Pink Publicly made available Tuesday financial, approaching a company dealing with design software. And although this initial S-1 lacks details, reminiscent of the variety of actions that must be offered and what price, regulatory notification is the most vital view on its financial health-and potential.
IPO Renaissance Capital experts estimate that Figma can raise as much as $ 1.5 billion in this offer. If it fulfills or exceeds, IPO Figma will match or beat Coreweave’s, which collected $ 1.5 billion and has so far been the largest technological IPO from 2025.
There are some reasons to think that Figma can do it: his funds are impressive, in line with the S-1 application.
The company brought USD 749 million in 2024, which is a 48% jump from 2023. Figma revenues continued to extend in the first quarter of 2025 with an increase of 46% yr -on -year. The company reported that 12-month revenues for $ 821 million, with 91% gross margin.
Figma profit is also interesting. The company was profitable in 2023, and then moved to a gigantic lack of $ 732 million in 2023, but it was largely caused by one -off expenses related to the primary event compensation of worker stocks. (Figma issued 10.5 million options for shares, with the price of 8.50 USD per campaign, as I said).
In the fourth quarter of 2024, Figma again reported profits, as in Q1 from 2025.
Figma also calculated the total debt that it was so irrelevant that it reports that it is not there. But again it is a item to be filled. The company, after all, has a rotating debt line and has left the place to update the total debt.
We also do not know if any of the management or VC will sell shares. The primary supporters include the index, Greylock, Kleiner Perkins and Sequoia.
We know that in 2024 the management took part in a large tender offer, which allowed employees to pay shares. For example, co -founder and president of Dylan Field paid shares price $ 20 million in this sale.
The S-1 document made one other interesting disclosure of the co-founder of Evan Wallace, who left Figima in 2021, According to his website. Wallace is named in documents as a co -founder. However, Figma claims that Wallace gave in the field stuffed with voting rights and control over his actions. Figma says that Figma claims that Figma Trust Wallace has about one third of the motion with voice rights (15 votes per motion). To sum up, S-1 reveals this field, pre-IPO controls about 75% of vote rights.
Financial ones actually seem like a company that investors from Wall Street and Retail wish to buy. The only black cloud, if you can call it that, is the increase in coding/design of the AI application. Upstarts, reminiscent of Lovable, are heading to the Figma market and develop quickly. Figma, nonetheless, has its own set of AI products.
In S-1, Figma recognizes the risk of not standing out in the competitive AI industry.
“Although we have done and we expect that we will make significant investments in the integration of AI, including
Generative artificial intelligence, on our platform, AI technologies develop quickly and there can be no guarantee
Our products will remain competitive because new AI technologies will be developed, accepted and integrated with
Software solutions, “says the company in the regulatory document.