• In late June 2026, Figma, Inc. (NYSE:FIG) was added to multiple Russell indexes, including the Russell 1000, Russell Midcap, and several related value and completeness benchmarks, increasing its presence across major US equity indices.
• This broad index inclusion comes as Figma promotes new AI-powered design and workflow tools unveiled at its recent global user conference, potentially deepening its role in collaborative product development.
• Next, we’ll examine how this wave of index additions, alongside Figma’s new AI-native features, could reshape its investment narrative.

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Figma Investment Narrative Recap

To own Figma, you need to believe its AI native, collaborative platform can stay central to how teams design and ship digital products, even as competition in AI design intensifies. The broad Russell index additions increase FIG’s visibility and potential index driven flows, but they do not change the core near term catalyst around adoption and monetization of new AI features, or the key risk that rising AI and stock based costs keep losses elevated.

The most relevant recent development here is Figma’s Config ‘26 rollout of new AI powered tools, including Weave and deeper AI image creation and code integration. These products sit at the heart of the thesis that AI can expand Figma’s user base beyond designers and support higher spend per customer, but they also intersect with the risk that heavy AI infrastructure investment and slower than expected consumption based monetization could continue to weigh on margins.

But even with index inclusion and new AI tools, investors still need to watch how rising AI costs and slower monetization could...

Figma's narrative projects $2.3 billion revenue and $273.1 million earnings by 2029. This requires 24.8% yearly revenue growth and about a $1.7 billion earnings increase from -$1.4 billion today.

Uncover how Figma's forecasts yield a $36.11 fair value, a 67% upside to its current price.

Exploring Other Perspectives

Some of the lowest analysts take a harsher view, assuming around 21.5% annual revenue growth and no profitability by 2028, reminding you that even with index inclusion and AI tools, opinions on whether AI spend will ever translate into earnings can differ sharply and may shift again as new data comes through.

Explore 28 other fair value estimates on Figma - why the stock might be worth 24% less than the current price!

Form Your Own Verdict

Disagree with existing narratives? Extraordinary investment returns rarely come from following the herd, so go with your instincts.

• A great starting point for your Figma research is our analysis highlighting 2 key rewards and 2 important warning signs that could impact your investment decision.
• Our free Figma research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate Figma's overall financial health at a glance.

No Opportunity In Figma?

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.