Figma has filed its paperwork. The S-1 registration hit the SEC on July 1. The company will trade on the New York Stock Exchange under the ticker “FIG”. The IPO is expected to raise up to $1.5 billion. That puts it in the top tier of 2025 tech listings. The filing comes 18 months after Adobe’s $20 billion acquisition attempt collapsed under regulatory pressure. Figma walked away with a $1 billion termination fee and a clean slate.
Revenue in Q1 2025 reached $228.2 million. That’s a 46% jump from the same quarter last year. Net income tripled to $44.9 million. The company has 13 million monthly active users. 95% of Fortune 500 firms use the platform. Only one-third of users are professional designers. The rest are product managers, engineers, marketers, and analysts. That spread is what makes Figma sticky.
The company has 1,031 customers paying over $100,000 annually. That number is up 47% year over year. Another 11,107 customers pay more than $10,000. Gross margin sits at 91%. Debt is minimal. Cash reserves total $1.54 billion. The company is profitable. The 2024 net loss of $732 million was a one-time stock comp event. That’s already behind them.
CEO Dylan Field controls 75% of voting power through Class B shares. That locks in founder-led strategy. The board approved a $30 million Bitcoin purchase in May. Figma holds $30 million in USDC and $69.5 million in Bitcoin ETFs. That’s 5% of the balance sheet allocated to crypto. The company says it will convert the stablecoin into Bitcoin later this year.
Figma’s AI push is aggressive. The S-1 mentions AI over 200 times. The company launched Figma Sites in March. It turns designs into live websites. That’s part of a broader move to expand beyond design tools. The platform is now positioned for full-stack product development. Field says investors should “expect us to take big swings.” That includes acquisitions. Figma spent $49.5 million on two tech companies in Q2. One was a CMS startup backed by Google and MongoDB.
The IPO uses a dual-class structure. That means public shareholders get diluted voting rights. Field and early investors keep control. Index Ventures owns 17%. Greylock holds 16%. Kleiner Perkins has 14%. Sequoia sits at 8.7%. The offering is underwritten by Morgan Stanley, Goldman Sachs, Allen & Co, and JPMorgan.
Figma’s valuation was $12.5 billion in 2024. Analysts expect a public valuation between $15 billion and $20 billion. That would put it ahead of CoreWeave and behind Stripe. The IPO date is not confirmed, but late July or early August is likely. The company says it will use proceeds for global expansion, AI development, and enterprise integration.
Sources
https://www.aol.com/finance/figma-filed-ipo-7-key-150000798.html
https://www.inc.com/reuters/figma-reveals-revenue-profit-growth-in-u-s-ipo-filing/91208970