Figma Files $1.5 Billion IPO After 48% Revenue Growth

Figma, a prominent design software company, has officially filed for an Initial Public Offering (IPO) on the New York Stock Exchange, set to trade under the ticker “FIG.” The company aims to raise up to $1.5 billion, positioning itself as one of the largest tech IPOs of 2025. This move comes more than a year after Adobe’s attempted $20 billion acquisition of Figma was thwarted by regulatory hurdles, particularly in the U.K.

Figma’s S-1 filing provides valuable insights into the company’s growth trajectory, customer base, and strategic direction. The company reported exceptional revenue growth, with 2024 revenue reaching $749 million, a 48% increase from 2023. The rolling 12-month revenue stood at $821 million, with a gross margin of 91%. In the first quarter of 2025, revenue grew by 46% year-over-year to $228.2 million, and net income for the quarter tripled to $44.9 million, up from $13.5 million in the first quarter of 2024. Despite a net loss of $732 million in 2024 due to a one-time employee stock compensation event, Figma returned to profitability by late 2024 and into 2025.

Figma’s market reach is extensive, with 13 million monthly active users as of early 2025. Notably, 95% of Fortune 500 companies use Figma, and two-thirds of its users are not professional designers, indicating broad adoption across various business functions. As of March 2025, Figma had 1,031 customers contributing over $100,000 annually, a 47% year-over-year increase, and 11,107 customers contributing over $10,000 annually.

Figma is pursuing a dual-class share structure, with CEO Dylan Field retaining majority voting power through super-voting Class B shares. Field personally controls about 75% of voting rights, with co-founder Evan Wallace’s family trust holding about a third of the special voting shares, which Field also controls. This structure ensures that Field can maintain strategic control post-IPO.

Figma reports minimal debt, with only a revolving credit line. The proceeds from the IPO are expected to support global expansion, research and development, AI innovation, enterprise integration, and possible acquisitions. The company is also working toward FedRAMP certification to target U.S. government contracts.

Figma’s S-1 filing highlights the significance of AI in its strategic positioning. The company mentions AI hundreds of times, underscoring both the opportunity and challenge of integrating generative AI into design workflows. While AI investments may impact efficiency in the near term, they are seen as critical for future growth. Figma’s collaborative, cloud-based platform is positioned as a solution to fragmented design workflows, enabling real-time, multi-user collaboration and seamless designer-developer handoff.

Figma’s IPO comes at a time when the market for venture-backed IPOs is showing signs of improvement. The company’s focus on AI is expected to be a key driver of its growth, with plans to double down on AI investments. Field emphasized that while AI spend may be a drag on efficiency in the short term, it is core to the evolution of design workflows.

In his letter to investors, Field highlighted the benefits of going public, including liquidity, brand awareness, and access to capital markets. He also expressed his desire for the Figma community to share in the ownership of the company, stating that the public markets provide the best way to achieve this. With its strong financial performance, impressive customer base, and strategic growth plans, Figma is poised to make a significant impact in the public markets.