The tech industry is still buzzing over Figma’s impressive IPO this Thursday, but another notable tech IPO took place this week—Ambiq Micro. On Wednesday, the chipmaker for wearable devices saw its shares surge from an initial price of $24 to over $42 by Friday.
Both companies share a common thread: Kleiner Perkins was a major investor. It’s been an outstanding week for the venture firm. For context, let’s break down the value of Kleiner Perkins’ stakes in each company.
Kleiner sold 1,346,499 shares of Figma at the IPO price of $33, according to filings. The firm could have sold up to 2,756,020 shares if bankers exercised their option to acquire additional shares. Given the overwhelming demand for Figma’s shares, it’s likely the full tranche was sold.
Meanwhile, Kleiner still holds 52,364,374 shares of Figma. Share prices have been volatile, fluctuating between $110 and $142 on the second trading day, but they closed Day 1 at $115. Using that figure, Kleiner’s estimated returns from Figma include $91 million from share sales and a remaining stake worth over $6 billion.
To put this in perspective, Kleiner’s stake in Figma alone is worth three times the size of its last mega-fund, which raised $2 billion across two vehicles in 2024. Mamoon Hamid, the Kleiner partner who oversaw the investment, also serves on Figma’s board.
Ambiq, on the other hand, is a much smaller company with a modest IPO. It sold 4 million shares, raising $96 million. Existing shareholders, including Kleiner, are subject to the standard 180-day lockup period before selling. Kleiner holds 2,081,831 shares, and with shares closing Thursday at $43.85, its stake is valued at approximately $91.3 million.
But Kleiner’s success doesn’t stop there. The firm reportedly secured a solid return earlier this month when Google struck a deal to license tech from Windsurf and hire its top talent. While the exact amount Kleiner received from the $1.1 billion payout remains unclear, sources indicate the total return was around three times the original investment.
Another Kleiner-backed company, Fleet tracking startup Motive Technologies, is also preparing for an IPO. The company recently raised $150 million in a round led by Kleiner Perkins, with Ilya Fushman joining its board. Reports suggest Motive is eyeing a public debut, potentially before the end of 2025.
It’s clear that Kleiner Perkins is having a remarkable year, with multiple high-profile exits and more potentially on the horizon.