Why Figma (FIG) Is the Most Undervalued AI-Driven SaaS Play in 2026

In the rapidly evolving landscape of artificial intelligence-driven software, investors often chase the most hyped names-those with flashy demos or high-profile partnerships. Yet contrarian value investing demands a different lens: one that identifies underappreciated fundamentals and unmet potential. Figma, the collaborative design platform now trading as FIG, fits this mold. Despite its recent public market debut and a string of AI-powered product innovations, Figma remains undervalued relative to its strategic positioning, financial resilience, and the enduring void left by Adobe's failed acquisition.

The Adobe Acquisition: A Strategic Windfall

Adobe's 2022 attempt to acquire Figma for $20 billion was a watershed moment. Regulators in Europe and the UK blocked the deal in December 2023, citing antitrust concerns. While Adobe paid a $1 billion termination fee-a costly exit-Figma emerged with a financial lifeline. This windfall, nearly triple the capital it had raised as a private company, allowed Figma to accelerate its AI roadmap and fund a successful IPO in July 2025. The IPO priced at $33 per share, with shares surging 275% on debut, briefly valuing the company at $68 billion. Yet, despite this momentum, Figma's stock has since corrected, trading at a discount to its intrinsic value.

Adobe's failure to integrate Figma into its ecosystem has left a vacuum. The company now faces a well-funded competitor that has not only retained its design dominance but also expanded into adjacent markets. Figma's independence has allowed it to pivot more nimbly toward AI, a critical edge in an industry where first-mover advantage often defines long-term success.

Figma's AI-Driven Product Roadmap: Beyond Design Tools

Figma's 2025 AI roadmap underscores its ambition to transcend traditional design software. The company launched Figma Make, an AI-powered prototyping tool that automates UI/UX workflows; Figma Draw, which uses generative AI to assist in sketching and vector graphics; and Figma Sites, a platform for AI-enhanced web development. These tools are not mere add-ons but foundational shifts toward a broader creative ecosystem.

According to a report by Figma's blog, these innovations reflect a strategic pivot to "democratize design" by lowering the barrier to entry for non-designers. For instance, Figma Make enables developers to generate interactive prototypes from code snippets, while Figma Draw's AI-assisted sketching reduces the need for manual vector work. Such features position Figma as a productivity platform, not just a design tool-a category with significantly higher growth potential.

Moreover, Figma's multi-product licensing model-offering Viewer, Collab, Content, Dev, and Full seats- has proven highly effective in monetizing its expanding feature set. This tiered approach allows teams to scale from free usage to enterprise-wide adoption, creating a sticky, recurring revenue stream. In 2025, Figma's product-led growth strategy drove viral adoption, with enterprise customers increasingly standardizing on its platform.

Adobe's AI Gambit: A Catch-Up Play

Adobe, meanwhile, has pivoted to AI as a growth engine post-Figma. In fiscal year 2025, the company reported $23.8 billion in revenue-a 11% year-over-year increase-driven by AI integrations like ChatGPT in its Creative Cloud suite. However, Adobe's AI strategy remains reactive. Its recent acquisition of Semrush, aimed at bolstering digital marketing capabilities, highlights its scramble to compete in a market now dominated by Figma.

Adobe's 2026 revenue target of $26 billion hinges on its ability to innovate in AI-driven creative tools. Yet Figma's head start in generative AI for design workflows gives it a first-mover advantage. Adobe's legacy software, while robust, lacks the collaborative, cloud-native architecture that Figma's platform offers. This structural gap is difficult to bridge, particularly as teams increasingly prioritize real-time collaboration and AI-assisted iteration.

Financial Fundamentals: A Case for Re-Rating

Figma's financials further justify its undervaluation. Post-IPO, the company boasts a strong balance sheet, with the $1 billion termination fee from Adobe acting as a buffer against market volatility. Its revenue growth, driven by enterprise adoption and AI-driven product expansion, is projected to outpace industry averages. By contrast, Adobe's post-Figma financial performance, while solid, is constrained by its reliance on legacy tools and the high cost of R&D in AI.

Investors should also consider the regulatory environment. Figma's independence insulates it from the antitrust scrutiny that derailed Adobe's acquisition. This regulatory clarity enhances its long-term appeal, particularly as global regulators crack down on tech monopolies.

Conclusion: A Contrarian Bet on AI-Driven Productivity

Figma's combination of AI innovation, financial resilience, and strategic independence makes it a compelling contrarian play. While Adobe and other incumbents scramble to catch up, Figma is building a moat around its AI-driven design and productivity tools. Its current valuation, discounted from its IPO peak, offers a rare opportunity to invest in a company poised to redefine its category. For value investors, the re-rating potential is clear: Figma is not just an AI-driven SaaS play-it is the most undervalued one.