Figma files for IPO on NYSE, plans to 'take big swings' with acquisitions
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Figma filed its IPO prospectus on Tuesday, as the design software vendor looks to raise money and awareness to take on Adobe.
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6 min read
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cryptocurrency
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July 1, 2025
11:08 PM
CNBC
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Figma filed its IPO spectus on Tuesday and plans to debut on the NYSE under ticker symbol FIG
The design software vendor said in April that it had confidentially filed for its IPO
In late 2023, Figma and Adobe scrapped a $20 billion acquisition due to regulatory pressure in the U
Dylan Field, co-founder and CEO of Figma, appears at the Bloomberg nology Summit in San Francisco on May 9, 2024
David Paul Morris | Bloomberg | Getty ImagesDesign software company Figma filed for an IPO on Tuesday, and plans to trade on the New York Stock Exchange under the ticker symbol "FIG. "The offering would be one of the hotly anticipated IPOs in recent years given Figma's growth rate and its high private market valuation
In late 2023, a $20 billion acquisition agreement with Adobe was scrapped due to regulatory concerns in the U
That led Adobe to pay Figma a $1 billion termination fee
Revenue in the first quarter increased 46% to $228. 2 million from $156. 2 million in the same period a year ago, according to Figma's spectus
The company recorded a net income of $44. 9 million, compared to $13. 5 million a year earlier
As of March 31, Figma had around 450,000 customers
Of those, 1,031 were contributing at least $100,000 a year to annual revenue, up 47% from a year earlier
Clients include Duolingo, Mercado Libre, Netflix, Pentagram, ServiceNow and Stripe
ServiceNow CEO Bill McDermott has taken a seat on Figma's board, according to the filing
He also sits on Zoom's board and continues to serve as ServiceNow's chairman
Figma didn't say how many s it plans to sell in the IPO
The company was valued at $12. 5 billion in a tender offer last year, and in April it announced that it had confidentially filed for an IPO with the SEC
Wall Street banks predicted a rush of IPOs after Donald Trump won the U
Presidential election in November ing a dry spell dating back to late 2021, when soaring inflation and rising interest rates pushed investors out of risky assets
While President Trump's announcement of sweeping tariffs in April roiled and led a number of companies to delay their plans, activity has been picking up of late
Stablecoin issuer Circle doubled in value in its early June debut and is now up more than sixfold from its IPO price for a market cap of almost $43 billion
Online banking company Chime also debuted in June, ing Hinge Health's IPO in May
Artificial infrastructure vider CoreWeave, which went public in March, jumped 46% in June and has quadrupled since its offering
Watch now4:1904:19Circle would be the largest regulated stablecoin if GENIUS Act passes, says Bernstein's ChhuganiThe ExchangeBuy now, pay later company Klarna, based in the U. , filed for a U
IPO in March, as did ticket marketplace StubHub
Figma was founded in 2012 by CEO Dylan Field, 33, and Evan Wallace, and is based in San Francisco
The company had 1,646 employees as of March 31
Before establishing Figma, Field spent over two years at Brown University, where he met Wallace
Field then took a Thiel Fellowship "to pursue entrepreneurial jects," according to the filing
The two-year gram that Founders Fund partner Peter Thiel established in 2011 gives young entrepreneurs a $200,000 grant along with support from founders and investors, according to an online description
Field is the biggest individual owner of Figma, with 56. 6 million Class B s and 51. 1% of voting power ahead of the IPO
He said in a letter to investors that it was time for Figma to buck the "trend of many amazing companies staying privately indefinitely. "Databricks, SpaceX and Stripe are among high-valued companies that are still private. "Some of the obvious benefits such as good corporate hygiene, brand awareness, liquidity, stronger currency and access to capital apply," he wrote, explaining the decision. "More importantly, I the idea of our community sharing in the ownership of Figma — and the best way to accomplish this is through public. "The IPO will also mark another much-needed win for Silicon Valley venture firms, which are in need of returns after the multi-year slump
Index Ventures is the largest outside holder, with a 17% stake before the offering, according to the filing
Greylock owns 16%, Kleiner Perkins controls 14% and Sequoia has a stake of 8
Figma said it faces "intense competition" and that loss of market would "adversely affect our," but didn't name any specific competitors
Over 13 million people use Figma per month, and only one-third of them are designers, according to the filing
Around 85% of monthly users were outside the U
As of March 31, but 53% of revenue came from outside the country
In March the company announced Figma Sites, a tool that turns designs into working websites
It's one of a few new ducts that diversify the company away from its collaborative service for crafting app and website designs
Figma had $1. 54 billion in cash, cash equivalents and marketable securities at the end of March
Field said in the letter that as a public company, investors should "expect us to take big swings," including through acquisitions
In April Figma bought the assets and team of an unspecified nology company for $14 million and acquired an unnamed company with content management system software for $35. 5 million, according to the filing
In April design software startup Modyfi said it would join Figma, and in June Figma revealed in a blog post that it acquired Payload, a content-management software startup with backing from Google and MongoDB
Figma has also begun in digital currencies
In 2024, Figma's board authorized a $55 million investment into a Bitwise Bitcoin exchange-traded fund
As of March 31, the holding was worth $69. 5 million, according to the filing
In May, the board apved a $30 million investment in Bitcoin, and Figma spent the money on USD Coin, which is a stablecoin
Morgan Stanley and Goldman Sachs are leading the deal along with Allen and Co
Correction: A prior version of this story had the incorrect stock exchange in the headline. — CNBC's Ari Levy and Jonathan Vanian contributed to this report
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