Figma stock rallies 13% after Q1 earnings beat as Anthropic-Trump beef becomes a major risk

Figma (NYSE: FIG) stock climbed 13% after the company gave Wall Street a clean revenue beat for the first quarter, then added one ugly footnote: its AI work for federal customers is now tied to Anthropic’s fight with the US government.

The design software company said revenue for the quarter ending March 31, reached $333.4 million, a 46% jump from Q1 2025 and a 40% rally from Q4 2025 and 38% growth in Q3 2025..

The stock reaction makes sense to Cryptopolitan because Figma grew faster than it did in the last two quarters, raised its full-year sales forecast, and showed strong cash flow. But the Anthropic issue is now sitting right inside the story. Figma uses Claude to power AI tools in products sold to federal agencies.

If the Trump administration keeps Anthropic tagged as a “supply chain risk” and blocks its models from government use, Figma said sales to government bodies and heavily regulated customers could take a hit.

Figma grows revenue faster as large customers buy more seats across their teams

In this regard, the company’s CEO and co-founder, Dylan Field, notes that Q1 has been successful since growth returned, and customers now use Figma in more extensive areas within their companies. “Q1 was an incredible quarter for Figma: revenue growth accelerated for the second consecutive quarter, and customers are scaling Figma across their organizations in ways we’ve never seen before,” he stated.

Moreover, Dylan Field linked the quarter to his bigger vision regarding design and AI. “Code is becoming commoditized. When code becomes a commodity, design is the competitive advantage. Craft, judgment, and opinion are necessary components of building products,” the CEO explained.

Regarding the earnings, here comes another mixed story. According to GAAP, Figma had an operating loss of $137.4 million and a -41% operating margin. At the same time, non-GAAP showed $52.1 million in operating income, which makes an operating margin of 16%.

In case of net income, both GAAP ($142.4 million) and non-GAAP ($56.5 million) showed negative figures. The loss per share according to GAAP amounted to $0.27 (both basic and diluted), whereas non-GAAP earned per share stood at $0.11 (basic) and $0.10 (diluted).

Cash flow was one of the better parts of the quarter. Figma brought in $97.3 million from operating activities, giving it a 29% operating cash flow margin. Free cash flow reached $88.6 million, with a 27% margin. The company ended March with $1.6 billion in cash, cash equivalents, and marketable securities.

Anthropic’s government fight threatens Figma’s federal AI sales after the guidance raise

Figma CFO Praveer Melwani said the company beat expectations across several parts of the business. Praveer said, “Q1 was an exceptional quarter for Figma, exceeding expectations across multiple dimensions of our business.”

Praveer said the quarter benefited from stronger seat expansion across entire organizations. He also pointed to AI product adoption, naming Figma Make, MCP, and Figma Weave. He said Figma raised its 2026 forecast because early AI monetization is starting to show up and the main platform remains strong.

For Q2 2026, Figma expects revenue between $348.0 million and $350.0 million. At the midpoint, that would mean 40% growth from last year.

On an annualized basis, Figma now projects revenues ranging from $1.422 billion to $1.428 billion, implying a 35% increase at the midpoint. This is higher by $55 million from its previous estimate. For non-GAAP operating profit, Figma aims for a range of $125.0 million to $135.0 million, corresponding to a 9% non-GAAP operating margin at the midpoint.

But there may be one risk that could overshadow the rally. The US government has filed an action against Anthropic PBC to determine whether its AI models need to be prohibited from federal agencies. In a filing with regulators, Figma mentioned that Claude is the large language model behind the AI functions in its federal software products.

Anthropic is also dealing with a separate court fight. On Thursday, US District Judge Araceli Martinez-Olguin asked lawyers for more details on Anthropic’s proposed $1.5 billion settlement with authors who accused the company of using their books to train Claude.

Araceli did not give final approval at the San Francisco hearing. She asked for more information on lawyers’ fees and payments to lead plaintiffs in what is described as the largest known US copyright settlement.

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