Figma Reports Strong Revenue and Profit Growth Ahead of NYSE IPO
Figma, the cloud-based design platform, revealed robust revenue and profit growth in its filing for an initial public offering (IPO) on the New York Stock Exchange, setting the stage for one of 2025’s most anticipated listings. This move comes more than a year after Adobe’s planned $20 billion acquisition of Figma was called off due to regulatory hurdles in Europe and the UK.
For the first quarter ending March 31, 2025, Figma reported revenue of $228.2 million, a significant increase from $156.2 million in the same period last year. Its net income also tripled to $44.9 million. The company’s valuation had reached $12.5 billion last year during a tender offer allowing early investors and employees to cash out partially.
Figma’s IPO had been expected after Adobe’s acquisition was blocked and mutually shelved in December 2023. CEO and co-founder Dylan Field emphasized the company’s commitment to AI development, acknowledging that investing heavily in this technology could affect near-term efficiency but is vital for long-term growth. Field indicated the company will take “big swings” on platform investments and potential mergers and acquisitions, even if such moves may not seem immediately rational.
The company plans to use a portion of the IPO proceeds to pay down borrowings under its revolving credit facility, which it has used to manage upcoming tax payments. Major investment banks Morgan Stanley, Goldman Sachs, Allen & Co, and J.P. Morgan are leading the underwriting of the offering. Figma’s shares are expected to trade under the ticker symbol “FIG.”