Figma's Explosive NYSE Debut Signals Tech IPO Resurgence

Figma, the San Francisco-based design software company, made a remarkable debut on the New York Stock Exchange (NYSE) on July 31, 2025. Priced at $33 per share, the stock surged to close at $115.50, marking a 250% increase and valuing the company at nearly $68 billion.

This impressive performance underscores the strong demand for Figma's collaborative design platform and signals a resurgence in the tech IPO market, which had experienced a lull in recent years.

Company Background

Founded in 2012 by Dylan Field and Evan Wallace, Figma offers web-based design tools that enable real-time collaboration among teams. The platform has over 13 million monthly active users, with two-thirds being non-professional designers. Its clientele includes major companies such as Google, Microsoft, Netflix, and Uber.

Financial Performance

In the first quarter of 2025, Figma reported a 46% year-over-year revenue increase to $228.2 million, with net income tripling to $44.9 million. For the quarter ending June 30, 2025, the company projected revenue between $247 million and $250 million, reflecting a 40% year-over-year growth, and an operating income ranging from $9 million to $12 million.

IPO Details

Figma's IPO was initially priced at $33 per share, above the anticipated range of $30 to $32. The offering raised approximately $1.2 billion, with most of the proceeds going to existing shareholders. On its first trading day, the stock opened at $85 and closed at $115.50, resulting in a market capitalization of nearly $68 billion.

Comparison to Adobe Acquisition Attempt

In September 2022, Adobe announced plans to acquire Figma for approximately $20 billion in cash and stock. However, the deal faced significant regulatory scrutiny, particularly from the U.K.'s Competition and Markets Authority, which expressed concerns about potential harm to competition in the design software market. Consequently, the acquisition was terminated in 2023, with Adobe paying Figma a $1 billion termination fee.

Market Implications

Figma's successful IPO is seen as a positive indicator for the tech IPO market, which had experienced a lull in recent years. The company's strong market debut may encourage other venture-backed startups to consider public listings, signaling renewed investor confidence in the tech sector.

Investment in Cryptocurrency

According to its S-1 filing with the U.S. Securities and Exchange Commission, Figma invested $55 million into Bitwise’s Bitcoin ETF (BITB) in March 2024. As of March 31, 2025, this investment was valued at $69.5 million. Additionally, the company disclosed holdings of $30 million in USDC, a stablecoin, with intentions to reinvest these holdings into Bitcoin at a later date.

Figma's IPO not only marks a significant milestone for the company but also serves as a bellwether for the tech industry's evolving landscape, highlighting the interplay between innovation, market dynamics, and regulatory environments.