The tech world is buzzing this week—not just over Figma’s explosive IPO, but also Ambiq Micro’s surprisingly strong debut. At the center of both wins? Venture capital powerhouse Kleiner Perkins, which is racking up serious returns in what’s shaping up to be one of its best years in recent memory.
Let’s break down what’s happened so far, what Kleiner has gained, and what this means for the firm’s trajectory moving forward.
Figma’s IPO: A $6B+ Stake for Kleiner Perkins
Figma’s long-anticipated IPO finally arrived on Thursday, and it did not disappoint. Shares priced at $33 soared to over $142 in early trading and settled at $115 by the close of Day 1. In terms of investor returns, Kleiner Perkins emerged as the biggest winner.
Here’s the math:
- Kleiner sold 2,756,020 shares at the IPO price of $33, pocketing about $90.95 million.
- The firm still holds 52,364,374 shares, now worth about $6.02 billion based on the $115 closing price.
Total Estimated Figma Stake Value:
$6.11 billion
(Share sale + remaining holdings)
To put it in perspective: This one stake alone is 3x the size of Kleiner’s most recent $2 billion fund.
The key partner behind this win? Mamoon Hamid, who served on Figma’s board and guided the investment through its high-growth years.
Ambiq Micro: A Smaller But Significant Victory
While not grabbing as many headlines, Ambiq Micro’s IPO on Wednesday marked another win for Kleiner. The chipmaker—focused on ultra-low-power semiconductors for wearables—priced its IPO at $24, and shares have since surged to $43.85.
Kleiner holds 2,081,831 shares, currently worth approximately:
💰 $91.3 million
Although subject to a 180-day lockup period, this holding already reflects a strong gain and another validation of Kleiner’s diversified approach across sectors.
Windsurf, Motive, and What’s Next
If that wasn’t enough, Kleiner is also reportedly part of the $1.1 billion Windsurf deal, where Google licensed the startup’s technology and hired its core team. While specific returns weren’t disclosed, the overall venture capital return was said to be around 3x the original investment.
And more could be coming.
- Motive Technologies, a fleet tracking startup backed by Kleiner, raised $150M this year.
- IPO rumors are already swirling, and if Motive hits public markets by end of 2025, it could cap off an incredible run for the firm.
Why 2025 Might Be Kleiner’s Best Year in a Decade
With multi-billion-dollar exits, strong positions in both hardware and software, and an active role in AI and infrastructure plays, Kleiner Perkins is showing why it’s still a top-tier VC—despite newer players entering the field.
From boardroom leadership to strategic exits, the firm is proving its model works in today’s volatile market.
Kleiner Perkins’ 2025 in Numbers
- Figma: $6.11 billion value from IPO + held shares
- Ambiq Micro: $91.3 million in equity value
- Windsurf: Estimated 3x return on Google acquisition
- Motive Technologies: IPO potential in 2025
Conclusion: A Power Play Year for Kleiner Perkins
2025 is shaping up to be a watershed year for Kleiner Perkins. With the blockbuster Figma IPO delivering a multi-billion-dollar return and Ambiq Micro’s public debut adding another impressive win, the firm has cemented its position at the forefront of tech investing. Add in a quiet but lucrative deal with Windsurf and a potential Motive IPO on the horizon, and Kleiner isn’t just riding the wave—it’s helping shape the tide.
In a year where venture capital firms are being tested on their track records and long-term bets, Kleiner Perkins is proving that its strategy—rooted in early conviction and active involvement—still delivers massive outcomes.