Figma Eyes $16.4B Valuation in Bold IPO Comeback
Figma is preparing for its long-anticipated initial public offering (IPO), setting its sights on a fully-diluted valuation of up to $16.4 billion. The San Francisco-based design software firm aims to raise as much as $1.03 billion by offering nearly 37 million shares, priced between $25 and $28 each.
This listing follows the collapse of a $20 billion sale to Adobe, which fell through due to regulatory concerns in Europe and the UK. However, recent momentum in the IPO market has worked in Figma’s favor. A broader equities rally and successful tech debuts such as stablecoin giant Circle have helped restore investor confidence.
Figma expects to trade under the symbol “FIG” on the New York Stock Exchange. Its underwriters include Morgan Stanley, Goldman Sachs, Allen & Co, and J.P. Morgan. The company had previously been valued at $12.5 billion during a 2024 tender offer that allowed early stakeholders to sell portions of their shares.
Growth, Bitcoin Buzz, and Global Focus
Figma’s recent IPO filing revealed more than financial ambitions it also sparked discussion due to its pro-bitcoin stance. As of March 31, the company had invested $70 million in Bitwise’s bitcoin ETF and plans to allocate an additional $30 million. This has generated significant attention on social media, setting Figma apart from many traditional tech IPOs.
Although based in the U.S., Figma’s financial reach is global. In fact, the majority of its 2024 revenue came from international markets. Yet, the company acknowledges that economic uncertainty abroad, particularly tariff-related, could soften demand.
Meanwhile, the company’s growth remains strong. Revenue surged by 46% in the first quarter of 2025, and net income tripled during the same period. Customers such as ServiceNow, Workday, and SAP continue to rely on Figma’s collaborative design tools. According to venture capitalist Tomasz Tunguz, “Figma’s product is its primary marketing engine. Its collaborative nature fosters viral, bottoms-up adoption, leading to a best-in-class sales efficiency.”
AI Challenges and Bold Strategic Moves
Despite its positive outlook, Figma is navigating an evolving technology landscape. The firm has issued caution about the rise of AI-powered design tools, which could reduce demand for its platform. Therefore, Figma is placing greater emphasis on AI innovation while also remaining open to significant mergers and acquisitions.
CEO Dylan Field has emphasized the company’s willingness to “make decisions that may not seem immediately rational.” This mindset signals Figma’s readiness to take bold risks in pursuit of long-term growth. Additionally, the company has acknowledged that shifting immigration policies may impact hiring, particularly as it adapts to changes in global visa frameworks.
Figma’s IPO not only reflects its growing market influence but also marks a potential turning point for tech listings overall. As the sector regains momentum, Figma’s move could inspire more companies to follow suit.
