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.
