Figma IPO Filing Reveals Bitcoin Bet, Explosive Growth, and Global Expansion

In a highly anticipated move, Figma has officially filed its S-1 with the U.S. Securities and Exchange Commission, unveiling its plans to go public on the New York Stock Exchange under the ticker “FIG.” This milestone comes after years of rapid growth, a failed $20 billion acquisition attempt by Adobe, and a wave of artificial intelligence-driven innovation across its product line.

Bitcoin Holdings Highlight a Bold Treasury Strategy

Among the key revelations in Figma’s S-1 filing is its significant bet on Bitcoin. The company currently holds $70 million worth of Bitcoin ETFs in its treasury, and the board has authorized an additional purchase of $30 million in Bitcoin using USDC. This places Figma among a growing list of technology firms integrating digital assets into their balance sheets, signaling confidence in the long-term value of Bitcoin while diversifying treasury reserves.

Record-Breaking Revenue and Profit in 2025

Figma reported $228.2 million in revenue for Q1 2025, with a net income of $44.9 million during the same period. This performance puts the company on track for an impressive annual recurring revenue (ARR) of $821 million, doubling from $400 million in 2024 and a fourfold increase from $190 million in 2022. Gross margins remain outstanding, reportedly around 91%, while net revenue retention has hovered near 132%, highlighting the strength of its product adoption and customer stickiness.

A Truly Global User Base

Figma’s success is not limited to the U.S. market. According to its filing, over 85% of its customer base is located outside the United States, reflecting a robust global footprint. The company serves marquee clients such as Google, Microsoft, Netflix, and Airbnb, and over 78% of Fortune 2000 companies rely on Figma for design collaboration.

Founded in 2012, Figma offers cloud-based design and development tools. Its flagship Figma Design platform enables collaborative interface and user experience design, while FigJam serves as an online whiteboard for brainstorming sessions. The company has expanded its offerings with Dev Mode for developer handoffs and Figma Slides for creating and sharing presentations directly within the design workflow.

The Adobe Acquisition Collapse: A Turning Point

In December 2023, Adobe officially dropped its $20 billion bid to acquire Figma after facing regulatory scrutiny in the U.K. and Europe over concerns of reduced competition in the design software sector. The termination of the deal triggered a $1 billion breakup fee, which Figma collected from Adobe. Despite the collapse of the acquisition, Figma’s valuation has rebounded, rising from $10 billion in 2021 to $17.8 billion in the private markets in 2025, reflecting investor confidence in its independent growth path.

AI-Driven Product Expansion

Figma’s S-1 reveals plans to further expand into AI-powered products such as Figma Make and Sites, which automate design tasks and simplify website creation, making the design process more accessible for non-design teams. The company has also obtained FedRAMP certification, enabling it to secure U.S. government contracts while expanding into the EMEA and APAC markets.

The company aims to build a multi-product platform, leveraging FigJam and Dev Mode to expand its upsell opportunities and deepen its integration within customer workflows.

Challenges Ahead: Pricing, Regulation, and Competition

While the IPO presents a significant growth opportunity, Figma faces challenges related to pricing strategies and monetization, increasing regulatory pressures, and intense competition in the collaborative design and productivity space. Smaller competitors continue to emerge, and established tech players are expanding their capabilities into the design domain, which may increase pricing pressure on Figma’s subscription tiers.

A Market Ready for Technology IPOs

The timing of Figma’s IPO appears strategic. When the company confidentially filed its paperwork with the SEC in April 2025, markets were volatile, and the IPO environment was uncertain. However, the situation has since improved, with technology IPOs performing strongly:

• eToro Group Ltd. closed its first trading day in May up 29%.

• Circle Internet Group Inc. saw shares surge 168% on its first day in June.

• Chime Financial Inc. opened 37% higher on debut.

While these companies operate in different verticals, their strong debuts demonstrate renewed investor appetite for tech-driven companies with clear growth trajectories.

Bitcoin Bet: A Strategic Treasury Move

Figma’s investment in Bitcoin ETFs is notable within the context of a public listing, highlighting a shift in how tech companies manage treasury diversification and engage with digital assets. This move aligns Figma with firms like Tesla and MicroStrategy that have integrated Bitcoin into their financial strategies, underscoring a belief in Bitcoin’s value preservation and growth potential while offering liquidity flexibility through ETFs.

Industry Context: SEC’s Gradual Embrace of Crypto Assets

Figma’s treasury investment comes amid a broader environment where the SEC is gradually opening up to regulated crypto products, having approved spot Bitcoin and Ethereum ETFs in the U.S. market in 2024, which collectively triggered billions in inflows and brought digital assets into mainstream investment portfolios.

Why the Figma IPO Matters

The approval of Figma’s IPO and its forthcoming listing on the NYSE are significant not only for investors but also for the broader design and productivity sector. Figma is one of the few high-growth, profitable SaaS companies entering the public market with a mature, globally adopted product suite, strong financial metrics, and a clear vision for AI-driven product expansion.

Figma’s IPO could also set a precedent for other design and productivity startups considering public listings, providing a benchmark for market appetite and valuation expectations in the post-pandemic, AI-driven SaaS era.

Final Thoughts

As Figma prepares for its public debut, the company is well-positioned to attract strong investor interest given its robust financials, global customer base, and innovative product suite. Its strategic Bitcoin investments, AI roadmap, and multi-product ecosystem provide a solid foundation for future growth.

While challenges in pricing and competition will require careful navigation, the Figma IPO represents a pivotal moment for the company and the design software industry, marking its evolution from a collaborative design tool to a comprehensive platform for global design and development teams.

As the stock prepares to trade under “FIG” on the NYSE, all eyes will be on how the market responds to Figma’s next chapter, potentially shaping the landscape for design, AI, and crypto-integrated technology firms moving forward.

Writer @Ellena

Ellena is an experienced crypto writer who loves to explore the intersection of blockchain technology and financial markets. She regularly provides insights into the latest trends and innovations in the digital currency space.

 

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