Figma Aims for $16.4 Billion Valuation in Upcoming IPO

San Francisco, CA

Figma is targeting a fully-diluted valuation of up to $16.4 billion in its upcoming initial public offering (IPO) scheduled to debut on the New York Stock Exchange (NYSE). This move comes at a promising time for tech listings, as the market shows signs of resurgency following a series of strong recent debuts.

The cloud-based design software firm told investors it hopes to raise as much as $1.03 billion by selling nearly 37 million shares priced between $25 and $28 each. The IPO represents a significant milestone for Figma, especially after its $20 billion sale to Adobe fell through last year due to regulatory hurdles in Europe and the UK.

A rally in equities and a string of successful tech stock listings have created a favorable environment for Figma’s IPO. It is expected to begin trading shortly after the solid debut of Circle, a stablecoin giant that saw impressive initial gains last month.

Figma’s presence in the cryptocurrency sphere has captured social media attention, driven by its investment in Bitwise‘s bitcoin exchange-traded fund, reported to be around $70 million as of March 31. Additionally, the company plans to invest another $30 million into bitcoin.

Figma has selected the ticker symbol “FIG” for its stock listing. Morgan Stanley, Goldman Sachs, Allen & Co., and J.P. Morgan are leading the underwriting for this offering. Notably, Figma was valued at $12.5 billion during a tender offer last year that allowed employees and early investors to cash out.

Figma is known for its collaborative design platform that allows users to create and edit apps, websites, and software interfaces together. Its customer base includes notable firms like ServiceNow, Workday, and SAP. In the first quarter of 2025, Figma reported a 46% increase in revenue and a three-fold rise in net income.

“Figma’s product is its primary marketing engine. Its collaborative nature fosters viral, bottoms-up adoption, leading to a best-in-class sales efficiency,” said Tomasz Tunguz, founder of Theory Ventures.

Figma co-founder and CEO Dylan Field indicated the company is ready to explore mergers and acquisitions, stating they may take “big swings” that could appear unconventional at first glance. However, the timing of the IPO aligns with a changing industry landscape. Figma is focusing on artificial intelligence (AI) but cautions that AI-driven design tools could make some clients less dependent on its services.

The company also mentioned that changes in immigration policies could impact talent acquisition and that 2024 revenues were largely generated outside the U.S., potentially putting them at risk if international clients decrease spending. Renewed trade tensions could further complicate the IPO landscape.

Regardless, investor interest seems to remain keenly focused on firms with solid fundamentals and a tenure towards profitability, as stated by Leslie Marlow, a corporate attorney at Blank Rome.