Figma Launches Figma Make Ahead of IPO, But Faces Rising Challengers

In the months leading up to its long-anticipated IPO, Figma is leaning heavily into AI. The company’s newest release, Figma Make, moves its platform further into the realm of AI-assisted software development, letting users generate app prototypes from text prompts. It’s a milestone release for Figma. Yet the move comes amid intensifying pressure from a new class of competitors born directly from the AI era, prominently: Lovable, a Swedish startup that has grown quickly by offering a similar text-to-interface experience.

As Figma’s AI tools exit beta and its S-1 circulates on Wall Street, the company faces a balancing act: defending its lead while adapting to a technology stack being redefined by generative interfaces.

AI Integration Deepens, but Workflow Gaps Remain

Figma’s IPO filing revealed a company with strong fundamentals. It generated $749 million in revenue in 2024, up 48% year-over-year, and turned profitable again in early 2025 with $44.9 million in net income for Q1. It counts 13 million monthly active users and penetration across 95% of the Fortune 500. CEO Dylan Field, who retains 75% voting control post-IPO, called AI the company’s biggest near-term investment priority.

With the release of Figma Make, Figma now lets users create working apps from prompts, with an option to upload images or design references for more accurate generation. Users can iterate on font styles and layout through conversational input. But some limitations remain. The generated content can’t yet be imported seamlessly back into Figma’s main design tool, limiting its integration in real production workflows. That disconnect has already drawn criticism from some early users.