One of the Most Notable IPOs in Recent Years: Will Figma’s Listing Be the Next Circle?  

A major event is on the horizon—Figma is gearing up for its IPO.  

 

After two years of preparation, Figma plans to list on the New York Stock Exchange on July 31, 2025, with the ticker FIG and a target valuation of $16.4 billion.  

 

The subscription multiple for this round exceeded 30x. Figma has raised its IPO price range from $25–28 to $30–32 per share, pushing its fully diluted valuation to nearly $18.8 billion.

 

The company and existing shareholders plan to issue about 37 million shares, aiming to raise $1.2 billion, trading under “FIG” on the NYSE.  

Even before listing, Figma has climbed the buzz charts, with investors eagerly awaiting its debut.  

 

Some analysts suggest Figma’s IPO could outshine January’s cloud platform CoreWeave, potentially becoming 2025’s biggest tech IPO dark horse.  

 

Let’s Take a Closer Look at This Unicorn  

How Strong Is Figma’s Mettle? Adobe Is an Unavoidable Giant  

Adobe is a giant in the field: Photoshop for photos, Premiere for videos, Audition for podcasts, and InDesign for e-books and magazines. 

 

This dominance reflects Adobe’s product strength and financial success. Over 40% of commercial content creators use its tools. Its latest Q2 2025 revenue reached $5.87 billion, up 11% year-over-year at constant exchange rates.

 

Now, picture a startup that streamlines Adobe’s offerings, cutting out niche features, simplifying use, and lowering the barrier to entry—no paid downloads or PC installs, just a web login.

 

Plus, it adds team collaboration across distances and devices. That’s Figma.

Looking at the numbers, Figma’s growth is solid. Q1 revenue jumped 46% to $228.2 million from $156.2 million last year, with net income rising from $13.5 million to $44.9 million.

 

It has over 13 million monthly active users, only a third of whom are designers. As of March 31, 85% of users are outside the U.S., though 53% of revenue comes from abroad.

By March 31, Figma had about 450,000 enterprise clients, with 1,031 bringing in over $100,000 annually, up 47% year-over-year. Its client list includes big names like Mercado Libre, Netflix, and Stripe.

The Most ‘Generous’ IPO of 2025

Like Chima and Circle, Figma’s IPO stands out for its size and impressive shareholder lineup. Since 2012, Figma has raised funds in eight rounds, backed by nearly all top Silicon Valley VCs, including Coatue, General Catalyst, and KPCB.

 

Its latest pre-IPO round in July 2024, led by Coatue and General Catalyst, valued it at $12.5 billion—a cautious figure that’s a bonus.

 

The 2021 dollar surge inflated valuations, leaving many 2025 unicorn IPOs with steep drops—Chime’s listing fell nearly $100 billion from its peak. Figma, though, is one of the few with a rising valuation.

 

Unlike Chime, where only B-round lead Kaichu sold 6.1 million shares in June (with Sequoia and Tiger holding for a rebound), Figma’s shareholders are cashing out big.

 

Per the prospectus, Figma will issue over 36 million Class A shares: one-third (12.4 million) as new shares, two-thirds (24.7 million) as old shares. At the top price range, shareholders could net $690 million (about ¥50 billion), making this an exit feast.

For example, founder Dylan Field plans to sell 2.35 million shares, potentially pocketing $65 million (¥460 million).

 

Figma’s top three external investors will offload 1.7 million and 3.3 million shares each, fetching $47.6 million to $92.4 million (¥340 million to ¥660 million).

Is Figma a Buy?

Figma sees itself as a long-term growth play, focusing on decades of progress. It spots big potential in new features, especially team tools, even if it hits short-term profits.

 

The design software market is huge, with leaders like Adobe (over $150 billion market cap despite recent dips), Autodesk (around $65 billion), and tech-focused firms like Cadence Design Systems and ANSYS.

 

With current trends, Figma’s valuation could top Adobe’s $20 billion offer from two years ago.

 

Last year, Figma ran an employee share buyback at a lower valuation—reportedly $12.5 billion.

Even at that, its EV/Revenue multiple beats most peers. With $821 million in LTM revenue, a $20 billion valuation gives a 24x EV/Revenue—over three times Adobe’s current level. Given its fast growth, this premium makes sense.

 

I see Figma as a strong, growing company worth considering at the right price. But recent IPOs suggest it might start high. Investors may love its growth, but it’s not without risks.

 

Overall, I like its business model and would buy at a fair value.