With Figma stock down 80% post-IPO, investors cheer solid customer growth, ties to Anthropic and OpenAI

SaaS-pocalypse. SaaS-mageddon. Those are just a few of the clever software-as-a-service portmanteaus being tossed around as investors debate a massive selloff in the sector that has vaporized roughly $1 trillion in valuations from recent highs, with more than $285 billion in market value wiped out in February alone. 

On Wednesday, it was cloud-based design platform Figma’s turn to announce its fourth quarter 2025 earnings results to a market primed to search for signs of a continuing SaaS-nado.