Figma made a stunning entrance on the New York Stock Exchange on Thursday, with its shares more than tripling in value in early trading.
The design software firm’s IPO, priced at $33 per share, saw its first trade at $85 and surged past $112 before trading was temporarily halted.
The debut valued the San Francisco-based company at close to $50 billion, capping one of the most high-profile public listings of the year.
Figma’s strong performance marks a pivotal moment for the broader technology IPO market, which had remained largely dormant since early 2022 amid soaring inflation and aggressive interest rate hikes.
The listing is widely being interpreted as a turning point, with Figma joining the ranks of recent tech IPOs including CoreWeave, Circle, Chime, and several health-tech firms.
Investors reward growth, profitability and product scale
Founded in 2012 by Dylan Field, now 33, Figma is known for its cloud-based collaborative design tools used by professionals and non-designers alike.
With over 13 million monthly users, two-thirds of whom are not trained designers, Figma’s software is increasingly popular among product teams and enterprises.
The company’s customer base includes industry giants such as Google, Microsoft, Netflix and Uber.
As of March 31, over 1,000 clients were spending more than $100,000 a year on its tools.
According to its prospectus, Figma reported operating income between $9 million and $12 million on revenue of approximately $247 million to $250 million in the second quarter, representing year-on-year growth of about 40 percent.
Figma’s financial performance, scale, and brand recognition have helped it stand out in a crowded field of late-stage startups.
The offering raised $1.2 billion, though much of it went to existing shareholders, including early backers like Greylock Partners, Index Ventures, Kleiner Perkins and Sequoia Capital.
Abandoned Adobe deal fades into past
In 2022, Figma was the subject of a proposed $20 billion takeover by Adobe, but the deal collapsed late last year following regulatory scrutiny in the UK over competition concerns.
With Thursday’s debut, Figma has far surpassed that valuation on its own.
Speaking on CNBC’s “Squawk Box” ahead of the opening trade, CEO Dylan Field struck a grounded note despite the market frenzy.
“The most important thing to remind myself of, the team of, is share price is a moment in time,” said Field, whose stake in the company is worth over $4.5 billion based on the opening price.
“We’re going to see all sorts of behavior probably today, over the weeks ahead.”
Optimism builds for tech IPO pipeline
Lynn Martin, president of the NYSE, described Figma’s listing as a watershed moment.
“I think given that Figma did so well with their pricing last night, and there is so much demand that has persisted still in the order book this morning for this company, I think this will open the floodgates,” Martin told CNBC.
Venture capital watchers agree.
“Figma’s IPO is a bellwether event for the tech sector,” said Derek Hernandez, a senior analyst at PitchBook.
In comments to Barron’s and Fortune, Hernandez noted that Figma combines scale and earnings with a compelling narrative, making it “one of the most credible high-growth listings this year.”
A Crunchbase review of top venture-backed IPOs in 2025 shows all of the year’s nine largest offerings have outperformed their IPO prices in aftermarket trading—a trend investors and founders alike hope continues.
With its successful debut, Figma has not only rewarded early investors but also reignited confidence in the IPO market, which many feared had lost its luster.
The coming months will test whether this enthusiasm can be sustained as other companies eye the public markets.
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