Figma Publicly divided Its funds on Tuesday, pushing the project program closer to IPO. And while this initial S-1 is missing details as a number of shares to be offered and what price, the regulatory registration provides the clearest view however about its financial health-and potential.
IPO -experts Renaissance Capital estimate that figure could earn up to $ 1.5 billion in this offer. If it meets or exceeds that, Figma’s IPO will match or win or win or win by Coreweave, which raised $ 1.5 billion and have It has been the largest Technic IPO of 2025 to date.
There are some reasons to believe that Figma could remove it: it is financial is impressive, according to the S-1 archival.
The company raised $ 749 million in revenue in 2024, 48% jump by 2023. Figma’s revenue continued to rise in the first quarter of 2025 with a 46% year-over-year growth. The company reported rolling 12-month revenue like $ 821 million, with a 91% gross margin.
Figma’s benefit is also interesting. The company took advantage of in 2023 and then waved to a giant loss of $ 732 million in 2023. But this was largely due to one -time expenses related to a major compensation event of employees. (FIGMA issued 10.5 million shares, with a strict price of $ 8.50 per share to eligible employees, it said).
Prior to the fourth quarter of 2024, Figma reported profits again, as it did in Q1 of 2025.
Figma also counted all her debt to be so negligible that it reports that it has none. But again, this is a linear item that needs to be filled. The company, of course, has a turning debt line, and has left a room to upgrade all its debt in association with that.
We also still do not know whether any of the executives or VCs will sell shares. Major supporters include Index, Greylock, Kleiner Perkins, and Sequoia.
We know that in 2024, executives participated in a large offer that allowed employees to earn from shares. For example, general manager and President Dylan Field of co -founder took shares of $ 20 million as part of that sale.
The S-1 document made another interesting dissemination of co-founder Evan Wallace, who left Figma in 2021, According to his website. Wallace is named in the documents as a co -founder. However, Figma says that Wallace gave field full voting rights and control over his shares. Wallace’s family trust holds about one third of the shares of super-voting rights class B (15 votes per share, Figma says). Reportedly, the S-1 reveals this field, Pre-IPO controls about 75% of the voting rights.
The funds certainly look like the type of company that Wall Street and retail investors usually like to buy. The one black cloud, if you can call it, is the rise of vibration coding/projecting of AI programs. Tops as lovable Aim for Figma’s market and grows rapidly. Figma, however, has its own set of AI products as well.
Figma acknowledges in the S-1 the risks to fail to stand out in a competitive AI industry.
“As we have done, and expect to continue to make, significant investments to integrate AI, including
Generative AI, on our platform, AI technologies rapidly evolve and cannot be a guarantee that
Our products will remain competitive because new AI technologies are developed, adopted and integrated into
Program solutions, “the company says in the regulatory document.
