On Figma’s first day trading on the NYSE, its stock soared over 250%, closing at $115.50 and giving the design software company a market cap near $68 billion. That's more than triple the $20 billion Adobe offered before regulators killed that deal in 2023. Silicon Valley is celebrating. The IPO raised $1.2 billion, mostly benefiting early investors like Sequoia, Greylock, Index Ventures, and Kleiner Perkins, whose combined stakes are now worth about $24 billion. It’s a huge win for Silicon Valley VCs after a prolonged IPO drought that began in 2022.

Featured Guests: Ben Narasin, founder and general partner, Tenacity VC | Jaya Gupta, partner, Foundation Capital