Mirror Review
July 22, 2025
Summary:
- Figma has launched its IPO roadshow, planning to sell ~37M shares at $25–$28 each, eyeing up to a $16.4 billion valuation.
- The offering includes shares from both Figma and its existing investors. It plans to raise about $1.03 billion and list under the ticker “FIG” on the NYSE.
- This move comes nearly two years after Adobe’s $20B acquisition attempt was blocked by regulators in the US, UK, and EU.
What does it mean when a $20B acquisition turns into a $16B IPO?
Figma, the collaborative design software company, has officially launched its IPO roadshow—but this isn’t just another tech listing.
It’s also a real-time test of what happens when Big Tech can’t buy its way out of competition.
The Failed Adobe-Figma Deal Is Now the IPO’s Backdrop
When Adobe tried to acquire Figma in 2022 for $20 billion, the move made headlines—not just for its size, but for what it signaled: Adobe saw Figma as a threat.
Regulators across the US, UK, and Europe agreed. But in late 2023, the deal was terminated due to growing antitrust pressure, and Adobe eventually paid a $1 billion breakup fee.
Now, Figma is going public on its own terms. And its performance will quietly answer a bigger question: Can software startups survive and thrive without an M&A exit—even when Big Tech is watching?
Key IPO Details at a Glance
| IPO Detail | Info |
| Valuation Target | $14.6B–$16.4B (fully diluted) |
| IPO Price Range | $25–$28 per share |
| Shares Offered | ~37 million (Figma + selling investors) |
| Expected Ticker | “FIG” on NYSE |
| Expected Proceeds | Up to $1.03 billion |
| Lead Underwriters | Morgan Stanley, Goldman Sachs, J.P. Morgan, Allen & Co. |
What’s Changed Since the Failed Deal
Figma has grown significantly since Adobe’s 2022 buyout proposal:
- Revenue Growth: 46% YoY in Q1 2025; ~39%–41% projected in Q2
- Net Income: Tripled in Q1
- Operating Margin: Projected at 4%–5% in Q2, up from 3% last year
- Major Clients: SAP, ServiceNow, Workday
- Bitcoin Holdings: $70M invested in Bitwise Bitcoin ETF, with plans for $30M more
- AI & Blockchain Bets: Exploring AI tools; authorized blockchain-based stock (but not yet issuing)
This suggests a company aiming to prove its independence and stay ahead in a competitive, AI-driven environment.
What This Means for Adobe—and Others Like It
Adobe’s failed merger has a lasting impact. Therefore, the IPO is a poll on whether regulators were right to block the merger or not.
If Figma performs well post-IPO:
- It confirms Figma was strong enough to thrive without Adobe.
- It validates antitrust regulators who saw the deal as anti-competitive.
- It signals that Big Tech might need to rethink its M&A-first playbook.
It also puts Adobe in a tricky spot:
Compete head-on with a public Figma or try again with new angles, under more regulatory heat.
Why This IPO Could Reshape the IPO Market and M&A Trends
The Figma IPO is part of a cautious comeback in tech listings after the 2021–2022 cooldown. Other firms like CoreWeave, Circle, and Chime have recently gone public, signaling early recovery signs.
What makes Figma unique:
- It was almost acquired.
- It’s product-led, with viral adoption from designers and developers alike.
- It’s profitable and growing fast, making it more attractive in today’s investor climate.
Also, CEO Dylan Field’s bold M&A statements saying that they’re open to “big swings” and “non-rational” decisions indicate Figma may now play the acquirer role, not the target.
Risks and Forward-Looking Challenges
Despite strong numbers, Figma has flagged several concerns in its filings:
- AI Disruption: AI-based design tools may reduce reliance on Figma
- Immigration Limits: Visa issues may impact hiring global talent
- Tariffs & Global Spending: With 50%+ revenue from international markets, global uncertainty could slow growth
Why This IPO Sets a New Tone for Tech
Figma’s IPO isn’t just a test for itself—it’s a wider challenge to how Silicon Valley thinks about exits, consolidation, and competition.
Adobe couldn’t buy it. Now the market will decide if Figma is truly worth the $16.4B it seeks.
In many ways, this IPO is less about design tools and more about designing the future of Big Tech strategy.
Why the Figma IPO Matters More Than You Think
The Figma Inc. IPO will do more than raise money—it will offer proof that bold, independent growth can still be rewarded, even when acquisition isn’t on the table.
For Adobe, for regulators, and for investors watching the next wave of tech IPOs, this roadshow is more than a public listing—it’s a public test of Big Tech’s limits.
