Design

Figma Files for IPO After $20B Adobe Deal Falls Through

Ken Metral

16 Apr 2025 — 1 min read

Credit: Figma, Inc.

Cloud-based design platform Figma has taken the first formal step toward becoming a public company, confidentially filing for an initial public offering (IPO) in the United States. The move comes more than a year after its planned $20 billion acquisition by Adobe fell through due to regulatory opposition in the U.K. and EU.

Once one of the most anticipated software deals in history, the Adobe-Figma merger was blocked by antitrust regulators in late 2023, reigniting speculation that Figma would instead pursue a public listing. That speculation now appears to be coming to fruition, though the timing of the IPO remains uncertain amid broader market volatility.

Last year, Figma was valued at $12.5 billion during a secondary share sale that allowed employees and early investors to cash out. Despite challenging conditions in the IPO market — driven in part by global economic uncertainty and fluctuating investor sentiment — Figma’s profitability and strong customer base make it one of the more attractive tech IPO candidates in 2025.

Founded in 2012 by Dylan Field, Figma has grown into a leading collaborative design platform used by top-tier clients including Google, Uber, Spotify, and even Adobe. Its freemium model and cloud-native approach have made it a favorite among product designers, UX teams, and developers. The platform has since expanded to support broader team collaboration, with a growing focus on AI-enhanced workflows.

“Sentiment for the IPO market is relatively low and has been dampened by heightened market volatility,” said Kaidi Gao, senior VC analyst at PitchBook. “We’ve seen a wave of tech IPO filings recently, but many have been paused due to unclear policy and economic signals.”

Figma’s confidential filing means that details such as share price, valuation, and listing date have yet to be disclosed. But its strong fundamentals, profitability, and deep market adoption position it as a potential bellwether for the next phase of tech IPOs — assuming market conditions stabilize.

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