Cloud-based design software company Figma filed paperwork with the U.S. Securities and Exchange Commission (SEC) on Tuesday to go public, aiming to list on the New York Stock Exchange under the ticker “FIG.” The move makes Figma one of the latest high-profile tech firms to pursue a trading debut amid renewed IPO activity in the sector.
The company did not disclose the number of shares it plans to offer or the pricing range for the IPO. According to the filing, proceeds from the offering will be used to pay down debt, support working capital, and potentially fund acquisitions.
Figma provides real-time collaborative tools for designing web and app interfaces and is widely used for interactive prototyping. Its client base includes major global tech firms such as Amazon, Google (Alphabet), Oracle, and Netflix.
Figma previously agreed to be acquired by Adobe for $20 billion, but the deal was terminated in 2023 following regulatory scrutiny. The European Commission raised concerns that the acquisition could significantly reduce competition in the market for interactive product design and whiteboarding tools. Adobe ultimately paid $1 billion in termination fees.
Founded by Dylan Field, Figma has seen rapid adoption and scale. The company revealed in its IPO prospectus:
- $821 million in trailing 12-month revenue, up 46% year-over-year
- $228.2 million in Q1 2025 revenue and $44.9 million in net income
- 91% gross profit margin
- 18% non-GAAP operating margin
- 132% net dollar retention
- 13 million monthly active users
- $1.5 billion in cash, zero debt
- Used by 78% of Forbes Global 2000 companies
Figma also disclosed it holds $70 million in Bitcoin ETFs and recently received board approval to invest an additional $30 million using USDC.
The company generated $749 million in total revenue in 2023, up 48% from the prior year. While it was profitable in 2023 due to the Adobe termination fee, it posted a net loss of $732 million in 2024 before returning to profitability in Q1 of 2025.
Figma’s IPO follows promising public market entries from other tech companies, including stablecoin issuer Circle and online trading platform eToro, signaling renewed investor appetite for growth-focused tech firms.
