Summary: Figma’s $1.2 billion IPO with an initial valuation of $19.3 billion, which surged to $47.1 billion on the first day, stands out as one of the most successful tech IPOs in recent years, surpassing major offerings since 2020 in both fundamentals and market reception.
Top Tier Performance: 50% Growth at $1B ARR and Profitable
Figma is notable among recent fast-growing software IPOs, such as Circle and CoreWeave, with nearly 50% year-over-year revenue growth and profitability in the first quarter. While 2020’s major IPOs raised more money in absolute terms, Figma’s scale, profitability, and remarkable first-day performance set the benchmark for how SaaS companies should enter public markets in 2025.
Figma’s Impressive IPO Execution
Key Fundamentals:
- $1B ARR as of June 30, 2025, with $749 million in revenue for 2024 (48% YoY growth)
- 91% gross margin, with $821 million in rolling 12-month revenue
- $44.9 million net income in Q1 2025, achieving profitability on a large scale
- Over 13 million monthly users, with only a third being designers
- About 450,000 customers as of March 31
IPO Performance:
- Priced at $33 per share (above the initial range of $25-$28)
- Opened at $85, reaching an intraday high of $124.63, and closed the first day at $115.50
- 250% rise on the first day from the offer price
- Market cap increased from $19.3 billion to $47.1 billion