The post-Figma question: Who’s next?

Figma’s sensational IPO last week resurrected longstanding debates IPO pricing and first day pops—an unsurprising reaction to the newly listed stock’s 333% surge in its first days of trading

As investors dissect the offering (and as Figma’s stock settles back a bit, falling 27% on Monday), an equally important set of questions are in the air: Will Figma’s debut entice other startups to jump into the fray, bringing an end to the industry’s IPO drought? And if so, who’s next? “Having positive IPOs is a good signal for everybody,” says Kirsten Green, founder and managing partner at Forerunner Ventures, whose portfolio company Chime recently went public and experienced a 37% pop in stock price on its first day of trading. (Forerunner also has investments in public company Hims & Hers and late stage including Oura.) Green floats the idea of startups thinking of an IPO as the Series A of their new s in the public —a notion she thinks could be “a motivator to people’s willingness, and maybe even eagerness, to go public.” (As if on cue, HeartFlow, a medical nology company, filed an S-1 for its IPO at a $1.3 billion valuation the day after Figma’s debut.) There’s a long list of late-stage VC-backed companies with strong customer bases that Wall Street investment bankers would love to take public

Many of these multibillion-dollar companies, including Databricks, Klarna, Stripe, and SpaceX, have been subjects of IPO speculation for years

VENTURE DEALS- Blue J, a Toronto, Canada-based generative-AI tax re platform, raised $122 million in Series D funding

Oak HC/FT and Sapphire Ventures led the round and were joined by Intrepid Growth Partners and existing investors Ten Coves Capital and CPA.com.- QuamCore, a Herzliya, Israel-based quantum computing company, raised $26 million in Series A funding

Sentinel Global led the round and was joined by Arkin Capital and existing investors Viola Ventures, Earth & Beyond Ventures, Surround Ventures, Rhodium, and Quantum Leap.- OpenMind, a San Francisco-based developer of software designed for d intelligence and coordination between robots, raised $20 million in funding

Pantera Capital led the round and was joined by Ribbit, Coinbase Ventures, HSG, DCG, Pebblebed, Topology, Primitive Ventures, Lightspeed Faction, Anagram, and angel investors.- Jeh Aerospace, an Atlanta, Ga.-based aerospace manufacturing startup, raised $11 million in Series A funding

Elevation Capital led the round and was joined by General Catalyst.- Doughlicious, a London, U.K.-based frozen snack company, raised $5 million in funding

Rich ducts Ventures and The Angel Group led the round and were joined by existing investors. - Resolvd AI, a Brooklyn, N.Y.-based developer of nology designed to automate reconciliation workflows in the health care supply chain and IT operations, raised $1.6 million in pre-seed funding from Spice Capital, Betaworks, Factorial Capital, and angel investors

OTHER- Descartes Systems Group (Nasdaq:DSGX) acquired Finale Inventory, a Palo Alto, Calif.-based cloud-based inventory management solutions company, for up to $55 million in total considerations

IPOS- Firefly Aerospace, a Cedar Park, Texas-based space and defense nology company, now plans to raise $696.6 million in an offering of 16.2 million s priced between $41 and $43 on the Nasdaq

The company posted $108 million in revenue for the year ending March 31, 2025

The company posted $167 million in revenue for the year ending March 31, 2025