MW Figma's IPO seeks a $13 billion valuation, with a bitcoin investment as a sweetener

By Steve Gelsi

Figma sets terms in its upcoming initial public offering, and co-founder Dylan Field is selling shares to raise more than $60 million

San Francisco-based design and product development software company Figma Inc. has detailed the expected terms of a rather large initial public offering from the technology sector, with plans to raise nearly $1 billion.

Figma's stock-market debut comes after a string of successful IPOs this year, including Circle Internet Group Inc.( CRCL), CoreWeave Inc. (CRWV) and Chime Financial Inc. $(CHYM)$, as the new issues market warms up to companies that have been waiting to go public for years and have been able to grow to a significant size by tapping private-market capital.

At the IPO's current terms, Figma would be valued higher than Circle Internet or Chime were when terms of their respective IPOs were set.

Along with Figma's business model of subscriptions from 13 million monthly users as a tool for online commerce and branding, the company has also invested tens of millions of its balance sheet into cryptocurrencies.

Figma's initial public offering of 36.94 million shares will raise about $979 million based on an IPO price of $26.50 a share - the midpoint of its estimated range of $25 to $28 a share - according to a filing on Monday.

Most of the proceeds from the IPO will go to selling shareholders, who are looking to sell 24.46 million shares, while the company is offering 12.47 million shares to raise roughly $330.5 million.

Read: Figma files for an IPO. What investors should know about the Adobe design rival.

The company will likely go public in the next two to three weeks now that it has set its estimated IPO terms. The lead underwriters are Morgan Stanley, Goldman Sachs, Allen & Company and J.P. Morgan

Figma's stock is expected to trade under the symbol "FIG" on the Nasdaq.

Figma has disclosed a $69.5 million investment in a bitcoin exchange-traded fund as of March 31, and said its value would be affected if the price of the cryptocurrency falls.

On May 8, Figma's board approved a $30 million investment in bitcoin (BTCUSD). It initially used the money to purchase $30 million in the USDC stablecoin (USDCUSD), which is issued by Circle Internet. It plans to reinvest its stablecoin holdings into bitcoin at a later date.

Holding cryptocurrencies on the balance sheet is a strategy championed by business-software company MicroStrategy Inc. $(MSTR)$.

See related: MicroStrategy explains why bitcoin is better than stocks, bonds or gold.

With 487.46 million shares outstanding after it goes public, Figma would have a market capitalization of $12.92 billion, based on an IPO price of $26.50 a share.

That valuation amounts to about 17.2 times its full-year 2024 revenue of $749 million, which grew 48% from the previous year.

In the first quarter of 2025, Figma booked net income of $44.88 million on revenue of $228.2 million, up from net income of $13.53 million and revenue of $156.23 million in the year-ago quarter.

The company reported a net loss of $732.1 million and revenue of $749 million for full year 2024. In 2023, Figma generated net income of $737.84 million on revenue of $504.87 million.

The stock from selling shareholders includes up to 2.35 million shares from Figma co-founder and Chief Executive Dylan Field and up to 2.76 million shares from Mamoon Hamid, a board member at Figma and a managing member at Kleiner Perkins, one of the venture-capital firms that invested in the company.

Index Ventures is selling up to 3.29 million shares, Greylock Partners is selling up to 3.07 million shares and Sequoia Capital is selling up to 1.71 million shares.

As of March 31, Figma had 1,646 employees. The company was founded in 2012.

The IPO comes less than two years after Figma agreed to scrap its acquisition by Adobe Inc. $(ADBE)$ for $20 billion.

Also read: Figma files for an IPO. What investors should know about the Adobe design rival.

-Steve Gelsi

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July 21, 2025 10:50 ET (14:50 GMT)

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