Design Software Startup Figma Boosts IPO Range, Targets Valuation of $18.8B

Collaborative design startup Figma has raised the expected price range for shares in its planned initial public offering on July 31, according to a regulatory filing.

On July 21, the San Francisco-based company had set a range of $25 to $28. On Monday, Figma disclosed that it expects shares to trade for $30 to $32 each. That means it now expects to raise about $1.2 billion in the offering, instead of $1 billion.

This would value the company at between $17.6 billion and $18.8 billion on a fully diluted basis. Figma plans to trade on the New York Stock Exchange under the ticker symbol FIG.

Founded in 2012, Figma has raised about $1.4 billion from investors including a who’s who of Silicon Valley: Sequoia Capital, Andreessen Horowitz, Greylock and Kleiner Perkins, per Crunchbase data.

In September 2022, Adobe announced it had agreed to buy Figma for $20 billion in cash and stock in a proposed blockbuster deal. But by December 2023, Adobe had called off the transaction following pushback from antitrust regulators in the U.K. and European Union. The purchase would have ranked among the largest acquisitions of a venture-backed startup in recent years.

After that deal fell through, Figma went on to raise more capital from investors.

In July 2024, Figma raised $700 million in a secondary market transaction that valued the company at $18.8 billion. General Catalyst, Coatue and Alkeon Capital co-led that financing.

When filing its S-1, Figma revealed its financials for the first time. The company reported revenue of $228 million for the first quarter of 2025, up 46% year over year. It returned to profitability in late 2024 after a one-time employee stock compensation expense led to an operating loss of $894 million.

Related reading:

Illustration: Dom Guzman