Twelve years after its creation, Figma is preparing for its IPO on the New York Stock Exchange under the symbol “Fig”. Behind this operation, one of the most anticipated of the year in American tech, is playing something other than a simple rating but a strategic return after the resounding failure of his takeover by Adobe. For the startup founded by Dylan Field and Evan Wallace, the IPO takes on the appearance of revenge.
An aborted redemption attempt
In September 2022, Adobe announced the acquisition of Figma for $ 20 billion. The amount immediately challenges. It reflects less the financial results of Figma than its power of influence in the ecosystem of collaborative design. The young company was able to impose, in a few years, a model centered on collaboration in real time and the simplicity of use, where Adobe remained marked by the complexity of its historical tools.
But the announced merger does not materialize. At the end of 2023, the Competition and Markets Authority (CMA) in the United Kingdom called into question the operation, believing that it would harm innovation in the sector. The agreement is canceled and Adobe pays Figma $ 1 billion in termination fees.
Sustained growth, rare profitability
The Introduction Prospectus published this week gives a specific overview of Figma’s financial health. In the first quarter of 2025, the company generated $ 228.2 million in turnover, up 46 % over a year. Net profit reached 44.9 million, compared to 13.5 million the previous year. Figma claims 450,000 customers, more than 1,000 of which each generate more than $ 100,000 annually, among them: Duolingo, Netflix, Stripe, Mercado Libre and ServiceNow.
More than 85 % of monthly users are located outside the United States, even if the international represents 53 % of turnover today. This global dynamic, combined with a largely non-designer user base (only a third of the 13 million monthly users), strengthens the image of a product that has become a platform.
Of the attempted integration into assumed independence
In the letter to investors attached to the file, Dylan Field returns to the motivations of the IPO. He writes: “Many exceptional companies remain private indefinitely. We believe that the time has come for Figma to take another path. He evokes the classic benefits of a rating (access to capital, transparency, brand image), and insists on one point, make Figma a company shared with his community.
The operation also allows Field to keep the majority of voting rights via its class B shares, consolidating its position as a founder-action in the duration. The governance model recalls that of other emblematic companies of Silicon Valley which have chosen to assume a strong and stable long -term direction.
A prudent, but targeted expansion
For several months, Figma has been expanding its functional perimeter, in March, it launches Figma Sites, a tool to transform models into operational websites. In parallel, the company has carried out several discreet acquisitions, notably a company specializing in CMS for $ 35.5 million, another in software infrastructure technology for 14 million, and in June, the announcement of the acquisition of Payload, a CMS startup supported by Google and Mongodb.
Figma also explores the land of cryptocurrencies. In 2024, the board of directors authorized an investment of $ 55 million in an ETF Bitcoin managed by Bitwise. In May, a second investment was made in the Stablecoin USD Coin for an amount of 30 million. However, these movements remain marginal at the scale of its $ 1.54 billion in cash.
A strong signal sent to the markets
For the venture capital ecosystem, this introduction is expected as a sign of return to normal. Index Ventures, Graylock, Kleiner Perkins and Sequoia Capital are among the main historical shareholders. Index holds 17 %of the capital before the IPO, Greylock 16 %, Kleiner 14 %, Sequoia 8.7 %. After a period marked by the scarcity of “exits” and the drop in valuations, the potential success of Figma would represent a strong marker for the liquidity of the large funds portfolio.
The company does not yet communicate the number of shares put on the market. Its reference valuation remains that of the tender offered of 2024: 12.5 billion dollars. Well below the 20 billion envisaged two years earlier, but high enough to reposition Figma as one of the pillars of the new generation of collaborative software. And above all, she definitively closes the Adobe chapter.
