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Activist shareholder Findell Capital has urged Figma (NYSE:FIG) to review its governance structure and its partnership with AI firm Anthropic.
The push follows Anthropic’s launch of a competing product, raising questions about conflicts of interest and Figma’s AI product roadmap.
CEO Dylan Field has responded by outlining Figma’s AI investment approach and disputing claims that AI makes traditional product design obsolete.
Figma stock trades at $18.88, with the share price down 18.9% over the past month and down 49.8% year to date. In that context, the challenge from Findell Capital comes at a time when investors are already focused on the business case for Figma’s AI spending and the durability of its core design platform.
For investors, the key questions now center on how any governance review, Anthropic partnership assessment, or AI product decisions could affect NYSE:FIG over time. The outcome may influence Figma’s competitive positioning in AI design tools, its board priorities, and how future capital is allocated inside the company.
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NYSE:FIG Earnings & Revenue Growth as at Jun 2026
We’ve flagged 2 risks for Figma. See which could impact your investment.
The Findell Capital letter puts Figma’s AI and governance choices under a spotlight at a time when the stock is already under pressure and competition from Adobe, Canva and now Anthropic is front of mind for investors. The push to reassess the Anthropic relationship is less about short term earnings and more about whether Figma is giving a potential rival deep product insight or distribution advantages. Dylan Field’s comments that design is not obsolete in an AI world also matter for the business model, because Figma has been leaning into AI powered workflows and usage based AI credits as a revenue lever. If AI tools such as Anthropic’s Claude Design can own more of the creation process, then Figma’s position as the central design system could be tested. If instead Figma remains the core collaboration layer that orchestrates multiple AI engines, the Anthropic partnership and any governance refresh could support execution on its existing AI roadmap.
How This Fits Into The Figma Narrative
The call to tighten governance and clarify AI partnerships aligns with the existing narrative that Figma is trying to broaden use cases for AI powered workflows across product managers, engineers and marketers, which relies on strong platform control.
The emergence of Anthropic as a direct competitor challenges the idea that deep integrations with large AI platforms will automatically make Figma more embedded in customer workflows.
The activist focus on cost discipline and capital allocation is not fully covered in the growth focused narrative, which leans heavily on AI driven expansion rather than potential pressure to moderate spending.
Knowing what a company is worth starts with understanding its story. Check out one of the top narratives in the Simply Wall St Community for Figma to help decide what it’s worth to you.
The Risks and Rewards Investors Should Consider
⚠️ Analysts have flagged that Figma is currently unprofitable and not forecast to reach profitability over the next 3 years, so any activist driven increase in AI or legal spend could extend the path to positive earnings.
⚠️ The stock has shown a volatile share price over recent months, and the combination of heavy short interest, AI competition and governance headlines may add to that volatility.
🎁 Revenue grew 41.4% over the past year and analysts expect further revenue growth, so clearer guardrails around partnerships and AI focus could help support that growth story if customers gain confidence in Figma’s direction.
🎁 Management has already introduced AI credit based monetization, and a more focused AI roadmap after this review could help Figma sharpen which AI powered features it charges for across larger enterprise accounts.
What To Watch Going Forward
From here, keep an eye on whether Figma announces any concrete changes to its board structure, conflicts policy or Anthropic partnership terms, and how quickly those are implemented. Watch customer and partner commentary around Anthropic’s competing product, including whether large teams shift workloads away from Figma or continue to treat it as the central hub that connects multiple AI tools. It is also worth tracking updates on AI related margins and spending, because management has already signaled near term margin pressure from AI investment and activists may push for explicit profitability milestones.
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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
Companies discussed in this article include FIG.
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