BlitzLab Scoring · Oct 2026 · Model v1.0 (frozen)
Figma — Blitz Index 62 (B)
3 straight quarters of acceleration at $1B+ scale — but the founder owns 72% of the votes.
62Grade B
Confidence: High · Category: platforms
Score breakdown
| Section | Score | Detail |
|---|---|---|
| A · Speed | 19 / 25 | Q2'26 revenue +48.3% — 3 straight accelerating quarters (38→48%); NDRR 136%; >$100K ARR +46% |
| B · Moat | 40 / 60 | Two-sided designer→developer network; 2/3 of MAU are non-designers; Fortune 500 95% use Figma |
| C · Creative destruction | 12 / 15 | AI credits as a second pricing engine — seats × usage; Make and Sites extend the canvas |
| D · BlitzFailing | −9 | Field 72.3% voting control + Nominating Agreement; recurring SBC ~50% of revenue; GM 91.2%→83.7% |
Radar axes (0–100): Moat 66.7 · Speed 76 · Creative 80.
Watch item
Gates: G1 ✓ · G2 ✓ (borderline). 3 points below the threshold — the blitz is real, the governance discount is too.
Strengths
- Q2'26 revenue +48.3% — acceleration for 3 straight quarters at $1B+ scale (SEC)
- NDRR 136% + >$100K ARR +46% — enterprise expansion, quantified
- AI credit monetization's first full quarter — a second pricing engine running
- Fortune 500 at 95% adoption — the category definer's position
Concerns
- Recurring SBC ~50% of revenue + $2.1B unrecognized overhang — long dilution tail
- Field's 72.3% voting control + Nominating Agreement — founder-locked governance
- Gross margin 91.2%→83.7% — AI infrastructure cost pressure
- TAM $33B is company-commissioned research — biased ceiling
Next earnings
Nov 4, 2026 · After close · Confirmed
Coverage
Figma, Inc. · Q3 2026 due Nov 4, 2026 (AMC, confirmed) · Score 62 · Grade B
BlitzLab scores businesses against a scholar’s standard — not investment advice. No price targets, no buy/sell recommendations. Figures are from SEC filings (XBRL) as labeled in the source scorecard.