Design software developer Figma officially launched its listing process and will be listed on the New York Stock Exchange under the stock code "FIG."
The S-1 document not only reveals the company's strong operational growth but also exposes its financial strategy of holding nearly $70 million in Bitcoin ETFs for the first time, with plans to reinvest $30 million in USDC for additional purchases, demonstrating its proactive embrace of crypto assets.
Figma announces IPO: challenging the $20 billion valuation from Adobe.
After the $20 billion acquisition deal with Adobe collapsed a year and a half ago, Figma announced yesterday that it is launching an IPO in the United States. According to the latest S-1 filing, Figma has not disclosed the expected fundraising amount and valuation range, but the market is optimistic that the company may exceed the exorbitant price offered by Adobe back in the day.
Looking back at why the Adobe acquisition deal fell through, the key was the concerns of antitrust from regulatory agencies in the US and UK. Now, Figma chooses to go public, which can be seen as stepping out of the shadow of the failed deal. In the 2024 employee stock buyback plan, the company is valued at around $12.5 billion, and with the rising tide of AI and the IPO market, investors expect it to surpass that number after listing.
Revenue performance is impressive, and AI investments are being made without hesitation.
Figma's financial report is also eye-catching. Following a loss in 2024, it reported a net income of $44.88 million in the first quarter of 2025; that quarter's revenue reached $228 million, a 46% year-on-year growth. The total revenue for the year 2024 was $749 million, a 48% increase, reflecting the strong momentum of its subscription-based business model.
Figma CEO Dylan Field emphasized in a letter to investors: "AI is at the core of the future design process. We will continue to invest heavily, even though it may reduce efficiency in the short term, but this is an indispensable long-term strategy." This also echoes Figma's ambition, with AI-related terms appearing over 200 times in the document.
Currently, Figma has over 1,000 enterprise customers paying more than $100,000 annually, and over 11,000 medium-sized customers paying over $10,000 per year. Financial data shows that more than half of the revenue comes from markets outside the United States, and it will continue to push for international expansion and acquisitions.
Figma is also a fan of Bitcoin: holding nearly $70 million in Bitcoin spot ETFs.
In addition to strong operational performance, Figma also demonstrates a unique perspective in its financial strategy. The document reveals that the company holds approximately $69.53 million in Bitcoin positions through Bitwise Bitcoin ETF (BITB), initially investing $55 million, and has already gained about 26%.
Notably, Figma's board authorized the purchase of $30 million in USDC this May to allow for flexible conversion into Bitcoin in the future, thus maintaining financial flexibility. This indicates that Figma does not view Bitcoin as speculation but clearly incorporates it into a long-term cash and capital management strategy.
This position accounts for about 4% of Figma's existing $1.07 billion in cash and securities, showing its strategic recognition of Bitcoin, and resonates with companies like MicroStrategy, representing new startups that see Bitcoin as a corporate reserve asset.
The founder continues to steer Figma's direction: planning for significant mergers and acquisitions.
Dylan Field stated that the decision to go public at this moment is not only to enhance brand visibility and gain capital momentum but also to hope that users and the community become part of the company. Through a special voting structure, he will retain over 75% of the company's voting rights, continuing to control the company's direction, and emphasizes that significant expansions will be pursued through mergers and acquisitions.
Additionally, the company's internal venture capital department, Figma Ventures, has invested in 18 projects, showing its comprehensive layout from products to capital. With the prospectus officially unveiled, Figma joins the ranks of first-tier startups like Circle in the IPO line-up, casting a shockwave in the capital financing market for 2025.
