Figma Targets $16.5B Valuation in High-Stakes IPO Test for Tech Market

On Monday, Figma, a design collaboration software manufacturer, announced on its official website that the company had initiated the roadshow for its proposed IPO of Class A common stock.

According to regulatory filings, Figma's IPO price range is set between $25 and $28 per share, with the stock ticker symbol "FIG." If the final pricing reaches $28 per share, the company is expected to raise over $1 billion, with a fully diluted valuation of approximately $16.5 billion.

Founded in 2012, Figma has evolved from a design tool into an interconnected, AI-driven platform. Although its user base is limited and predominantly consists of designers, Figma's influence is undeniable.

The San Francisco-based company is highly favored by Silicon Valley venture capitalists. Its investor lineup includes top-tier firms such as Sequoia Capital, Andreessen Horowitz (a16z), and Index Ventures.

It is reported that Microsoft, Twitter (now renamed X), and Uber are all Figma customers.

In 2022, Figma gained widespread attention when industry giant Adobe announced a $20 billion acquisition plan. However, due to regulatory pressure, the merger was terminated, with Adobe paying Figma a $1 billion termination fee.

In recent months, Figma has been preparing for its IPO. The prospectus reveals that the company's revenue for the first quarter of this year was $228 million, with a net profit of $45 million. Last year, the company reported a net loss of $732 million, primarily due to rising operational costs.

The prospectus also discloses that Figma currently holds approximately $70 million in Bitcoin ETFs and plans to increase its holdings in the coming months. Additionally, the company intends to issue "blockchain common shares."

On Monday, Figma also announced the addition of two new board members: Mike Krieger, co-founder of Instagram and current Chief Product Officer of AI startup Anthropic, and Luis von Ahn, co-founder of Duolingo.

Insiders revealed that the IPO transaction is expected to be priced by the end of this month. Analysts believe Figma's listing will be a key test of market demand for high-profile companies, as the recovery of the IPO market remains uncertain after years of downturn.

Over the past few years, due to high interest rates and market volatility, tech unicorns like Klarna and Stripe have delayed their IPOs. Earlier this year, concerns arose that Trump's tariff policies might further postpone tech company listings.

In March, data center operator CoreWeave successfully went public, but its valuation was significantly compressed at the time of listing. Fortunately, the stock has since surged over 200%, with its current market capitalization exceeding $60 billion, opening a window for other tech companies preparing to go public.