Figma publicly shared its finances on Tuesday, bringing the design software company closer to IPOs. Additionally, this first S-1 lacks details such as the number of shares offered and the price, but regulatory filings provide the clearest view of its financial health and potential.
IPO expert Renaissance Capital estimates Figma can raise up to $1.5 billion from the offer. If it meets or exceeds it, Figma’s IPO matches or breaks CoreWeave’s IPO, raising $1.5 billion, and was the biggest IPO of 2025 to date.
There are several reasons why I believe Figma can pull it apart. According to S-1 filing, its finances are impressive.
The company generated revenue of $749 million in 2024, making a 48% jump from 2023. Figma’s revenue continued to rise in the first quarter of 2025, up 46% year-on-year. The company reported 12-month revenue of $821 million, resulting in a gross profit of 91%.
Figma’s profits are also interesting. The company made profits in 2023, and then lost a massive $732 million in 2023. However, this was primarily due to one-off expenses related to major employee stock compensation events. (Figma issued 10.5 million stock options to eligible employees at an act price of $8.50 per share.
By the fourth quarter of 2024, Figma had reported profits again, as he did in the first quarter of 2025.
Figma also reports that it is nothing, as it calculates its total debt can be ignored. Again, this is a line item that you need to fill out. Naturally, the company has a revolving debt line and there is no room for renewing its total liability in relation to it.
It is also not yet known whether executives or VCs will sell stocks. Key supporters include Index, Greylock, Kleiner Perkins, and Sequoia.
In 2024, executives know that they took part in a big tender offer that allowed employees to acquire from stock. For example, Dylan Field, the CEO and chairman of Figma, was cashed out of $20 million worth of stock as part of its sale.
The S-1 Document made another interesting disclosure of co-founder Evan Wallace, who left Figma in 2021, according to his website. Wallace has been appointed as a co-founder in the document. However, Figma says Wallace gave him full voting rights on the field and control over his stock. Wallace’s Family Trust holds about a third of its ultra-voting class B shares (15 votes per share). S-1 reveals that this field, pre-IPO field, controls about 75% of the voting rights.
Finance certainly looks like a company Wall Street and retail investors normally want to buy. One black cloud is the rise of the atmosphere of AI apps if you can call it. Startups like Lovable are targeting the Figma market and are growing rapidly. However, Figma also has its own set of AI products.
Figma acknowledges the risks that are not outstanding in the competitive AI industry with the S-1.
“We have made significant investments to integrate AI while we create and continue doing.
Generate AI, AI technology to our platform is evolving rapidly, and there is no guarantee that
Our products remain competitive as new AI technologies are developed, adopted and integrated
Software Solutions,” the company states in its regulatory documents.
