Figma is a collaboration and orchestration layer for this new world, where many more people can create software but still need a shared space to ideate, design, and align on what should be built.