Figma's fiscal-year disclosure said more than half of customers above $100,000 in annual recurring revenue used Figma Make weekly during the quarter, with Anthropic and Google models powering the tool and a credit-based usage limit that took effect in March. [1] [2] The disclosure was filed weeks before Tuesday, when Adobe completed its $1.9 billion acquisition of Semrush and folded it into a new "CX Enterprise" stack pitched as agentic AI. [3]

Read together, the two filings draw the shape of a procurement category. Figma is the design tool whose AI feature depends on outside vendors. Adobe is the design tool buying its way past that dependency by absorbing the marketing-data layer outright. A risk Figma named on page 1 of its earnings — that "third parties" provide the models — is the risk Adobe just spent $1.9 billion to remove from its own page. [3]

The numbers behind Make are not small. Figma's Q4 release reported $228.2 million in revenue, 39% growth, and the >50% weekly-usage figure for $100K-plus accounts. [1] [2] On the same call, executives confirmed the credit-cap took effect March 3 — a contractual artifact that makes Anthropic and Google billable inputs, not partners.

What Adobe's close changes is the alternative. Figma customers now have a single-vendor option whose data layer, content layer, and AI orchestration sit under one cap table. The board question Figma's filing implied — whether AI partner concentration is now a governance disclosure — has its first balance-sheet counter-argument. The next quarter's revenue mix will say which model the market is paying for.

-- THEO KAPLAN, San Francisco