Figma is headed to the public markets nearly two years after its $20 billion sale to Adobe fell apart under regulatory scrutiny. The design software company filed its S-1 on Tuesday, disclosing strong revenue growth, a profitable business model (minus one-time stock-based compensation costs), and a sharp focus on artificial intelligence as both a competitive moat and operational risk.
The San Francisco-based company will list on the New York Stock Exchange under the ticker “FIG,” aiming to raise up to $1.5 billion in what could become one of the largest tech IPOs of the year. While pricing details and number of shares remain undisclosed, Figma is entering the market with momentum. Its 2024 revenue hit $749 million, up 48% from 2023. In the first quarter of 2025, revenue climbed another 46% year-over-year to $228.2 million, with quarterly net income rising to $44.9 million more than triple the $13.5 million it earned in the same period last year.
Figma’s IPO is happening against the backdrop of a failed megadeal. In 2022, Adobe announced plans to acquire Figma for $20 billion, betting that the collaborative design tool would modernize its product suite and fend off future competitors. But antitrust regulators in the UK and EU pushed back hard, arguing the acquisition would remove a rising challenger in a market where Adobe already held a dominant position.
Adobe and Figma walked away from the deal in December 2023, citing regulatory hurdles. Figma CEO Dylan Field, who had previously hinted that an IPO was the company’s backup plan, said at the time that it was important for Figma to remain focused on its mission. “There are two paths that venture-funded startups go down. You either get acquired or you go public,” he told The Verge in 2023. “And we explored the acquisition route.”
With that door now firmly shut, Figma is opting to go public on its own terms and with its founder in charge.
Founder Control and Dual-Class Structure
Dylan Field, 33, controls approximately 75% of the voting power at the company through a dual-class share structure. His 56.6 million Class B shares carry 15 votes each, and he also holds voting rights over shares in a trust belonging to co-founder Evan Wallace, who left the company in 2021. That setup ensures Field will maintain near-complete control of the company post-IPO.
“More importantly, I like the idea of our community sharing in the ownership of Figma and the best way to accomplish this is through public markets,” Field wrote in a letter included in the filing. “Expect us to take big swings.”
That includes acquisitions. The S-1 reveals that in the first half of 2025, Figma acquired the assets of a content management startup for $35.5 million, spent another $14 million on a technology company, and brought on design startup Modyfi in April. It also disclosed an investment in digital assets, including a $55 million stake in a bitcoin ETF and a $30 million purchase of USD Coin.
The AI Gamble
While Figma is best known for its collaborative design tools used by teams at Google, Netflix, and thousands of other companies, its IPO filing puts AI front and center. The word “AI” appears hundreds of times in the 300-page document. In his letter, Field acknowledged that investing in artificial intelligence would be expensive in the short term but said it was essential to the future of design workflows.
“We’re already investing heavily in AI and we plan to double down even more in this area,” he wrote. “AI spend will potentially be a drag on our efficiency for several years, but AI is also core to how design workflows will evolve going forward.”
In recent months, Figma has released tools that automate coding from designs, generate illustrations, and speed up the designer-to-developer handoff. In March, it introduced Figma Sites, a product that turns mockups into live websites, a move into the no-code builder market. It has also begun offering access to its design servers for AI models to generate usable interface code, a sign of deeper integration between AI agents and its core platform.
The company isn’t blind to the risks. In its S-1, Figma warned that “AI technologies are rapidly evolving and there can be no guarantee that our products will remain competitive.” The rise of upstarts like Lovable, an AI-first interface builder, illustrates how fast new entrants can reshape a category. Still, Figma believes its head start in real-time collaboration, strong brand, and cross-functional adoption across teams give it an advantage.
Customer Base and Financial Highlights
Figma reports 13 million monthly active users, but only one-third are professional designers. The majority are engineers, product managers, marketers, and others collaborating on design-adjacent work. The company’s footprint inside enterprises is significant: 95% of the Fortune 500 use Figma, according to the filing. Of its paying customers, 1,031 spend more than $100,000 annually, up 47% year-over-year.
The company’s gross margin stands at 91%, and its financial profile is among the strongest seen from a venture-backed startup in recent memory. Figma reports minimal debt—a revolving credit facility that has not been drawn down and ended March 2025 with $1.54 billion in cash and marketable securities.
The one asterisk in its financials is a $732 million net loss in 2024. That figure was driven almost entirely by a large stock-based compensation event, not underlying business performance. Figma was profitable in 2023, and returned to profitability by the end of 2024.
Figma had 1,646 employees as of March 31, with many participating in a 2024 tender offer that gave them liquidity ahead of the IPO. Field himself sold $20 million worth of shares in that transaction. The offer was seen as a morale booster after the Adobe deal collapsed and gave employees a chance to benefit from the company’s rising value.
Figma’s IPO joins a modest wave of tech listings in 2025, including CoreWeave and Klarna. Analysts expect its valuation to land between $15 billion and $20 billion, depending on final pricing. The company was valued at $12.5 billion in recent secondary transactions, and the Adobe offer still looms as a reference point for public investors.
Index Ventures is the largest external shareholder, with a 17% stake. Greylock, Kleiner Perkins, and Sequoia Capital also hold significant shares. Field remains the single largest individual shareholder.
Figma hasn’t named specific competitors in its filing but acknowledges the intensity of the market. It will face pressure from incumbents like Adobe, upstarts like Framer and Webflow, and a new crop of AI-native tools that blur the lines between design and development.
