Even while the tech industry is still fanning its face over Figma’s hot IPO on Thursday, another significant tech IPO occurred this week: Ambiq Micro. On Wednesday, the chip maker for wearable devices saw its shares climb from the initial price of $24 to over $42 on Friday.
There’s one thing both companies have in common: Kleiner Perkins was a major investor.
So it’s been a very good week for the venerable venture firm. Just for fun, we’ve calculated the value of Kleiner Perkins’ stake in each company.
Kleiner sold 1,346,499 shares of Figma at the IPO price of $33, Figma disclosed, and could have sold as many as 2,756,020 shares at that price if the bankers exercised their option to nab additional shares. Given how much demand outstripped supply for shares of Figma, we’re going to assume the bankers will snap up the full tranche (or they already have).
Meanwhile, Kleiner still holds 52,364,374 shares of Figma, the company says. Share prices are still fluctuating wildly in heavy trading on Day 2, from about $110 to over $142, but closed Day 1 at $115, so we’ll use that number.
For Figma: An estimated $91 million returned from share sales and a remaining stake worth more than $6 billion (2,756,02 shares at $33 = $90,948,660, and 52,364,374 shares at $115 = $6,021,903,010).
For perspective, this stake in Figma alone is worth 3x the last mega-funds the firm raised, which was $2 billion across two vehicles in 2024. By the way, the Kleiner partner who oversaw its investment was Figma board member Mamoon Hamid.
Techcrunch event
San Francisco
|
October 27-29, 2025
Ambiq is a much smaller company and it was a much smaller IPO. It sold a total of 4 million shares and raised $96 million for itself in its IPO. Existing shareholders are subject to the classic 180 days lockup before they can sell. Kleiner holds 2,081,831 shares, the company disclosed. Shares are still trading at a premium to the IPO price as of Friday and closed Thursday at $43.85. So we’ll use that price.
Ambiq stake: $91.3 million (2,081,831 at $43.85 = $91,288,289).
But wait! There’s more. Kleiner is also having a good month and possibly year (Kleiner has declined comment for this story).
The firm reportedly scored a decent return earlier this month as part of Google’s deal to license tech from Windsurf and hire away its top talent. We don’t know exactly how much of the $1.1 billion or so VCs obtained from the Windsurf deal went to Kleiner specifically. But News’s Marina Temkin reports the total return was about 3x the original funding.
And at least one more Kleiner-backed company is waiting in the wings to IPO. Fleet tracking startup Motive Technologies raised $150 million led by Kleiner Perkins, with Ilya Fushman joining the board, the company announced this week. Bloomberg reported in December that Motive is gearing up for an IPO, potentially still in 2025.
