Figma’s Billion-Dollar IPO Could Be 2025’s Biggest Tech Surprise

Cloud-based design platform Figma has officially filed the prospectus for its long-awaited initial public offering (IPO) in the United States, marking one of the most closely watched listings of the year. The company had confidentially submitted paperwork in April and has now gone public with its filing, signaling renewed investor optimism despite earlier market uncertainty tied to U.S. tariffs.

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The IPO comes more than a year after Figma’s proposed $20 billion acquisition by Adobe was called off following regulatory hurdles in the U.S. and Europe. Now, the company is charting an independent course as it eyes the public markets.

What Is Figma?

Founded in 2012 by Dylan Field and Evan Wallace, Figma is a collaborative interface design tool that allows teams to co-create in real time — often described as the “Google Docs for design.” Over the years, the San Francisco-based company has expanded its platform to include website creation, AI-powered programming tools, branded marketing templates, and digital illustration features.

The company is currently valued at approximately $12.5 billion and boasts a client list that includes global tech leaders such as Netflix, Stripe, Duolingo, Mercado Libre, and ServiceNow, along with design agencies like Pentagram Design.

Strong India Connection

India remains a critical market for the company. In an earlier interview with The Economic Times, CEO Dylan Field noted that 85% of Figma’s weekly active users are based outside the U.S., with a substantial user base in India. Prominent Indian brands such as Zomato, Swiggy, Cred, and Groww are active users of the platform.

Field also highlighted the company’s intention to leverage India’s vast ecosystem of designers and product developers to enhance global support.