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Figma Confidentially Files for IPO Following Blocked $20 Billion Adobe Deal

The design software maker’s move to go public comes after a $12.5 billion valuation and ongoing IPO market uncertainty tied to trade policy shifts.

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Dylan Field, cofounder and chief executive of Figma.
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Overview

  • Figma has submitted confidential paperwork for a U.S. IPO, marking a major step after its $20 billion acquisition by Adobe fell through in 2023 due to regulatory challenges.
  • The company was last valued at $12.5 billion in 2024 following a tender offer that allowed employees and early investors to sell stakes.
  • Figma’s collaborative design platform is widely used by major companies including Uber, Spotify, Google, and Adobe itself.
  • The IPO market faces delays and uncertainty due to recent tariff-related volatility and trade policy shifts under the Trump administration.
  • Figma, co-founded by Dylan Field in 2012, is cash flow positive and has expanded its offerings to include AI-driven collaboration tools.