Figma Stock Listing: How the Design Startup Became a $68 Bn Giant Overnight

Figma made its US stock market debut on July 31, opening at $85 per share and closing the day above $117, marking a 252% jump from its IPO price of $33 per share, according to Reuters. The surge pushed the company’s fully diluted valuation to nearly $68 billion, more than three times the $20 billion Adobe was once willing to pay before their acquisition deal collapsed due to regulatory hurdles in late 2023.

With this, Figma now holds the title for the largest U.S. software IPO since Snowflake in 2020, according to Bloomberg. Let’s break down the Figma IPO and why its success matters to US Stock investors.

How Figma's IPO Unfolded: From $20 Bn to $70 Bn Valuation

Figma raised $1.2 billion by selling 36.94 million shares, split between the company and existing shareholders. Figma’s IPO was auction-style wherein investors could choose how many shares they wanted and how much they were willing to pay. This approach shows that there is a rising interest in more flexible and investor-driven ways of going public in the US.

Here are the Figma IPO details:

Figma’s IPO exceeded expectations, with the collaborative design company initially targeting a $30-$32 range, which itself was raised from an earlier $25-$28. Trading in Figma shares was halted multiple times on the first day of listing due to heavy demand and price volatility, reported Yahoo Finance.

VC Payoff: Massive RoI for Figma’s Early Backers

Figma’s IPO unlocked enormous value for the tech company’s early investors:

*All values above assume a $60B–$65B fully diluted IPO valuation for Figma in public trading | #(Total round, Sequoia-led)
Source: Figma S-1, Axios, Forbes, Bloomberg, Reuters, ET

Even Figma's top boss is likely to become billionaire post FIG stock listing. According to reports, Figma CEO Dylan Field could earn up to $1.9 billion from performance-linked stock awards if the share price stays high. The stock nearly hit the top payout target on day one.

Figma Stock Listing: A Story of Adobe Deal Collapse to Public Triumph

Figma’s public listing comes less than a year after its planned $20 billion acquisition by Adobe was blocked by antitrust regulators. The failed deal which was seen as a setback at the time but now looks like a blessing in disguise. Figma’s market cap post-IPO not only exceeded Adobe's offer but also strengthened its position as a standalone disruptor in the design software space, as per CNBC.

How does Figma Make Money?

Figma operates on a per-seat subscription model, with strong uptake from enterprise users.

Source: Company Filings

Figma also earns some amount from its plugin marketplace and third-party integrations, creating a robust ecosystem revenue stream beyond subscriptions. For every $100 Figma earns, about $9–12 goes to operating costs, while $88–91 is retained as gross profit 

Figma’s Financial Performance in a Snapshot

Source: Figma Filings

How does Figma Stack Up against Adobe and Canva

Source: Company Filings, Statements

Why is FIG Stock Creating Such a Buzz?

Figma’s listing signals a strong reopening of the U.S. tech IPO window. It follows the successful public debuts of Circle (CRCL) and CoreWeave (CRWV) earlier in 2025, both of which saw substantial post-IPO gains. The listing also reflects broader market dynamics:

• Stronger investor appetite for SaaS and AI-led productivity platforms
• Rebound in venture-backed exits after a two-year drought
• Validation of independent growth models after regulatory pushback on M&A

As Figma begins its journey as a public company under the ticker FIG, investors will be tracking:

• Continued revenue growth in enterprise and self-serve segments
• Margin resilience amid rising AI infrastructure costs
• Competitive pressure from Adobe and Canva

With a strong product suite, sticky customer base, and venture backers firmly in the green, Figma's IPO sets a high bar for the next wave of design-tech unicorns eyeing Wall Street.

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