Figma Stock IPO Price: Unveiling the Design Unicorn’s Public Debut
Introduction:
A Design Powerhouse Prepares to Go Public
Figma, the collaborative, browser-based design platform, is on the verge of listing on the NYSE under the ticker FIG. Known for its real-time collaboration and competitive edge against legacy giants like Adobe, Figma has been one of the most closely watched tech IPOs of 2025. With a strong user base—13 million users monthly—and innovative expansion into AI and crypto, the IPO is shaping up to be a financial milestone.
This post dives deep into the IPO price range, valuation, company history, investment case, and analyst expectations—all framed in clear sections, supported with tables and bullet lists for easy navigation.
IPO Pricing and Valuation
Figma's S-1 filing confirms plans to offer around 36.9 million shares at an expected price range of $25 to $28 per share .
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Primary Shares (by Figma): ~12.47 million, raising approximately $330 million
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Secondary Shares (existing investors): ~24.46 million, supplying liquidity to early backers
At the mid‑point price of $26.50, Figma would:
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Raise nearly $1 billion
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Have approximately 487 million shares outstanding post‑IPO
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Achieve a market capitalization of ~$12.9 billion, scaling to $16.5 billion fully diluted
How Figma’s Valuation Compares
Figma was valued as high as $20 billion during Adobe’s acquisition attempt (2022), but regulatory issues led to that deal dissolving . At IPO, its $12–16 billion valuation reflects:
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$749 million in 2024 revenue
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A first-quarter 2025 revenue of $228 million, with $44.9 million net income
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A historic net loss in 2024 (due to tax rate effects), contrasting with its prior profitability
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A valuation multiple near 17× forward revenue, similar to recent tech IPOs like Circle and Chime
IPO Snapshot
| Metric | Value / Range |
|---|---|
| IPO Price Range | $25 – $28 per share |
| Shares Offered | ~36.94 million total (12.47M primary + 24.46M secondary) |
| Expected Capital Raised | ~$979 million |
| Post‑IPO Outstanding Shares | ~487 million |
| Market Cap (Mid‑Point) | ~$12.9 billion (up to $16.5B fully diluted) |
| Revenue (FY 2024) | $749 million |
| Q1 2025 Revenue | $228.2 million |
| Q1 2025 Net Income | $44.9 million |
| Listing Symbol | NYSE: FIG |
What Investors Should Know
Key Strengths
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Rapid Growth: 46–48% annual revenue growth in 2024–Q1 2025
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High UX Adoption: 13 million monthly active users across enterprise and SMB
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AI & Crypto Investments: Includes a $69.5M Bitcoin ETF investment and $30M in USDC for Bitcoin allocation
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Product Expansion: Newly launched AI features—Figma Sites, Make, Buzz, Draw—at Config 2025
Risks & Considerations
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Profitability Fluctuations: Large 2024 net loss highlights revenue vs. cost balance challenges
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AI Competition: Subject to disruption by AI design tools and feature parity from incumbents
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Crypto Exposure Risk: Balance sheet crypto might fluctuate with volatile markets
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Post-Adobe Independence: Maintaining growth momentum without acquisition backing
Why This IPO Matters in 2025
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First U.S. unicorn to file IPO after Adobe deal fell through
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Hot debut in a tech IPO resurgence
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Valuation resets: Midpoint ~ $13–14B vs. pre-deal high of $20B
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Dual cash-out: Founders and VCs getting liquidity
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Indicator for broader tech confidence feeds into other IPOs
Conclusion:
A Strong Start with Headroom
Figma’s IPO—pricing between $25 and $28 and targeting a $13–16 billion valuation—marks a major milestone in tech and SaaS, especially for design-first, collaboration-driven platforms. The company stands out for strong growth, enterprise adoption, and bold strategic moves. But the investment landscape demands close attention to profitability, competition, and macro trends.
For potential investors, it’s a compelling but nuanced opportunity—combining unicorn potential with thoughtful IPO pricing. Figma’s public market journey will be one to watch, signaling shifts in software, AI, crypto, and capital markets.
