Thoughts.
I think a lot of people are looking at this quarter through the wrong lens. Everyone seems focused on whether AI credits are a meaningful revenue driver today. Personally, I think the more important question is whether Figma is building the conditions for AI credits to become a meaningful revenue driver over the next few years. Weekly AI usage isn't the story it's just the leading indicator.
To me, the real unlock will be Figma is AI generating products using your company's own design system. That's the piece I think people are underestimating. Every enterprise has invested years and millions into components, tokens, accessibility rules and governance historical figma data abd usage . If Make can generate output using their design system, it goes from being a cool AI feature to becoming part of the product development workflow. And I don't really see another platform with the same opportunity here. Figma already owns the design system, the collaboration layer, and increasingly the handoff to engineering. That's a difficult position for a general-purpose AI tool to replicate.
The other thing people seem to overlook is that Figma has already said some of its newer AI products aren't yet fully monetised. To me, this looks like the "grow usage first, monetise later" playbook we've seen from plenty of successful software companies. Get teams using AI every day, make it part of how they work, then expand monetisation once those workflows become indispensable. That's a much stronger long-term strategy than trying to maximise AI revenue from day one.
I could be completely wrong, but if this plays out, the question in two years won't be "How many AI credits did Figma sell this quarter?" It'll be "How many enterprises now rely on Figma AI to create products using their own design system?" If that becomes standard, AI credits stop looking like a feature and start looking like infrastructure. That's the thesis I'm watching. Still plenty to back here in my eyes.
Thoughts?