Figma files for an IPO, after failed $20 billion takeover

• That deal would have been the largest acquisition of a privately held software company, at least until Google's bid for Wiz, but faced serious scrutiny from both European and U.S. antitrust regulators.

Catch up quick: Figma last raised funding in April 2024 at a $12.5 billion valuation — a secondary round that included new investors Franklin Venture Partners and Thrive Capital, plus insiders like Sequoia Capital and Kleiner Perkins.

The bottom line: Corporate courage is being shown here, given how the tariff tumult has grounded most other IPOs.

• At the same time, however, there's a big difference between filing confidentially and flipping an S-1, let alone launching an IPO roadshow.