The collaborative design platform that went public in 2025 after walking away from Adobe's $20B.
Updated · Analysis by Trace Cohen · www.figma.com
IPO July 31, 2025 at $33
IPO July 31, 2025 at $33
+41% YoY
best-in-class expansion
by Dylan Field & Evan Wallace
$1B+ and growing 40%+ — into and through the IPO.
Source: Figma financials
Figma IPO'd on the NYSE on July 31, 2025 at a $33.00 offer price, after Adobe's ~$20B acquisition was terminated in December 2023. The stock briefly traded above a $60B implied value on day one before settling well below that — public-market cap moves daily, so check a live quote before relying on a figure.
Figma sells seat-based SaaS across Starter, Professional, Organization, and Enterprise tiers, spanning a multi-product platform: Figma Design, FigJam (whiteboarding), Dev Mode (design-to-code), Slides, and newer Make/Sites/Buzz products. Growth comes from landing teams and expanding across an organization — reflected in a 136% net dollar retention rate.
Crossing $1.056B in FY2025 revenue (+41% YoY) with that retention is what made the public-market debut credible. The strategic question now is whether Figma's multi-product expansion outruns AI-design newcomers and Adobe's renewed competition.
After Adobe's planned ~$20B acquisition was terminated in December 2023 (over regulatory pushback), Figma went public on July 31, 2025 at a $33 offer price, with Morgan Stanley, Goldman Sachs, Allen & Co., and J.P. Morgan underwriting. FY2026 revenue guidance is roughly $1.37 billion.
The former acquirer and incumbent design suite.
Mass-market design at the low end.
Design-to-web.
The Mac-native incumbent Figma displaced.
Figma is the rare company that turned a broken $20B acquisition into a stronger independent outcome — walked from Adobe, then IPO'd on its own terms with $1B+ revenue and 136% NDR. The post-IPO drift below its debut price is the real lesson: even great businesses get repriced when public markets stop paying private-round multiples. Figma's next act is proving its multi-product expansion (Dev Mode, Make, Sites) compounds faster than AI design tools can commoditize the core.
Yes. Figma went public on the NYSE under the ticker FIG on July 31, 2025 at a $33.00 offer price, after Adobe's roughly $20 billion acquisition was terminated in December 2023.
Figma reported $1.056 billion in FY2025 revenue, up 41% year over year, with a 136% net dollar retention rate. FY2026 guidance is roughly $1.37 billion.
Through seat-based SaaS subscriptions across Starter, Professional, Organization, and Enterprise tiers, spanning Figma Design, FigJam, Dev Mode, Slides, and newer products — with growth driven by expansion within organizations.
Analysis by Trace Cohen · @Trace_Cohen · t@nyvp.com. Figures are as of the update date; verify before relying on them.