Figma listed on NYSE (FIG) in July 2025 at $8.82B valuation. Snowflake (SNOW) has been public since Sept 2020. Figma IPO tracker → | Figma vs Databricks →
Head-to-Head Comparison
Snowflake and Figma both target enterprise buyers, but they live in completely different layers of the tech stack. Here's how they compare on the metrics that matter.
| Metric | ❄ Snowflake (SNOW) | 🎨 Figma (FIG) |
|---|---|---|
| Valuation / Market Cap | ~$58B (public, May 2026) | $8.82B (IPO price, Jul 2025) |
| IPO Status | Public since Sept 2020 (NYSE: SNOW) | IPO'd July 2025 (NYSE: FIG) |
| Annual Revenue | ~$3.5B (FY2025) | ~$750M–$1B ARR (at IPO) |
| Revenue Growth (YoY) | ~20–25% (decelerating) | ~30–40% (pre-IPO) |
| Gross Margin | ~65–70% | ~85–90% |
| Sector | Cloud Data Platform | Design & Collaboration SaaS |
| Total Funding Raised | $3.4B+ (pre-IPO) | $333M (pre-IPO) |
| Key Investors | Salesforce Ventures, Sequoia, a16z | Index Ventures, Sequoia, Kleiner Perkins |
| Founded | 2012 | 2012 |
| Employees | ~7,000+ | ~1,200 |
| Profitability | Operating loss (heavy R&D) | Near profitability at IPO |
| Net Revenue Retention | ~128%+ | ~130%+ (est.) |
| CEO | Sridhar Ramaswamy (since 2024) | Dylan Field |
Business Analysis
❄ Snowflake
$3.5B Revenue DeceleratingSnowflake redefined enterprise data infrastructure when it went public in September 2020 in the largest software IPO in history at the time — raising $3.4B at a $33B valuation. Its cloud-native data warehouse architecture eliminated the need for enterprises to manage on-premise data infrastructure, creating a consumption-based revenue model that aligned Snowflake's incentives directly with customer success.
The company's expansion model is its defining business characteristic: net revenue retention consistently above 130% means existing customers grow their Snowflake spend faster than new customers churn. This "land and expand" motion powered explosive growth — from $264M revenue in FY2021 to $3.5B in FY2025. The challenge: that growth has decelerated substantially as the easy greenfield wins are behind them and competition from Databricks, BigQuery, and Redshift intensifies.
CEO Sridhar Ramaswamy, who joined in 2024 replacing Frank Slootman, has refocused the company on AI-powered data analytics — Snowflake Cortex and Arctic LLM are the company's bets on the AI data wave. Whether these products can re-accelerate growth is the central question for Snowflake investors in 2026.
- Bull case: AI workloads drive consumption growth revival; NRR holds above 120%
- Bear case: Databricks outcompetes in lakehouse; cloud providers undercut on price
- 2026 signal: Watch Q2 FY2026 product revenue growth rate — stabilization matters
🎨 Figma
High Margins Market LeaderFigma's path to IPO was unusual: a $20B acquisition by Adobe announced in September 2022 was blocked by EU antitrust regulators in December 2023, leaving Figma independent with a $1B termination fee as a cash cushion. The company used the subsequent 18 months to ship aggressively — AI-assisted design features, improved developer handoff, and expanded enterprise capabilities — before filing for IPO in 2025.
The Figma IPO thesis rests on a genuinely exceptional SaaS business: 85-90%+ gross margins, strong product-led growth with designers adopting Figma bottom-up within organizations, and an NRR estimated above 130%. The company's web-first architecture means the product runs in any browser without installation — an advantage that drove category-defining adoption among a generation of designers who now advocate for Figma in every organization they join.
At $8.82B IPO valuation on $750M-$1B ARR, Figma priced at a roughly 9-12x revenue multiple — disciplined for a category leader. Post-IPO performance will depend on whether Figma can demonstrate a clear path to profitability and expand beyond design into broader product development workflows.
- Bull case: Clear path to $2B+ ARR; profitability story resonates with public markets
- Bear case: AI disrupts core design workflows; Adobe bundles competitive tools
- 2026 signal: Watch first two earnings reports — are enterprise customers expanding spend?
Snowflake vs Figma: The Investment Stack
Snowflake and Figma are both excellent businesses that happened to go public in different eras — but they serve completely different buyers and have different growth stories heading into 2026.
Snowflake (SNOW) is the mature infrastructure bet: $3.5B in revenue, decelerating growth, but an entrenched position in enterprise data stacks that is genuinely hard to displace. The re-acceleration case depends on AI workloads driving new consumption. At current prices, you're buying a large, profitable-adjacent infrastructure platform — not a hyper-growth story.
Figma (FIG) is the fresher IPO: smaller revenue ($750M-$1B), higher growth, exceptional margins, and a dominant position in a market (design collaboration) that is unlikely to be disrupted quickly. The IPO at $8.82B was conservatively priced. Early public market performance will be closely watched.
Bottom line: Different risk profiles for different investors. For the pre-IPO tracker, both are now public — track their post-IPO performance on TechStackIPO.
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