Figma (NYSE: FIG) shares jumped 13% after a strong first-quarter earnings report, but a growing dispute between AI partner Anthropic and the U.S. government injected uncertainty. The design software company posted revenue of $333.4 million for the quarter ending March 31, 2026 — a 46% year-over-year increase and an acceleration from previous quarters.
Key financial highlights included a raised full-year revenue forecast to between $1.422 billion and $1.428 billion (up $55 million from prior guidance), driven by AI tool adoption and enterprise seat expansion. Non-GAAP operating income reached $52.1 million, while cash flow from operations was $97.3 million. Figma ended the quarter with $1.6 billion in cash and equivalents.
However, the company noted a risk in its federal business: Figma uses Anthropic’s Claude AI model to power features in products sold to U.S. government agencies. If the Trump administration designates Anthropic as a “supply chain risk” and blocks its models from federal use, Figma warned that sales to government and heavily regulated customers could be impacted. Anthropic is already fighting a separate legal battle over a $1.5 billion copyright settlement with authors.
Figma’s AI monetization strategy — via usage-based credits for tools like Figma Make — showed strong early results, with over 95% of enterprise users remaining active even after hitting credit limits, and net dollar retention climbing to 139%. The company guided Q2 2026 revenue to $348–350 million, well above consensus estimates, signaling continued momentum.
