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Figma, Inc., the widely adopted collaborative design platform, has officially filed to go public under the ticker symbol “FIG” on the New York Stock Exchange. The company plans to offer a total of 36.9 million Class A shares, including 12,472,657 shares from the company and 24,464,423 shares from selling shareholders. At the midpoint of the expected price range of $26.50 per share, the offering size totals approximately $978.1 million. Based on an estimated 487.5 million shares outstanding after the offering, Figma’s implied fully diluted market capitalization is approximately $12.9 billion. This valuation reflects the company's total equity value at the IPO price midpoint, accounting for all Class A and Class B shares outstanding.
The IPO is being led by the underwriting syndicate of Morgan Stanley, Goldman Sachs, Allen & Co., J.P. Morgan, BofA Securities, Wells Fargo, RBC Capital Markets, William Blair, and Wolfe | Nomura Alliance. Figma stands out in a crowded SaaS ecosystem by offering an AI-enhanced, browser-based product development platform that supports real-time collaboration between designers, developers, marketers, and product managers. Unlike traditional design tools, Figma enables seamless, multiplayer design experiences directly in a web browser, capitalizing on the shift toward distributed work and cloud-native collaboration.
Figma is pursuing a traditional IPO. While the company will raise capital through its primary share issuance, it will not receive proceeds from the secondary shares sold by existing investors. Selling shareholders include early investors and insiders, and underwriters will have the option to purchase an additional 5.5 million shares to cover over-allotments. Post-offering, CEO and co-founder Dylan Field will retain 73.6% of voting control, aided by a proxy agreement with co-founder Evan Wallace. This dual-class structure limits public investors’ governance power but keeps strategic decision-making firmly in the hands of the founding team.
Figma's platform has rapidly evolved from a design tool into a full-stack product development system. Key offerings now include Figma Design for interface creation, FigJam for brainstorming and workshops, Dev Mode for handoff to engineering, and newer products like Figma Slides, Buzz, Sites, Make, and Draw, which support everything from slide decks to AI-generated prototypes and even direct website publishing. The company serves a global audience of over 13 million monthly active users and has built a massive enterprise footprint, with 95% of Fortune 500 companies and 78% of Forbes Global 2000 firms using Figma as of March 2025.
Figma was founded in 2012 by Dylan Field and Evan Wallace while they were students at Brown University, with a mission to make design more accessible and collaborative. In 2023, Figma walked away from a proposed $20 billion acquisition by Adobe, which was terminated due to regulatory pressure. As a result, Figma received a $1 billion termination fee, a windfall that significantly boosted 2023 financial results. Following that, the company accelerated expansion with multiple product launches throughout 2024 and early 2025.
Key risks in Figma’s prospectus include revenue volatility, a lack of consistent profitability, and high reliance on continued user growth and seat expansion. The company also faces intense competition from players in both design software and emerging AI-driven prototyping tools. Its dual-class share structure concentrates voting control, which may concern some public investors. Additionally, like many SaaS firms, it is exposed to cybersecurity, regulatory, and platform-dependence risks.
Financially, Figma shows a mix of robust top-line growth and fluctuating profitability, largely driven by one-time events. Its 2023 net income was bolstered by the Adobe termination fee, while 2024 losses reflect a surge in stock-based compensation and investments in product and headcount expansion. Notably, the company turned an operating profit again in Q1 2025, signaling margin recovery.
| Metric | 2023 | 2024 | Q1 2024 | Q1 2025 |
|---------------------------|------------|------------|------------|------------|
| Revenue | $504.9M | $749.0M | $156.2M | $228.2M |
| YoY Growth (Revenue) | – | 48.3% | – | 46.0% |
| Cost of Revenue | $44.5M | $87.5M | $12.8M | $19.5M |
| Gross Profit | $460.4M | $661.5M | $143.4M | $208.7M |
| Gross Margin (%) | 91.2% | 88.3% | 91.8% | 91.5% |
| Operating Expenses | $533.8M | $1,538.9M | $130.9M | $169.0M |
| Operating Income (Loss) | $(73.5M) | $(877.4M) | $12.5M | $39.7M |
| YoY Growth (Op. Income) | – | – | – | 217.4% |
| Operating Margin (%) | -14.6% | -117.1% | 8.0% | 17.4% |
| Net Income (Loss) | $737.8M* | $(732.1M) | $13.5M | $44.9M |
| Net Margin (%) | 146.1%* | -97.7% | 8.7% | 19.7% |
*2023 includes a $1B Adobe breakup fee.
2024 results reflect large stock-based compensation expenses.
Looking ahead, Figma’s strategy is to position itself not just as a design platform, but as the system of record for product development. The company is focused on deepening enterprise adoption, expanding monetization across user types, and integrating more AI-powered tools to automate and accelerate the creative workflow. Products like Figma Make, which converts plain-text prompts into design mockups, showcase its innovation push. While margins were pressured by growth investments in 2024, Figma has already demonstrated a return to profitability in Q1 2025, and is guiding toward improved efficiency.
Comparable companies in the market include Adobe, Canva, Atlassian, and GitLab. In the current environment, software IPOs have often opted for conservative pricing due to valuation resets. Figma appears to be following that pattern, likely in response to its prior $20 billion private valuation and the broader market’s cautious appetite for high-growth tech names. Most of the shares are expected to be allocated to institutional investors, though retail demand is likely to be strong given Figma’s user community and brand affinity.
Following the IPO, Figma will continue executing on its ambitious roadmap. The company intends to pursue international expansion, explore strategic acquisitions, and further develop its product suite to serve cross-functional product teams. With a strong foundation in collaborative design, accelerating AI capabilities, and a deeply embedded user base, Figma is aiming to not only succeed as a public company, but to shape the next generation of how software gets built.
.FIG is expected to price the week of July 28th, 2025