Figma, the design software unicorn, has confidentially filed for an initial public offering more than a year after a $20 billion acquisition bid by Adobe fell apart due to antitrust concerns.
The filing signals some optimism for public debuts despite the current market turmoil set off by President Trump’s push to implement tariffs. The uncertainty has rattled investors and sown doubts about the near-term viability of many IPOs.
Figma on Tuesday announced it had submitted a draft of its IPO filing to the Securities and Exchange Commission, but did not publicly release the full document, which would normally provide financial details about its operations.
The valuation Figma ultimately seeks in the public markets will be something to watch. In 2021, amid a low interest rate-fueled venture capital boom, Figma was valued in its Series E at $10 billion. In 2024, Figma conducted a tender offer that valued the company at $12.5 billion.
The venture capital firms backing Figma include Kleiner Perkins, Sequoia Capital, Greylock, Index Ventures, Founders Fund, and several others.
Figma boasts approximately 1,600 team members and serves millions of clients worldwide, including Airbnb , Google , Microsoft , Netflix , Salesforce , Spotify , Square, Stripe , and Zoom The enterprise has an international presence as well, with 85% of its user base located beyond the borders of the U.S.
In May 2024, Figma made certain financial information public for the first time. the company told CNBC that it had $600 million in yearly ongoing income ARR serves as a crucial metric for numerous businesses since it gauges consistent income typically associated with extended contract durations and recurring payment models.
Founded in 2012 by Dylan Field and Evan Wallace, Figma has garnered significant attention over the past few years due to anticipation surrounding its initial public offering (IPO) as well as speculation about its performance following Adobe’s failed major acquisition attempt. (Field and Wallace were introduced to each other during their time at Brown University.)
In 2022, Adobe stated intentions to buy Figma but encountered significant regulatory oversight, notably from the European Commission. By 2023, both parties decided to withdraw from the agreement, with Adobe consequently paying Figma a $1 billion breakup fee.
This tale was initially showcased on Wiseova
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