Today, one of the most anticipated initial public offerings of the year is happening.
The collaborative design software platform Figma, Inc. is expected to debut on the New York Stock Exchange (NYSE). Wall Street will closely watch the results of the listing as a bellwether for investors’ appetite in tech-focused offerings. Here’s what you need to know about Figma’s IPO.
Figma is an online collaborative design software platform. It provides tools for designers to craft the user interfaces (UIs) that many of us come across every day, whether that be in the form of websites or app interfaces.
Figma, Inc. was originally founded back in 2012 by Dylan Field and Evan Wallace. Their goal was to create an easy-to-use suite of online design tools that could be used in a web browser.
Those tools have now been embraced by more than 95% of Fortune 500 companies and 78% of Forbes 2000 companies, according to Figma’s Form S-1 Registration Statement with the U.S. Securities and Exchange Commission (SEC).
Companies including Microsoft, Netflix, Dropbox, Slack, The New York Times, Airbnb, Zoom, and many more use Figma’s tools to design their interfaces.
As Fast Company previously reported, Figma says it had $228.2 million in revenue for the first three months of 2025. It also reported $749 million in revenue in 2024.
Currently, the company says it has more than 13 million monthly active users on its platform. It says that two-thirds of its users are non-designers.
Many CEO letters that are published when a company goes public focus on how they believe the company is primed for growth and golden pastures ahead. But Figma CEO Dylan Field’s letter is a bit different.
In it, he talked about the positive potential impact that the world’s shift to AI will have on Figma and design in general. He spoke about how, when it comes to artificial intelligence, he believes that despite its recent advances, the technology is still in its “MS-DOS era.”
The sentiment is reminiscent of Jeff Bezos’s original letter to shareholders in 1997, in which the Amazon founder famously said it was “Day 1 for the Internet.”
Field didn’t make grandiose claims about how AI and Figma’s future moves would lift the newly public stock. Quite the contrary. After stating that the benefits of taking Figma public included brand awareness, liquidity, and access to capital markets, he cautioned that such benefits did not automatically mean the stock’s price would rise.
“Even if we execute perfectly (we won’t—no one ever does) markets wax and wane,” Field wrote. “In addition, you should know that while we’ve built an efficient business, our primary goal is not efficiency. Our goal is to achieve long-term growth by supporting the rapidly evolving needs of designers.”
Field went on to say that investors should expect Figma to “take big swings” when it comes to investing in its platform and acquiring other companies.
“That means at times we will make decisions that may not seem immediately rational,” he explained. “And, while we always strive to exercise good judgement, sometimes we will make the wrong calls. If you decide to invest in Figma, we hope you will take a long-term view and stay patient . . .”
Figma priced its shares on Wednesday. It plans to list its stock today (Thursday, July 31, 2025).
Figma’s stock will trade under the ticker “FIG.”
Figma shares will trade on the New York Stock Exchange (NYSE).
Figma’s IPO price is $33 per share.
As Fast Company previously reported, this is up significantly from the original target price range, which was $25 and $28 each. The IPO share price was then revised upwards again to between $30 and $32 each.
Its final IPO share price of $33 per share suggests that there was more demand for FIG shares than the company and analysts originally thought.
According to a company press release, Figma’s public offering consisted of 36,937,080 shares of Class A common stock in its IPO.
Of those 36.9 million shares, almost 12.5 million of them were directly offered by Figma itself. About 24.5 million shares were offered by Figma’s existing stockholders.
It’s important to note that Figma only received the proceeds from the 12.5 million shares it offered. The proceeds from the 24.5 million shares sold by existing Figma shareholders went directly to those shareholders themselves.
Figma says it received approximately $1.22 billion in its IPO, according to Reuters.
At its $33 IPO share price, Figma’s market cap is now valued at $19.34 billion on a fully diluted basis, Reuters notes. That’s nearly equal to the sum of $20 billion that Adobe offered to buy Figma for in 2023.
Figma is just the latest tech company to go public this year, but Wall Street will be watching how investors react to its listing in order to determine the wider appetite for tech IPOs for the remainder of 2025.
Thanks primarily to President Trump’s chaotic tariffs, a lot of uncertainty has been injected into the markets in 2025. Uncertainty tends to drive investors away, which can lead to muted results for companies that choose to go public during such turbulent times.
If FIG shares trade up significantly in the next few days and weeks, it could make more investors more comfortable with other tech IPOs in the months ahead.
Other recent notable IPOs in 2025 have included Chime, Circle, Hinge Health, MNTN, and Slide.
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