·IPOsFigma s more than triple in soaring public debutBy Allie GarfinkleBy Allie GarfinkleSenior Finance Reporter and author of Term SheetAllie GarfinkleSenior Finance Reporter and author of Term SheetAllie Garfinkle is a senior finance reporter for Fortune, covering venture capital and startups.
She Term Sheet, Fortune’s weekday dealmaking .SEE FULL BIO Dylan Field, co-founder and chief executive officer of FigmaDavid Paul Morris/Bloomberg via Getty ImagesFigma, the design software company led by CEO and cofounder Dylan Field, saw its stock price more than triple in a stunning debut on the New York Stock Exchange on Thursday.
s of Figma were trading as high as $107 within minutes after it began trading under the ticker FIG. The company and its early holders raised $1.2 billion in its IPO on Wednesday, with s priced at $33.
The stock began trading Thursday at $85 a , and took off a rocket from there.
The surge gave Figma a market cap of roughly $46 billion, eclipsing the $20 billion price that Adobe had planned to acquire the company for before the merger was abandoned in 2023 due to regulatory pushback.
Adobe, with a market cap of around $152 billion, will now be Figma’s key public competitor as the upstart chases market .
Praveer Melwani, Figma’s CFO, told Fortune on Thursday morning that it will be as usual for Figma moving forward, with possible acquisitions in the pipeline.
“Candidly, the way we’re running this—or the way the offering shaped up—it’s a majority secondary transaction with a small portion of primary that facilitates to pay the tax that’s owed on the RSU [restricted stock unit] settlement,” said Melwani, who became Figma’s first operations head in 2017.
“So, we’re net neutral from a cash impact on nology. The story stays the same.
We have been acquisitive in the past—primarily small teams and talent.” Figma’s securities filing for its public debut showed a growing, fitable , with revenue up in Q1 2025, 46% year-over-year to $228.2 million and a net income for the quarter at $44.8 million.
Figma’s opening pop reflects not only optimism Figma, but optimism the venture-backed IPO landscape overall. Muted in recent years, IPOs have been in the midst of a slow but decisive recovery.
Recently, VC-backed darlings Circle, Chime, Hinge Health, and CoreWeave have all gone public, with varying degrees of success.
Figma itself is backed by a number of Silicon Valley stalwarts, including Index Ventures, Kleiner Perkins, Greylock, and Sequoia Capital, all of whom hold stakes worth north of $1 billion in the company.
For Figma moving forward, the biggest question is how the company will adapt to and capitalize on AI. Greylock venture partner John Lilly told Fortune that Figma and Field are well-positioned.
“The way we’re going to be interacting with more systems and nology over time means interfaces have to be designed right,” said Lilly.
“Figma is the way organizations design together, it’s of the operating system… As long as we keep and keep making sure that we’re on top of AI—integrating the best tools and creating some of them—then AI looks a huge opportunity to me.” Introducing the 2025 Fortune 500, the definitive ranking of the biggest companies in America.
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