Figma’s Jumping Into The IPO Pool… And One Detail in the S-1 Could Set Off a Bigger Run Than Circle

The IPO market has quietly become one of the biggest stories of Trump’s first year back in office… though it’s been completely overshadowed by tariff headlines. CoreWeave exploded out of the gate, Circle went up triple digits its first day, and Chime made a solid entrance. Now, Figma is stepping up with a public offering of its own, hoping to ride the momentum that’s been slowly building since the start of the year. They’re probably thinking “if a name like Circle Internet Group can go public and jump 600%, why not us?”

If the name sounds familiar, that’s probably because Adobe tried to buy Figma for $20 billion last year… before regulators in the U.K. said, “Oi, not on our watch,” and blocked the deal like a Premier League goalie. The deal got shut down, Adobe walked away with a black eye and a $1 billion breakup bill, and Figma walked away with its independence… plus a cool reminder that sometimes getting dumped does pay off. Now Figma’s saying screw it, we’re going public anyway. Based on what we just learned from the company’s fresh S-1 filing… they’re showing up with numbers that would blow even the most skeptical AI doomer out of the water.

And the numbers aren’t even close to bad. Figma’s revenue jumped 46% year-over-year in Q1, hitting $228.2 million. For all of 2024, they pulled in $749 million, marking a 48% leap from the year before. Oh, and let’s not forget about those gross margins: 91% (almost unheard of). Even better, they’ve returned to profitability after a one-off $732 million loss in 2023, mostly tied to a stock-comp event by their CEO that made their cap table look like a college admissions list (everyone got something).

(Source: Getty Images/TechCrunch)

Speaking of Dylan, he’s still very much in charge. Field, who dropped out of Brown with the help of a Peter Thiel Fellowship, owns more than half the company’s voting power pre-IPO. He controls 56.6 million Class B shares and around 75% of the total votes. In his investor letter, he said that Figma’s not going public because it has to. It’s going public because he thinks it’s time. Staying private forever is for cowards. Or, you know, Stripe.

Now, Field says to expect Figma to “take big swings.” And judging by recent moves, I’m gonna go out on a limb and say he’s not bluffing. The company’s been on a shopping spree, snapping up startups left and right. It just acquired Payload, a CMS platform backed by Google and MongoDB. Earlier this year, it dropped $35.5 million on another content management startup, and another $14 million for the assets and team of a separate unnamed company. They’ve even dipped a toe into crypto, investing $55 million into a Bitcoin ETF and another $30 million into USD Coin (are you even cutting edge if you don’t own a little Bitcoin and aren’t copying the Saylor gameplan?).

But beneath all the momentum, there’s also a reality check (cue the Hans Zimmer music). Figma knows the design world is shifting fast… and AI is driving the change. Startups like Lovable are racing into the space, promising to automate huge chunks of the design workflow. Figma’s been rolling out its own AI tools in response, but even they admit in their S-1 that staying competitive in this arms race won’t be easy. The pace of innovation is relentless, and there’s no guarantee their features will keep up (or that users won’t just wander off to the next sexy AI toy). Still, Figma has the fundamentals to back up the hype. We're talking over 450,000 customers, with big names like Netflix, Stripe, and Duolingo in the mix. On top of that, more than a thousand of those accounts are paying six figures a year… real enterprise spend, not “freemium until we ghost you” money.

They’ve got solid cash flow, virtually no debt, and serious traction. The company was last valued at $12.5 billion in a private tender offer, and now analysts think the IPO could raise up to $1.5 billion. In a market still rubbing its eyes after a two-year IPO nap, Figma’s shaping up to be one of the strongest (and most closely watched) tech debuts in recent memory. Whether it can match Circle’s wild 600% surge is anyone’s guess… but based on the numbers, it’s not out of the question.

And look, normally throwing money at random tech IPOs is a fast track to regret. But in 2025, that strategy has actually worked out pretty well so far (key words: so far). With names like CoreWeave and Circle already posting big gains, the appetite for new tech listings is clearly back. So for that reason alone, this one’s worth watching.

At the time of publishing this article, Stocks.News holds positions in Google and Netflix as mentioned in the article.