From Adobe Near-Buyout to Market Debut: Figma Reportedly Eyes One of 2025’s Biggest Tech IPOs

Another tech company has confirmed its initial public offering (IPO) plans, with cloud-based design tool provider Figma filing a registration statement on Form S-1 with the SEC regarding its intention to go public.

San Francisco, California-based Figma said in the filing that it plans to offer an “yet-to-be-determined” number of shares, with selling stockholders also eyeing offloading shares.

IPO expert Renaissance said it estimates the offering could raise as much as $1.5 billion. 

The web development tools maker said it has applied to list its common stock on the NYSE under the ticker symbol “FIG.”

It plans to have a three-class share structure, with all three classes differing only in voting rights. 

The IPO is managed by Morgan Stanley, Goldman Sachs, Allen & Company, and JPMorgan.

Figma disclosed in the filing that its last-twelve-month (LTM) revenue was $821 million, with a year-over-year growth rate of 46%. The company boasted of a gross margin of 91%, and a net dollar retention rate of 132%.

The company claimed that 78% of Forbes 2000 companies use Figma and that 76% of customers use two or more of its products.

For the year ended Dec. 31, 2024, Figma reported revenue of $749 million, and in the subsequent March quarter, the topline grew 46% to $228.2 million. The company reported a net loss of $732.1 million for the year, but a net income of $44.9 million for the March quarter.

According to Tracxn, Figma has raised about $749 million in funding from investors, including a16z, Greylock and Sequoia Capital, with the current valuation at $12.5 billion.

Figma’s proposed IPO plans come amid the market resurgence, with the S&P 500 hitting records in two consecutive sessions before pulling back on Tuesday. It also follows some high-profile offerings, such as those from CoreWeave (CRWV), eToro (ETOR), and MNTN, Inc. (MNTN), a connected TV performance-marketing platform provider backed by Hollywood star Ryan Reynolds.

Data center operator CoreWeave raised $1.5 billion in an IPO in late March, marking the biggest tech debut since 2021. Since its listing, the stock has gained nearly 300%, driven by surging demand for artificial intelligence (AI).

Figma was founded by Dylan Field and Evan Wallace in 2021. Once Adobe’s $20 billion acquisition target — a deal that fizzled due to antitrust concerns in Europe and the UK — the company is now betting big on its AI‑driven design platform and collaborative growth. 

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