Figma, a provider of browser-based design software, raised $1.2 billion by offering 36.9 million shares (66% secondary) at $33, above the upwardly revised range of $30 to $32. The company had originally filed to offer shares at $25 to $28, before it upped the range on Monday. At pricing, the company is valued at close to $20 billion, fully diluted.
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Figma is the largest VC-backed tech IPO in more than three years, since the end of the 2021 boom. Traditionally a key pillar of a healthy IPO market, VC-backed tech offerings have been largely absent since 2022, when the end of ZIRP deflated IPO mania and collapsed valuations. Now, the prolonged disconnect between public market valuations and those previously achieved in private funding rounds finally appears to be closing, due to a combination of multiple expansion, and companies simply growing into their valuations. While tariff turmoil caused many startups to delay their planned 2025 offerings earlier in the year, Figma's IPO could indicate the return of VC-backed tech to the IPO market in the coming months.
Based in San Francisco, Figma launched its core SaaS tool Figma Design in 2015, and the company now reports 13 million monthly active users, two-thirds of which are non-designers, with approximately 450,000 paid customers. Figma states that 95% of the Fortune 500 used its tools in March 2025. While it is known for its browser-based tool for designing user interfaces for digital products, the Figma platform now consists of a suite of tools aimed at helping teams go from idea to product, with 76% of customers using two or more products. During the past few years, it has invested heavily in adding AI to its products, as its competitors do the same. The company notes that it is a global platform, serving users in over 150 countries; non-US users are approximately 85% of MAUs.
Figma will trade on the NYSE under the symbol FIG. Morgan Stanley, Goldman Sachs, Allen & Company, J.P. Morgan, BofA Securities, Wells Fargo Securities, and RBC Capital Markets acted as joint bookrunners on the deal.
