Figma is aiming for a fully diluted valuation of up to $16.4 billion through its initial public offering (IPO), as the cloud-based design software company gears up for its debut on the New York Stock Exchange (NYSE)—a move that could bring renewed momentum to the recovering tech IPO market.
The San Francisco-headquartered firm, along with select investors, plans to raise as much as $1.03 billion by offering nearly 37 million shares at a price range of $25 to $28 per share, according to its statement on Monday.
This IPO marks a significant milestone for Figma, arriving more than a year after its planned $20 billion acquisition by Adobe collapsed due to regulatory challenges in Europe and the UK.
A rally in equities and a series of strong IPO debuts have eased concerns surrounding the listing market. Figma is set to begin trading soon after the high-profile listing of stablecoin giant Circle, which delivered impressive gains last month and has continued to surge.
As a prominent tech company with a favorable stance toward Bitcoin, Figma has already generated buzz on social media. According to its filing, the firm held roughly $70 million in Bitwise’s bitcoin exchange-traded fund (ETF) as of March 31 and plans to invest an additional $30 million in bitcoin.
Figma will trade under the ticker symbol “FIG,” with Morgan Stanley, Goldman Sachs, Allen & Co., and J.P. Morgan serving as underwriters. Last year, a tender offer valued the company at $12.5 billion, allowing employees and early investors to partially cash out their holdings.
Figma, a cloud-based design platform, enables users to collaboratively build and edit apps, websites, and software interfaces.
The company’s client roster includes ServiceNow, Workday, and SAP. In the first quarter of 2025, its revenue surged 46%, while net income tripled.
“Figma’s product is its primary marketing engine. Its collaborative nature fosters viral, bottom-up adoption, leading to a best-in-class sales efficiency,” said Tomasz Tunguz, founder of venture capital firm Theory Ventures.
The firm has also indicated plans to take “big swings” in mergers and acquisitions, with co-founder and CEO Dylan Field noting that it is ready to “make decisions that may not seem immediately rational.”
However, the IPO comes amid an evolving industry landscape. While Figma sharpens its AI focus, it has cautioned that AI-powered design tools could reduce customer dependence on its platform.
The company has also flagged restrictive immigration policies as a challenge for talent acquisition, referencing past adjustments to hiring practices due to visa framework changes.
With most of its 2024 revenue coming from overseas markets, Figma remains vulnerable to a potential slowdown if global clients cut spending due to tariffs. Renewed trade tensions may further dampen IPO investor sentiment.
“Against this backdrop, investor attention remains firmly on companies with solid fundamentals and a clear path to profitability,” said Leslie Marlow, corporate attorney at Blank Rome.
