Shares of Figma ticked up +1.7% to $19.02 Monday after a regulatory filing revealed that Edinburgh-based investment giant Baillie Gifford nearly doubled its stake in the battered design-software company. Baillie Gifford increased its position in Figma by 93.8% during the fourth quarter, according to its most recent 13F filing with the SEC. The move adds 2.79 million shares, bringing the firm's total to roughly 5.76 million — a contrarian signal arriving as FIG trades near all-time lows amid a brutal software selloff.
A Famous Growth Hunter Is Buying the Dip Baillie Gifford isn't a passive index fund drifting into a position — it is hailed as a "global super-growth stock hunter," having accurately bet early on Tesla, NVIDIA, Amazon, and Netflix.
Its typical holding period is seven years , meaning this buy is a bet on Figma's 2030s, not its next quarter. For retail investors watching the stock crater, the firm's conviction carries real signaling weight.
The Stock Has Lost Over 85% Since Its IPO — and the Numbers Still Grow
Figma's stock traded as high as $142.92 in the past 52 weeks but now sits below $20 — an 86.5% collapse. Yet full-year 2025 revenue hit $1.06 billion, up 41% year-over-year.
Figma guided full-year 2026 revenue to $1.37 billion, or roughly 30% growth. That's decelerating but still far outpacing most software peers. The disconnect between top-line momentum and share price is what drew Baillie Gifford in.
AI Fears Are Real, Not Imaginary
Figma's collaborative design software sits squarely in the zone where generative AI tools from Adobe and a growing list of startups now overlap.
Oppenheimer warned that AI's structural shift will moderate deal sizes and subscriber growth, slowing Figma while its disruption risk is understated at current valuations. Baillie Gifford is implicitly betting that Figma's own AI features and 137% net retention rate — meaning existing customers keep spending more — can outrun these threats.
A Looming Share Unlock Adds Pressure
Up to 61 million additional insider-held shares become eligible for sale after Figma reports its March-quarter earnings , with another 77.7 million shares unlocking by August 2026. That potential flood of supply could cap any rally the Baillie Gifford headline ignites — and explains why even a high-profile vote of confidence moved the stock only modestly.