Figma raises $1.2 billion, creating new playbook for summer IPO

Design collaboration giant Figma raised $1.2 billion in its IPO, pricing at $33 per share, and will begin trading today on the NYSE under ticker symbol "FIG."

Why it matters: That gives it a $19.3 billion fully diluted market value, which is just shy of the $20 billion that Adobe planned to pay for Figma in late 2022 before U.S. antitrust regulators objected.

• All Figma needs is a 4% pop to beat the Adobe figure, having priced above both its original ($25-$28) and revised ($30-$32) IPO price ranges.

Behind the scenes: Figma began planning for the IPO almost immediately after the Adobe deal collapsed at the end of 2023, Axios has learned. But it was in no rush, thanks to a $1 billion merger termination fee.

• The primary timing consideration was the company's annual Config conference, which one source calls a "Woodstock for developers."
• Figma spent much of 2024 developing new, AI-powered products — including a prototyping tool that was put into closed beta at the beginning of this year and unveiled at Config in early May.
• In short, the company wanted to be able to tell analysts and prospective investors about actual products, rather than proposed ones. At that point it would be all IPO systems go.

Yes, but: One timing caveat would have been macroeconomic turbulence, but equity markets have been surging — discounting global growth concerns over a vacillating U.S. tariff regime set to take effect tomorrow.

• It's also worth noting that tariffs don't directly impact Figma's sales.

The big picture: Figma is only the fifth company to raise at least $1 billion in an IPO thus far in 2025, with most unicorns and private equity portfolio companies still sitting on the sidelines.

• VC backers all are deep in the black at $33 per share. As is a nonprofit called the Marin Community Foundation, which is Figma's largest outside shareholder thanks to a stock gift from company co-founder and former CTO Evan Wallace.

The bottom line: Figma appears to have lucked out when the Adobe deal died, and also may have created a new PR paradigm: If you dare to IPO in the summer heat, you'll soak up all the sun.