Figma files for IPO nearly two years after $20 billion Adobe buyout fell through

On Tuesday, when the company presented papers to the public on the New York Stock Exchange, in a bulletin with more than 200 indications of artificial intelligence, Figma explained one of the most expected subscriptions in 2025.

The San Francisco -based company, which will be traded under “Fig”, has not provided details of the amount you expect in the offer or evaluation you are looking for. But S-1 file It comes in a moment when the project -backed subscription market appears better than it was at some point, than the emergence of Nizwa Coreweave Infrastructure Infrastructure Company (An increase of 290 % of the public subscription price) to the victory of the explosion Stablecoin Circle Company (It reaches 519 %).

With Figma’s transition to take advantage of the ups of the new exporters, the main question for its investors and employees is whether it can top it Evaluation of 20 billion dollars Which – which Adobe He was ready to pay for it before the deal passed due to the intractable organizational resistance, especially in the United Kingdom, offered the tender organized by Figma last year to employees to increase some shares, as the company was estimated at $ 12.5 billion.

Since investors are of opportunities to ride the wave of artificial intelligence, Figma must make it clear that it can mock the power of artificial intelligence to benefit from the new growth without becoming a victim of Amnesty International.

“We are already investing heavily in artificial intelligence and planning to double more in this field,” CEO and founder Dylan Field He wrote in “A Message to Investors” listed in the release bulletin. “Putting spending is likely to be a traction on our efficiency for several years, but Amnesty International is also the essence of how to develop workflow tasks in design.”

To judge with a S-1 file, the design of the design company grows strongly. In the first quarter of 2025, Figma revenues increased by 46 % to $ 228.2 million from $ 156.2 million in the first quarter of 2024, according to the deposit submitting. Likewise, in the first quarter of 2025, the net Figma income reached 44.8 million dollars, with a sharp increase of $ 13.5 million in the first quarter of last year. In 2024, Figma recorded a net loss of more than $ 700 million, which is an anomaly for Adobe Deal’s repercussions.

The deposit also revealed that Figma has 1,031 customers who have achieved more than $ 100,000 for the annual repeated company revenue, as well as 11,107 customers adding more than $ 10,000 to the total Figma revenue. In 2024, the total Figma revenues amounted to $ 749 million, an annual basis by 48 %, and the release bulletin appears.

Figma was founded in 2012 by Dylan Field and Evan Wallace, who met as students at the University of Brown. And the company calls for its support in the project, as it achieved many of the largest VC names in Silicon Valley in the mix from its first days: Index Ventures led a 3 $ 3.8 million Figma seed tour, Greylock led company A 2015 series, Cleiner Perkins, 2018 B series, Sequoia The Series C, and Series C, Sevely, Sequoed, Sequoia, Sequoia, Sequoia, Sequoia, Sequoia 2019, Sequossen, Sequossen, Sequoia and Sequoia.

Looking forward, Figma growth plans to develop its customer base and expand its international scope – more than half of the company’s revenues already come from outside the United States. Field wrote that the acquisitions will be a key to Figma’s future in the short term, and I ask potential investors to “expect us to take great fluctuations when we see an opportunity to invest in our platforms or follow up on widely integration and purchases.” The CVC arm for the company, Figma projects, and its 18 investments so far, get a shout in the deposit.

Also in the form of the real silicon valley, as is often the case for the founder-led companies, Field will retain a majority of control over the company after the public subscription, thanks to a special category of super-voting shares, according to S-1. Field is currently 75.3 % of the voting power, including the arrows owned by the founder of Evan Wallace to which he was entrusted, although the deposit did not specify what the accurate share in Field after the offer.

In the release bulletin, Field explained the logical basis for the public while many private “amazing companies” remain for a longer period, cited liquidity, brand awareness, and the value of access to capital markets. He added: “More importantly, I love the idea of ​​our society’s participation in Figma’s ownership – and the best way to do this is through public markets.”