Figma just crushed earnings and the stock popped 13%, but there's a sneaky risk nobody's really talking about yet. The company posted $333.4M in Q1 revenue - a 46% jump year-over-year - and beat expectations across the board. Growth accelerated, customers are expanding their seat usage, and the AI tools are starting to monetize. Classic bull case for Figma stock price prediction purposes. But here's where it gets interesting. Figma is using Anthropic's Claude to power AI features sold to federal agencies. Now the Trump administration is treating Anthropic like a supply chain risk and potentially blocking its models from government use. If that happens, Figma's federal and regulated customer revenue takes a direct hit. It's the kind of geopolitical wildcard that could derail what otherwise looks like a solid growth story. CEO Dylan Field sounded bullish on the quarter - he's talking about how design is becoming the competitive advantage as code gets commoditized, and customers are using Figma across their entire organizations in ways they haven't before. The numbers back him up. Operating cash flow came in at $97.3M with a 29% margin, free cash flow hit $88.6M. They raised guidance for 2026 to $1.422-1.428 billion in revenue, implying 35% growth at the midpoint. That's a meaningful raise from their previous estimate. For Q2, they're guiding $348-350M in revenue, which would be 40% growth. So on the surface, Figma stock price prediction models should be pointing higher given this acceleration and the strong cash generation. The company ended the quarter with $1.6B in cash, so they're in a solid financial position. The AI monetization is starting to show up in the numbers, which validates their strategy. But the Anthropic situation is a real wildcard now. Figma explicitly mentioned in their regulatory filing that Claude powers the AI in their federal products. If the government blocks Anthropic's models, Figma has to scramble to find alternatives or lose that revenue stream. It's not a company-killer, but it's enough friction to make investors nervous about near-term guidance. The bigger picture is still bullish - Figma is growing faster than most SaaS companies, their margins are expanding, and they're capturing more wallet share from existing customers. But for anyone building a Figma stock price prediction, you have to factor in this Anthropic overhang as a potential near-term pressure point. Worth watching how this government action plays out over the next few months.