On Thursday, while the tech industry buzzed over Figma’s successful IPO, another notable tech IPO took place: Ambiq Micro. The chip manufacturer for wearable devices experienced a share price increase from $24 at launch to over $42 by Friday.
Both companies share a common link: significant investment from Kleiner Perkins.
This week turned out to be exceptionally favorable for the prominent venture firm. We’ve estimated Kleiner Perkins’ stake value in each company for fun.
Kleiner sold 1,346,499 Figma shares at an IPO price of $33, with the potential to have sold up to 2,756,020 shares if the bankers opted for more shares. Given the high demand for Figma shares, it’s likely the full amount was taken.
Kleiner still retains 52,364,374 Figma shares. Share prices have been volatile, ranging from about $110 to over $142 in heavy trading on Day 2, ending at $115 on Day 1.
Figma: Approximately $91 million from share sales and a remaining stake worth over $6 billion (2,756,020 shares at $33 = $90,948,660, and 52,364,374 shares at $115 = $6,021,903,010).
For context, this Figma stake alone is worth three times the last major funds the firm raised, which totaled $2 billion in 2024. Mamoon Hamid, a Figma board member, managed Kleiner’s investment.
Ambiq is a smaller company with a smaller IPO. It sold 4 million shares, raising $96 million. Existing shareholders are under a 180-day lockup. Kleiner owns 2,081,831 shares. As of Friday, shares traded above the IPO price, closing at $43.85 on Thursday.
Ambiq stake: $91.3 million (2,081,831 at $43.85 = $91,288,289).
Kleiner is also experiencing a prosperous month and potentially year (they declined to comment for this article).
The firm reportedly achieved a satisfactory return from Google’s tech licensing deal with Windsurf, which involved hiring its top talent. The deal returned approximately 3x the VC’s original funding. However, it’s unclear how much of the $1.1 billion went directly to Kleiner.
Additionally, another Kleiner-backed company is poised for an IPO. Fleet tracking startup Motive Technologies raised $150 million, led by Kleiner Perkins, with Ilya Fushman joining the board. Bloomberg reported in December that Motive plans an IPO, potentially in 2025.