Why did Adobe's acquisition of Figma fall through?

Adobe was forced to abandon the merger in late 2023 due to regulatory resistance. Figma instead went public in 2025.

Who is Evan Wallace and what is his role at Figma?

Evan Wallace is Figma's co-founder. He was a year ahead of Dylan Field at Brown University, served as Field's teaching assistant for multiple classes, and was instrumental in steering the company toward WebGL and graphics technology rather than the drones idea Field initially considered.

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Figma CEO Dylan Field discusses how design software can thrive alongside AI, after the company's valuation crashed below $10 billion（約1.6兆円） following its 2025 IPO.

Stratechery (Ben Thompson)19h ago4 min read

Key takeaway

Figma CEO Dylan Field was interviewed to discuss the company's future amid a significant valuation decline. After Figma's 2025 IPO and subsequent crash to a market cap below $10 billion（約1.6兆円）—less than half of Adobe's failed 2022 acquisition offer—Field argues that AI is actually a growth opportunity for the design platform, not a threat. At Figma's Config conference, he positioned the company's Canvas as the natural meeting point between design and AI, signaling confidence that the market's current skepticism can be overcome.

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3 Key Points

What happened
Figma co-founder and CEO Dylan Field was interviewed at the company's Config conference about his background, the company's direction, and its stance on AI. Field dropped out of Brown University as a Thiel Fellow to start Figma with co-founder Evan Wallace, leveraging WebGL technology to build browser-based collaborative design software.
Why it matters
Figma's market valuation has fallen to less than $10 billion（約1.6兆円）—less than half of Adobe's acquisition offer—partly due to investor concerns that the company is an AI loser. Field views AI as a tailwind rather than a headwind, and frames Figma's Canvas as the natural intersection between design and AI, suggesting the company sees opportunity where the market sees risk.
What to watch
The interview was occasioned by Field's keynote at Figma's Config conference, where he explained his vision for how the design platform can benefit from AI rather than be threatened by it. This represents Figma's public case for why the company can recover investor confidence despite recent market skepticism.

FAQ

Why did Adobe's acquisition of Figma fall through?: Adobe was forced to abandon the merger in late 2023 due to regulatory resistance. Figma instead went public in 2025.
Who is Evan Wallace and what is his role at Figma?: Evan Wallace is Figma's co-founder. He was a year ahead of Dylan Field at Brown University, served as Field's teaching assistant for multiple classes, and was instrumental in steering the company toward WebGL and graphics technology rather than the drones idea Field initially considered.

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