The US technology IPO market, long dormant amid macroeconomic uncertainty, is showing signs of revival.
Leading that resurgence is design software company Figma, which will debut on the New York Stock Exchange on Thursday.
The San Francisco-based company priced its IPO late Wednesday at $33 per share—above the initially targeted range of $25 to $28—raising approximately $1.2 billion in proceeds.
The stock, trading under the ticker symbol “FIG” on the New York Stock Exchange, gives Figma a valuation of $19 billion.
This follows the collapse of a $20 billion acquisition bid from Adobe in 2022, suggesting investors still see substantial standalone value in the business.
If recent strong IPO debuts from Circle, fintech firm Chime Financial, and drone maker AIRO are any guide, Figma could see a sharp first-day surge as well.
While CoreWeave had a shaky start in late March, its shares have since more than doubled from the IPO price.
Momentum builds from IPOs of Circle, Chime Financial, others earlier this year
Figma’s debut comes at a time when tech IPOs have cautiously resumed.
This year has already seen solid offerings from Circle, Chime Financial, and CoreWeave.
Many of these companies, including AI-focused and fintech players, have seen shares rise sharply post-IPO.
A Crunchbase review of this year’s top venture-backed IPOs found that every one of the nine largest listings had outperformed their offering prices in the aftermarket.
That’s a reassuring sign for investors—and for Figma—after a prolonged dry spell in the IPO market.
“Figma’s IPO is a bellwether event for the tech sector,” said Derek Hernandez, senior analyst of emerging technology at PitchBook in a Barron’s report.
In another report in Fortune, Hernandez said, “Figma has both scale and earnings and is a prime example of a high-growth, VC-backed company with a strong narrative that the market is eager for, positioning it as one of the most credible high-growth listings this year.”
Rapid growth and profitability help drive demand
Figma’s financials underline its appeal.
The company reported $749 million in revenue for 2024, up 48% year-over-year. In the first quarter of 2025 alone, revenue grew another 46%, and the company turned a $44.9 million profit.
Figma’s 2023 profit of $737.8 million was unusually high due to a $1 billion termination fee from Adobe after their proposed merger was blocked by regulators.
Excluding that, the company still demonstrates a healthy balance of scale, growth, and emerging profitability—a rare trifecta in the current tech IPO landscape.
Hernandez noted that Figma is “singular” even among successful recent listings, pointing to its dominant position in the collaborative design market.
He said Figma has achieved “a near-monopolistic hold on the product design market.”
A crypto kicker adds intrigue
In an unusual twist for a software IPO, Figma has also entered the cryptocurrency market.
The company disclosed that it holds a stake worth nearly $70 million in the Bitwise Bitcoin ETF and has plans to convert additional stablecoin reserves into Bitcoin.
With the cryptocurrency trading near $118,000, this investment could provide a surprising tailwind for the stock.
Such a strategy puts Figma in the company of crypto-aligned firms like Tesla and MicroStrategy, and adds a layer of speculative intrigue to its otherwise SaaS-focused story.
Challenges on the horizon despite early optimism
Yet, as with any IPO, the future is far from guaranteed.
Some analysts have raised questions about how generative AI might reshape the design software landscape in coming years.
“It’s clearly a rock-solid business now, but there may be questions over what impact the advent of AI might have on its future margins,” said Samuel Kerr, head of equity capital markets at Mergermarket, in the Barron’s report.
Similar concerns have weighed on Adobe’s stock recently, particularly as AI design tools gain sophistication and offer potential alternatives to traditional software workflows.
Still, many investors seem willing to set those long-term questions aside—for now.
Figma’s high-profile venture backers include some of Silicon Valley’s most notable names, from Sequoia Capital to Greylock Partners.
Their continued support, alongside robust IPO demand, signals broad confidence in the company’s near-term trajectory.
A rare bright spot for tech IPO investors
Figma’s early trading and investor enthusiasm suggest it may become a standout IPO in 2025, reviving interest in public offerings from other VC-backed software firms.
As the broader tech sector regains footing amid AI and infrastructure innovation, Figma’s successful listing could encourage other startups to test the public markets in the months ahead.
For now, investors are watching closely to see how FIG performs in its opening sessions—and whether it can live up to its billing as the next generational tech platform.
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