Figma took a significant step toward an initial public offering (IPO) by publicly sharing its financials on Tuesday. While the initial S-1 filing lacks specifics such as the number of shares and pricing, it offers a clear view of the company’s financial health and potential.
IPO experts at Renaissance Capital estimate that Figma could raise up to $1.5 billion in this offering, which would match or exceed CoreWeave’s $1.5 billion IPO, the largest tech IPO of 2025 to date.
Figma’s financials are compelling. The company reported $749 million in revenue for 2024, a 48% increase from 2023, with a continued rise of 46% year-over-year growth in the first quarter of 2025. Its rolling 12-month revenue stands at $821 million, boasting a 91% gross margin.
The company’s profit story is complex; while Figma was profitable in 2022, it recorded a significant loss of $732 million in 2023 due to one-time expenses related to a major employee stock compensation event, which included issuing 10.5 million stock options at a strike price of $8.50 per share. By the fourth quarter of 2024 and in Q1 of 2025, Figma returned to profitability.
Figma claims to have negligible debt, although it does maintain a revolving credit line. Details on whether any executives or venture capitalists will sell shares remain unclear. Major backers include Index, Greylock, Kleiner Perkins, and Sequoia.
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In 2024, executives participated in a substantial tender offer allowing employees to cash out shares; for example, co-founder and CEO Dylan Field cashed out $20 million worth of shares.
The S-1 document also notes co-founder Evan Wallace, who left in 2021, has given Field full voting rights over his shares. Wallace’s family trust holds about one-third of the super-voting rights Class B shares, with Field controlling approximately 75% of the voting rights pre-IPO.
Figma’s financials appear attractive to Wall Street and retail investors, although the rise of AI-driven design apps poses a competitive threat. The company acknowledges these challenges in its S-1, stating that while it is investing in AI integration, the rapidly evolving technology landscape could impact its competitiveness.
