1. Investment Snapshot
2. Thesis
3. Valuation & Price Target
4. Business & Product Moat
5. People & Governance
6. Market & Macro
7. Financial Quality
8. Risk Register
9. Prediction Market
10. 𝕏 Posts
Discussion
1. Investment Snapshot
2. Thesis
3. Valuation & Price Target
4. Business & Product Moat
5. People & Governance
6. Market & Macro
7. Financial Quality
8. Risk Register
9. Prediction Market
10. 𝕏 Posts
Discussion
1. Investment Snapshot
2. Capital Structure
3. Valuation
Discussion
Symbol
FIG
Event Date
2025-07-31
Sector
Information Technology
Subsector
Software
Offer Range
$33.00
Shares Offered
36.94M
460.9M
$16.1B
8.0%
Implied Upside vs Midpoint
Description
Figma is where teams come together to turn ideas into the world’s best digital products and experiences. Every day, billions of people around the world use apps, websites, and other digital experiences that are made in Figma. They’re looking up directions on Google Maps; requesting rides with Uber; checking in for flights on JetBlue; streaming shows on Netflix; learning languages with Duolingo; asking questions of Claude; connecting on LinkedIn; buying goods on Mercado Libre; or booking stays and experiences with Airbnb. Behind each of these products is a cross-functional team responsible for bringing them to life. In Figma, designers work alongside developers, product managers (“PMs”), researchers, marketers, writers, and other non-designers who, in the three months ended March 31, 2025, made up two-thirds of our more than 13 million monthly active users(1). Together, these teams share and explore ideas, align on a vision, visualize concepts, and translate them into coded products — all on a single, connected, AI-powered platform that collaborators around the world can access with a URL. Our focus on the entire lifecycle of software creation reflects our ability to rapidly bring new products onto Figma’s browser-based platform and our belief that design spans far beyond a single step or role. We take this expansive view because design is more than how something looks, or even feels; design is also how something works — and in today’s increasingly digital-first world, what sets brands and companies apart. As AI makes software much easier to create, and as organizations across industries and geographies continue to invest heavily in digital transformation, better-designed digital products and experiences have become even more critical to a company’s success. That’s why 95% of the Fortune 500 and 78% of the Forbes Global 2000 used Figma in March 2025. These companies understand deeply that great design is what attracts and wins user loyalty, especially in a world where a business’ interactions with its customers are increasingly digital. Figma has been fortunate to play a part in, and benefit from, the growing global movement to elevate design and the craft of building software. Millions of people use Figma every week, often for hours a day, and as more users have come to our platform, our business has grown. (1) We define monthly active users as the number of unique users that access at least one of our products during a given month. A Paid Customer typically includes multiple unique users. When reporting monthly active users during a quarter or other period of time, we report the number of monthly active users during the month with the highest number of active users during such period. --- We were incorporated in the State of Delaware in October 2012. Our principal executive offices are located at 760 Market Street, Floor 10, San Francisco, California 94102. Our telephone number is (415) 890-5404. Our website address is www.figma.com.
Post-IPO economic shares by class, valued at the offer midpoint.
| Class | Shares | % Economic | Est. value |
|---|---|---|---|
Class A Common Stock one vote per share; full economic rights; public float class | 124.16M | 26.9% | $4.1B |
Class B Common Stock ten votes per share; converts to Class A on transfer or at IPO | 90.75M | 19.7% | $3.0B |
Convertible Preferred Stock converts to Class A common stock at IPO (Capital Stock Conversion) | 246M | 53.4% | $8.1B |
| Total economic shares | 460.9M | 100% | $15.2B |
Figma, Inc. annual income statement and balance sheet, FY 2023 to FY 2025, as reported in SEC filings.
| Metric | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|
| Revenue | $505M | $749M | $1.1B |
| Gross profit | $460M | $661M | $870M |
| Operating income | ($73.5M) | ($877M) | ($1.3B) |
| Net income | $738M | ($732M) | ($1.3B) |
| Metric | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|
| Total assets | — | $1.8B | $2.3B |
| Total liabilities | — | $469M | $838M |
| Total equity | $1.0B | $1.3B | $1.5B |
| Cash & equivalents | $1.3B | $487M | $403M |