Figma Files for NYSE IPO with $20 Billion Valuation Target

San Francisco-based design software company Figma has officially submitted its IPO application to the SEC, planning to list on the New York Stock Exchange under the ticker FIG. The company is targeting a $20 billion valuation, positioning itself as one of the most anticipated tech IPOs of 2025.

From Startup to Design Powerhouse

Founded in 2012 by Dylan Field and Evan Wallace, Figma revolutionized design software with its browser-based, real-time collaboration platform. Unlike traditional tools like Adobe XD and Sketch, Figma enables designers, developers, and product managers to work simultaneously on projects.

As of March 2025, Figma boasts 13 million monthly active users, with two-thirds coming from non-traditional design roles including product managers and marketers. The company has expanded its product suite significantly:

• Figma Design: Core UI/UX design tool
• FigJam: Digital whiteboard for team collaboration
• Dev Mode: Developer-focused code conversion tool
• Figma Sites: New CMS-enabled website publishing feature (in Beta)

Strong Financial Performance

Figma's S-1 filing reveals impressive growth metrics:

• 2024 Revenue: $749 million (48% YoY growth)
• Q1 2025 Revenue: $228.2 million (46% YoY growth)
• Profitability: $44.9 million net income in Q1 2025 (3x YoY increase)
• Customer Base: 1,031 clients generating >$100k annually; 11,000 >$10k The company maintains a healthy balance sheet with $1.54 billion in cash reserves and no debt. Notably, Figma has invested $69.5 million in Bitcoin spot ETFs, with plans for additional $30 million investments.

From Failed Acquisition to Independent Future

The IPO follows Adobe's abandoned $20 billion acquisition attempt in December 2023 due to antitrust concerns. The failed deal resulted in a $1 billion breakup fee paid to Figma, providing additional capital for growth.

Secondary market valuations have climbed steadily:

• May 2024: $12.5 billion
• April 2025: $17.84 billion The current $20 billion target matches Adobe's original offer but reflects confidence in Figma's standalone potential.

AI Integration and Market Strategy

The S-1 filing mentions AI over 200 times, highlighting its strategic importance. Current AI features include:

• Figma Make: AI-powered prototype generation The company warns that continuous AI investment is critical against competitors like Canva and emerging AI-first tools.

Recent acquisitions (Payload, Modyfi) and FedRAMP certification demonstrate expansion into content management and government sectors.

Key Points:

1. Figma targets $20B valuation in NYSE IPO under ticker FIG
2. Company shows strong financials: $749M revenue (48% YoY growth), profitability achieved
3. Failed Adobe acquisition provided $1B breakup fee and independence
4. AI integration mentioned 200+ times in S-1 filing as core strategy
5. Expansion plans include global markets and enterprise customers