The collaborative design tool Figma continues its march toward going public in one of the most highly anticipated IPOs in the history of design software.
Wasting no time licking its wounds after European regulators blocked its $20 million acquisition by Adobe in late 2023, Figma quietly filed its S-1 paperwork with the Securities and Exchange Commission (SEC) in April. Now, it’s announced that the S-1 has been made available to the public.
That S-1, which you can read here, is full of interesting tidbits, as private companies disclose financial information for the first time.
The biggest news? Figma disclosed making $749 million in revenue in 2024—with a (non-GAAP) profit margin of around 17% (a figure that looks at profits pre-taxes and some other expenditures). Its revenue was up 48% from 2023, signaling that Figma’s growth is quite strong.
With revenue in hand, we can see that Figma is about 1/28th the size of Adobe, or about a third of the size of Canva (on a balance sheet, at least). Meanwhile, Figma’s install numbers are confident. The company claims 13 million people use its products monthly. And 95% of Fortune 500 businesses use the software. Surprisingly, two-thirds of its users are not designers.
Figma’s public debut date and share pricing have yet to be determined, but the company will go by the very cute NYSE symbol “FIG.”
