To The Moon

Francisco-based design software company, has officially filed for an IPO and plans to trade on the NYSE under the ticker “$FIG.”

Known for strong revenue growth, up 46% year-over-year in Q1 2024, and a large global user base, Figma enters the public market after a scrapped $20B acquisition deal with Adobe in 2023.

The IPO comes amid renewed investor interest following a long IPO drought. Founded in 2012 by Dylan Field and Evan Wallace, Figma has 1,646 employees and major backers like Index Ventures and Sequoia.

Field, who holds a majority voting stake, said the move aims to expand ownership and access capital markets.

Figma ended Q1 with $1.54 billion in cash and has recently made acquisitions and invested in Bitcoin-related assets.

The offering is led by $Morgan Stanley(MS)$ , $Goldman Sachs(GS)$ , $JPMorgan Chase(JPM)$ and & Allen Co.

What are your thoughts on this?

Dylan Field, wearing a black T-shift that says Figma, sits on a stage, gesturing as he talks.

Related News

• On July 1, 2025, Figma filed its prospectus with the U.S. Securities and Exchange Commission and plans to go public on the New York Stock Exchange under the stock code "FIG", with a target of raising up to 1.5 billion U.S. dollars.

• Figma is experiencing robust growth. In 2024, its revenue reached 749 million U.S. dollars, a year - on - year increase of 48 percent. In the first quarter of 2025, its revenue was 228 million U.S. dollars, up 46 percent year - on - year. Its platform has over 13 million monthly active users, and 70 percent of its revenue comes from large customers, supporting well - known applications such as Google Maps and Uber.

• Previously, Adobe had attempted to acquire Figma for a staggering 20 billion U.S. dollars in 2023. However, due to regulatory hurdles, the deal fell through. Instead, Figma received a 1 - billion - U.S. - dollar "break - up fee".

• Figma holds nearly $70 million in BITB as of March 31, 2025, and plans to purchase $30 million worth of spot Bitcoin in the future (/sec.gov)

  Design Firm Figma Reveals $70 Million Bitcoin ETF Reserves in IPO Documentation

The company’s filings show that its board of directors approved the purchase of $55 million worth of the Bitcoin exchange-traded fund (ETF) Bitwise Bitcoin ETF (BITB). According to the filing, Figma currently holds about $69.5 million in BITB units as of March 31, 2025. The board also approved a subsequent $30 million spot Bitcoin purchase on May 8. The cash from this BTC transaction is currently stored in USDC until a purchase date is selected. “The company plans to reinvest its stablecoin holdings in Bitcoin at a later date,” the filing explains.

Interpretation of Valuation Expectations

• Historical Valuation Changes: In 2022, Figma's valuation soared to 20 billion U.S. dollars on the expectation of being acquired by Adobe. However, in July 2024, due to factors such as the overall cooling of the SaaS industry, its valuation dropped to 12.5 billion U.S. dollars when it completed a new round of financing.

• Current Valuation Expectations: The secondary market indicates that Figma's pre - IPO valuation stands at 12.5 billion U.S. dollars, with a price - to - sales ratio of 17.9 times. Nevertheless, Renaissance Capital, a financial services firm, predicts that its IPO valuation could strongly rebound to 15 billion U.S. dollars. If this IPO is successful and it raises 1.5 billion U.S. dollars, it would be the largest - scale technology IPO so far in 2025. This could serve as a reference for other highly - valued private companies awaiting listing.

• Valuation Support Factors: Figma's financial performance is impressive. It has a rolling 12 - month revenue of 821 million U.S. dollars and a gross margin as high as 91 percent. Moreover, it has achieved operating profitability in the fourth quarter of 2024 and the first quarter of 2025, essentially shedding the notion that "high growth equals high losses". In addition, with the acceleration of the global digitalization process, the design tools market continues to expand. As a giant in cloud - based collaborative design software, Figma has a large and high - quality customer base, and its development prospects are optimistic.

• Valuation Risk Factors: The prospectus mentions that Figma is facing competitive pressure from emerging AI design tools. Although it has laid out its own AI product matrix, it cannot guarantee that its existing products will always adapt to the rapidly evolving technological environment. Furthermore, the backend of generative AI heavily relies on computing power, which is costly. Figma's substantial investment in this area may damage its long - term profit margin, thereby affecting its valuation.

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