Figma Shares Fell 17% After Q2 Earnings, but Artemis Says the Market Is Underpricing Its AI and Agent Opportunity

Figma fell 17% after reporting second-quarter 2026 results on Aug. 5, but Artemis Analytics argues the market is still valuing the company too narrowly. The firm points to $370.1 million in revenue, up 48% year over year, a 136% net dollar retention rate, and strong paid-customer growth across higher-ACV cohorts. In its view, Figma is evolving from a design tool into a software layer for creators, product engineers and AI agents. Artemis says that shift could expand the company’s total addressable market well beyond what Wall Street is pricing today. It also argues that AI usage may become a revenue source rather than a pure cost, especially as Figma charges for its AI suite, including Figma Make, Figma Agent, Figma Weave and Figma MCP. The main risk, the note says, is that AI tools from companies such as Claude and OpenAI could one day compress the design-to-code workflow entirely, though Artemis считает that outcome is still far off.