Figma took a major step toward its IPO on Tuesday by publicly releasing its financial statements. Although the initial S-1 filing lacks specific details like the number of shares and pricing, it offers the most detailed look yet at the company’s financial strength and growth potential.
Figma is a San Francisco–based collaborative design platform founded in 2012, known for its cloud-based tools that enable real-time interface design and prototyping. Widely used by designers, developers, and product teams, Figma serves over 13 million monthly active users and is adopted by 95% of Fortune 500 companies.
According to IPO tracker Renaissance Capital, Figma could raise up to $1.5 billion through this offering. If achieved, it would rival or surpass CoreWeave’s IPO, which currently holds the title for the largest tech IPO of 2025 with the same amount raised.
There are solid reasons to believe Figma can hit that mark. The company’s financials, as revealed in the filing, show strong performance. In 2024, Figma generated $749 million in revenue—a 48% increase from the previous year. That momentum carried into Q1 2025, with revenue up 46% year-over-year. The company also reported a rolling 12-month revenue of $821 million and maintained a robust 91% gross margin.
While Figma was profitable in 2023, it reported a substantial loss of $732 million in the same year. However, this loss was largely due to a one-time stock compensation event, where the company issued 10.5 million stock options at a strike price of $8.50 per share to eligible employees.
By the fourth quarter of 2024, Figma had returned to profitability, a trend that continued into the first quarter of 2025.
As for debt, Figma claims it currently carries none, though this figure is subject to change. While the company does have a revolving credit facility, it has left space in the filing to update its total debt accordingly.
“While we have made, and expect to continue to make, significant investments to integrate AI, including generative AI, into our platform, AI technologies are rapidly evolving, and there can be no guarantee that our products will remain competitive as new AI technologies are developed, adopted, and integrated into software solutions,” the company says in the regulatory document.
Figma’s newly released financials paint a compelling picture of a high-growth, financially strong company poised for a successful IPO. With soaring revenues, strong margins, a return to profitability, and minimal debt, Figma has positioned itself as a top contender for one of the biggest tech IPOs of 2025. If market conditions remain favorable, the company could raise up to $1.5 billion—matching or even surpassing CoreWeave’s record-setting debut—while reinforcing investor confidence in the design software giant’s long-term potential.
