Design platform Figma has submitted an IPO application on the New York Stock Exchange under the ticker "FIG," marking one of the most eagerly awaited public offerings in recent years. The company is showcasing robust growth, with first-quarter revenue surging 46% to $228.2 million and net profit rising from $13.5 million to $44.9 million year-over-year.
Figma boasts approximately 450,000 customers, including over 1,000 that generate more than $100,000 annually each. High-profile clients such as Netflix, Stripe, and Duolingo underscore its enterprise appeal.
Notably, only a third of its 13 million monthly users are designers, reflecting a broadening audience beyond its core niche.
The company’s narrative gained intrigue from its 2023 deal with Adobe, a $20 billion acquisition that collapsed due to regulatory hurdles in the UK. Adobe paid Figma a $1 billion breakup fee, paving the way for its independent path to the public market. Valued at $12.5 billion last year, Figma is now poised for a standalone debut.
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Founded by CEO Dylan Field, who opted for a Thiel Fellowship over completing university, Field holds 51.1% of voting shares.
Key investors include Index Ventures (17%), Greylock (16%), and Kleiner Perkins (14%). In an unconventional move for a design software firm, Figma has also invested $55 million in Bitcoin ETFs and $30 million in stablecoins, diversifying its financial strategy.
