Co-founder Dylan Field plans share sale amid fresh investor buzz and cautious optimism in U.S. tech IPOs
Design software startup Figma is making its move back into the public spotlight—and this time, Wall Street seems ready to listen. The company filed a fresh IPO prospectus on Monday, setting the stage for a potential $16.4 billion valuation. That’s not quite the $20 billion Adobe once promised in a failed acquisition deal, but in today’s market, it’s still a bold bet.
Figma plans to sell roughly 37 million shares priced between $25 and $28, raising up to $1 billion split between the company and its existing shareholders. CEO Dylan Field, who co-founded the company back in 2012, is expected to offload about 2.35 million shares—pocketing a cool $65.8 million if the price hits the top of that range.
The comeback story: From blocked buyout to public push
In late 2022, Adobe dropped jaws across Silicon Valley when it announced a plan to acquire Figma for $20 billion in cash and stock. That deal was supposed to be a crown jewel—combining Adobe’s creative software muscle with Figma’s collaborative design tools, beloved by startups and big corporations alike.
Then came the regulators.
By late 2023, U.S. and European antitrust authorities made it clear they weren’t on board. Concerns swirled over market consolidation, and Adobe backed off. The merger was officially scrapped in December, leaving Figma standing alone once again—but also free to forge its own path.
That path, as it turns out, leads straight to the Nasdaq.
IPO playbook: Tech companies start trickling back
Let’s be honest—tech IPOs haven’t exactly been booming since 2021. Rising interest rates, inflation fears, and an investor shift toward profitability over growth left many unicorns stuck in their stables. Figma, like others, waited out the storm.
But now the door is cracking open. CoreWeave, a cloud provider specializing in AI workloads, went public in March. Circle, the company behind the USDC stablecoin, filed earlier this year. Even Databricks is reportedly back in IPO prep mode. So what’s changed?
Well, investor appetite for growth is cautiously reawakening.
Figma’s offering may look ambitious on the surface, but it’s happening in a very different climate than two years ago. Investors are still wary, sure—but they’re no longer completely allergic to risk.
Field’s token twist: Blockchain enters the chat
One eyebrow-raising nugget in Figma’s updated S-1 filing? The mention of something called “blockchain common stock.”
No, Figma’s not turning into a crypto company. But it is planning to authorize a type of tokenized equity—shares that could, in theory, live on a blockchain. Details are still murky. It’s not yet clear if these blockchain-based shares will be part of the public offering or reserved for internal use.
But it does reflect the company’s experimental streak. Field has long pushed for transparency and accessibility in product design. Applying those principles to stock ownership wouldn’t be that surprising.
Just don’t expect Figma NFTs anytime soon.
Where the numbers land: Then vs now
Let’s break down Figma’s current valuation against its past and peers.
| Year | Valuation | Notable Event |
|---|---|---|
| 2022 | $20 billion | Adobe deal announcement |
| 2024 | $12.5 billion | Tender offer from existing investors |
| 2025 | $14.6B – $16.4B | Estimated IPO valuation (fully diluted basis) |
So, yes, the IPO still lands below the lofty 2022 figure. But given how much the market has changed since then, a $16 billion public valuation is nothing to sneeze at.
The offering also gives early employees and investors an exit window—something that’s been scarce lately in the venture world.
What makes Figma such a big deal, anyway?
Figma isn’t just another design tool. It’s a platform that changed how teams create stuff—together, in real time, in the cloud. Before Figma, collaborative design was clunky. Adobe’s products didn’t make it easy to work across time zones or teams.
Figma did. And that made it sticky.
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Designers, engineers, and product managers can all contribute at once
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It’s browser-based—no software to install
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It’s freemium, which helped it spread like wildfire in the early days
That virality helped Figma reach big enterprises too—firms like Microsoft and Uber reportedly use it across teams. And with the remote work wave, Figma’s pitch only got stronger.
Risks? Still plenty.
Not everyone’s cheering just yet. Some investors worry that Figma’s growth may have slowed after the pandemic tailwinds faded. Others point to looming competition—not just from Adobe, but from startups like Penpot or established players adding collaboration layers.
And then there’s the profit question.
Figma’s filings show strong revenue growth but ongoing losses. That’s still a tough sell in certain corners of Wall Street. Public markets are more patient than they were a year ago, but they’re still not throwing cash at unprofitable startups like it’s 2021.
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So what now?
The road ahead depends on how well Figma prices and trades out of the gate. A strong IPO could revive enthusiasm for other tech companies stuck in limbo. A weak one? Back to the drawing board.
Either way, Dylan Field is back in the spotlight. And this time, he’s not waiting for a buyout to get his company on the big board.
