Figma, Inc. Fair Value Disclosure
| As of December 31, 2025 | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||
| Cash equivalents: | |||||||||||||||||||||||
| Money market funds | $ | 9,543 | $ | — | $ | — | $ | 9,543 | |||||||||||||||
| Commercial paper | — | 69,844 | — | 69,844 | |||||||||||||||||||
| Corporate bonds | — | 5,778 | — | 5,778 | |||||||||||||||||||
| Total cash equivalents | $ | 9,543 | $ | 75,622 | $ | — | $ | 85,165 | |||||||||||||||
| Marketable securities: | |||||||||||||||||||||||
| U.S. agency securities | $ | — | $ | 93,754 | $ | — | $ | 93,754 | |||||||||||||||
| U.S. treasury securities | — | 515,359 | — | 515,359 | |||||||||||||||||||
| Commercial paper | — | 123,517 | — | 123,517 | |||||||||||||||||||
| Corporate bonds | — | 446,155 | — | 446,155 | |||||||||||||||||||
| Bitcoin exchange traded fund | 73,689 | — | — | 73,689 | |||||||||||||||||||
| Total marketable securities | $ | 73,689 | $ | 1,178,785 | $ | — | $ | 1,252,474 | |||||||||||||||
| Digital assets, current | |||||||||||||||||||||||
| USDC | $ | 15,575 | $ | — | $ | — | $ | 15,575 | |||||||||||||||
| Digital assets, non-current | |||||||||||||||||||||||
| Bitcoin | $ | 15,116 | $ | — | $ | — | $ | 15,116 | |||||||||||||||
| As of December 31, 2024 | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||
| Cash equivalents: | |||||||||||||||||||||||
| Money market funds | $ | 1,865 | $ | — | $ | — | $ | 1,865 | |||||||||||||||
| Commercial paper | — | 86,179 | — | 86,179 | |||||||||||||||||||
| Total cash equivalents | $ | 1,865 | $ | 86,179 | $ | — | $ | 88,044 | |||||||||||||||
| Marketable securities: | |||||||||||||||||||||||
| U.S. agency securities | $ | — | $ | 101,060 | $ | — | $ | 101,060 | |||||||||||||||
| U.S. treasury securities | — | 371,924 | — | 371,924 | |||||||||||||||||||
| Commercial paper | — | 190,155 | — | 190,155 | |||||||||||||||||||
| Corporate bonds | — | 228,953 | — | 228,953 | |||||||||||||||||||
| Bitcoin exchange traded fund | 78,791 | — | — | 78,791 | |||||||||||||||||||
| Total marketable securities | $ | 78,791 | $ | 892,092 | $ | — | $ | 970,883 | |||||||||||||||
About Fair Value Disclosures
Fair value disclosures classify all assets and liabilities measured at fair value into a three-level hierarchy: Level 1 (quoted market prices), Level 2 (observable inputs like yield curves), and Level 3 (unobservable inputs requiring management estimates). The proportion of Level 3 assets directly reflects how much of the balance sheet depends on internal models rather than market evidence.
Key signals: a growing Level 3 balance relative to total fair-value assets increases valuation uncertainty and earnings volatility risk. Watch for transfers between levels — assets moving from Level 2 to Level 3 often signal deteriorating market liquidity. Unrealized gains and losses on Level 3 positions flow through earnings or other comprehensive income, so large swings deserve scrutiny. For financial institutions, examine the sensitivity disclosures that show how Level 3 valuations change under alternative assumptions. Compare the fair value of debt against its carrying amount to gauge hidden leverage.