Shares in AI-powered design tool Figma soared over 200% in its US debut as investors scrambled to get a piece of one of the most highly anticipated tech IPOs of the last two years.
Figma raised $1.2bn at an IPO price of $33 before the stock rocketed over 200% higher to close at $117, valuing the company at more than $60bn.
Adobe had previously tried to buy Figma for $20bn but was blocked by regulators.
Founded in 2012 with the mission to “eliminate the gap between imagination and reality,” Figma provides online design services for websites, apps, and digital products.
It allows designers, developers, and teams to collaborate in real time on the same file, making it easy to design, prototype, give feedback, and hand off work for development.
The company is profitable, having recorded $44.9m in the first quarter of the year on revenues of $228m. Having generated $749m in revenue in 2024, Figma is clearly still enjoying rapid growth.
Figma has been reported to have over 1,000 clients paying the company more than $100,000 a year, demonstrating Figma’s deep integration into the workflows of some of the world’s biggest tech and design firms.