Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Bottom-Up

<ul>
<li>California based Figma Inc. reported another strong quarter, but shares sold off over 20% given an early lockup release of some ~11.4M Class A shares.</li>
<li>I estimate ~$630M worth of Figma shares became eligible for sale on the second trading day immediately following public release of earnings for the 2Q’FY25.</li>
<li>I think selling pressure in Figma stock is expected to ease as valuation improved and VC shareholders agreed to extend their lockup with respect to ~54% of Class A shares.</li>
</ul>


California based Figma Inc. reported another strong quarter, but shares sold off over 20% given an early lockup release of some ~11.4M Class A shares.
I estimate ~$630M worth of Figma shares became eligible for sale on the second trading day immediately following public release of earnings for the 2Q’FY25.
I think selling pressure in Figma stock is expected to ease as valuation improved and VC shareholders agreed to extend their lockup with respect to ~54% of Class A shares.


Figma (FIG.US): 2Q’FY25 Earnings Review. Strong Quarter, But Margins Will Contract In the Near Term

Private Markets, Angel and Secondary Investing, Sacra

Sacra

Private Markets, Angel and Secondary Investing

Bringing transparency to private markets so investors, founders, and employees can build on conviction. Sacra delivers deeply researched insights on the private companies shaping tomorrow's markets. By surfacing the data, context, and operator perspective that are missing from private markets today, we help secondary buyers and sellers price equity accurately and unlock liquidity for the people building these businesses.

Private Capital Markets

<ul><li>Sacra estimates that Framer reached $50M in annual recurring revenue (ARR) in August 2025, doubling from $25M in 2024.</li><li>Framer raised $100M in a Series D round in August 2025 at a $2B valuation.</li><li>The company has achieved break-even operating status while sustaining strong growth.</li></ul>

Sacra estimates that Framer reached $50M in annual recurring revenue (ARR) in August 2025, doubling from $25M in 2024.Framer raised $100M in a Series D round in August 2025 at a $2B valuation.The company has achieved break-even operating status while sustaining strong growth.

US IPOs and Secondary Offerings, IPO Boutique

IPO Boutique

US IPOs and Secondary Offerings

For more than 20 years, we have been providing research, analysis, commentary and ratings on US Equity Capital Markets to institutional investors (US IPOs and Secondary Offerings). Our vast network of contacts across the Equity Capital Markets and attention-to-detail sets us apart from our competitors.

Since 2012, we have achieved a successful hit rating on 89% of Buy-rated IPOs. The collective “Buy” ratings averaged a first trade of 16.3% above issue.Our Neutral Rated Deals averaged just 2% above the issue price at first trade.

Our written research includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

In addition, we provide a high-touch premium desk access which includes analyst access, as well as real time insights on US IPOs as well as secondary offerings.

IPOs and Secondary Offerings

Equity Capital Markets

<ul>
<li>Whitefiber (WYFI US) priced its upsized IPO of 9.38 million shares at $17.00 and opened Thursday at $25.00 for a robust 47.1% gain at first trade.</li>
<li>The stock closed its opening session at $16.22 for a loss of 4.6% versus issue price.</li>
<li>We believe long-only buyers and sector specialists could start to re-engage in the coming weeks once volatility subsides and the “hot money” clears out. </li>
</ul>


Whitefiber (WYFI US) priced its upsized IPO of 9.38 million shares at $17.00 and opened Thursday at $25.00 for a robust 47.1% gain at first trade.
The stock closed its opening session at $16.22 for a loss of 4.6% versus issue price.
We believe long-only buyers and sector specialists could start to re-engage in the coming weeks once volatility subsides and the “hot money” clears out. 


WhiteFiber, Inc. (WYFI): Hot Money Chases AI Hype in a Rare First-Day Upsized IPO Fizzle

<ul><li>After raising ~$135M and hitting a peak valuation of ~$600M in 2021 on just ~$1.5M ARR, Pitch struggled to scale beyond its niche of design-centric early adopters, leading to a layoff and recap in January 2024 to get off the venture track & rebuild as a profitable company—since then, Sacra estimates that Pitch has grown to $9.4M ARR by the end of 2024, up 93% YoY.</li><li>With ~95% of its customers self-serving and being lean and profitable at ~$10M ARR, Pitch makes for an attractive acquisition target as every productivity platform bundles slides alongside docs & email—especially Grammarly, which recently acquired two other under-monetized product-centric companies in Coda (docs) and Superhuman (email).</li><li>Pitch combined Figma-esque real-time collaboration and beautifully-designed templates in a browser-native slide deck creator, monetizing via a freemium self-serve model converting ~3% of users into paid tiers at ~$22-25/seat/month.</li></ul>

After raising ~$135M and hitting a peak valuation of ~$600M in 2021 on just ~$1.5M ARR, Pitch struggled to scale beyond its niche of design-centric early adopters, leading to a layoff and recap in January 2024 to get off the venture track & rebuild as a profitable company—since then, Sacra estimates that Pitch has grown to $9.4M ARR by the end of 2024, up 93% YoY.With ~95% of its customers self-serving and being lean and profitable at ~$10M ARR, Pitch makes for an attractive acquisition target as every productivity platform bundles slides alongside docs & email—especially Grammarly, which recently acquired two other under-monetized product-centric companies in Coda (docs) and Superhuman (email).Pitch combined Figma-esque real-time collaboration and beautifully-designed templates in a browser-native slide deck creator, monetizing via a freemium self-serve model converting ~3% of users into paid tiers at ~$22-25/seat/month.

<ul>
<li>Figma Inc. has successfully completed its US IPO in July and sold ~36.9M Class A shares at $33.00 per share, above the marketed price range.</li>
<li>The company’s partial early lock-up release to occur on the second trading day immediately following public release of earnings for the second quarter of FY25.</li>
<li>I expect certain share price and other conditions will be satisfied for a lock-up release of some ~11.4M Class A shares held by Figma’s current employees and other service providers.  </li>
</ul>


Figma Inc. has successfully completed its US IPO in July and sold ~36.9M Class A shares at $33.00 per share, above the marketed price range.
The company’s partial early lock-up release to occur on the second trading day immediately following public release of earnings for the second quarter of FY25.
I expect certain share price and other conditions will be satisfied for a lock-up release of some ~11.4M Class A shares held by Figma’s current employees and other service providers.  


Figma (FIG.US): The Overhang From a Partial Early Lock-Up Release Is Estimated To Be At Least $1B

United States

Figma, Inc. provides software solutions. The Company offers a browser-based platform for developers, product managers, and marketers which helps them with user interface designing, prototyping, and collaboration. Figma serves customers in the United States.

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Figma (FIG US)

Figma (FIG.US): 2Q’FY25 Earnings Review. Strong Quarter, But Margins Will Contract In the Near Term

Figma shares sold off 20% after early lockup release, but selling pressure is expected to ease as valuations improved and extended lockup...

Andrei Zakharov

Primer: Framer - 02 Sep 2025

Design platform enabling users to create and publish interactive websites without coding

Sacra

WhiteFiber, Inc. (WYFI): Hot Money Chases AI Hype in a Rare First-Day Upsized IPO Fizzle

Whitefiber (WYFI US) IPO opens strong at $25.00, but closes first day at $16.22. Long-term buyers may re-enter once volatility settles.

IPO Boutique

$9.4M/year Hermes Of Powerpoint

TL;DR: After launching as a beautiful slide builder with Figma-style real-time collaboration, Pitch got off the venture track in January 2024 with...

Sacra

Figma (FIG.US): The Overhang From a Partial Early Lock-Up Release Is Estimated To Be At Least $1B

Figma Inc. has successfully completed its IPO and ~sold 36.9M Class A shares above marketed price range. Partial early lock-up release to occur...

Andrei Zakharov

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Figma (FIG.US): 2Q’FY25 Earnings Review. Strong Quarter, But Margins Will Contract In the Near Term

​Figma shares sold off 20% after early lockup release, but selling pressure is expected to ease as valuations improved and extended lockup...

Andrei Zakharov

Primer: Framer - 02 Sep 2025

Design platform enabling users to create and publish interactive websites without coding

Sacra

WhiteFiber, Inc. (WYFI): Hot Money Chases AI Hype in a Rare First-Day Upsized IPO Fizzle

​Whitefiber (WYFI US) IPO opens strong at $25.00, but closes first day at $16.22. Long-term buyers may re-enter once volatility settles.

IPO Boutique

$9.4M/year Hermes Of Powerpoint

TL;DR: After launching as a beautiful slide builder with Figma-style real-time collaboration, Pitch got off the venture track in January 2024 with...

Sacra

Figma (FIG.US): The Overhang From a Partial Early Lock-Up Release Is Estimated To Be At Least $1B

​Figma Inc. has successfully completed its IPO and ~sold 36.9M Class A shares above marketed price range. Partial early lock-up release to occur...

Andrei Zakharov

Figma shares sold off 20% after early lockup release, but selling pressure is expected to ease as valuations improved and extended lockup...

Whitefiber (WYFI US) IPO opens strong at $25.00, but closes first day at $16.22. Long-term buyers may re-enter once volatility settles.

Figma Inc. has successfully completed its IPO and ~sold 36.9M Class A shares above marketed price range. Partial early lock-up release to occur...