The design world’s favorite collaboration tool is on the cusp of going public. Figma, the web-first UI and product design platform, is expected to launch its IPO as early as 2025 or 2026, following the collapse of Adobe’s (ADBE) failed $20 billion acquisition bid. The listing is one of the most anticipated in the SaaS space since Zoom’s (ZM) blockbuster debut.
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Figma hasn’t set a date, but the pressure is building. The IPO market is showing signs of life again after two slow years. And Figma’s fundamentals — including a user base of over 4 million and reported revenue near $600 million annually — make it one of the few breakout software candidates ready for prime time.
Adobe Deal Collapsed, Independence Is Now the Pitch
Regulators blocked Adobe’s $20B takeover of Figma in late 2023, citing antitrust concerns in both the US and UK. Instead of weakening Figma, that collapse gave it a clearer narrative: this is a company strong enough to go it alone.
Now that the regulatory dust has settled, Figma is positioning itself as a future kingmaker in collaborative design. Its dominance in product workflows, particularly for globally distributed teams, gives it leverage few other SaaS firms enjoy.
IPO Timing Will Depend on Market Mood and Growth Metrics
Figma’s management appears to be watching market sentiment before pulling the trigger. If macro conditions hold steady and appetite for SaaS names continues to rise, the listing could land in late 2025.
Still, profitability may be a hurdle. Figma is growing fast, but like many private tech companies, it may wait to show a clear path to earnings before ringing the opening bell. Institutional buyers will be watching metrics like net revenue retention and gross margin closely.
Figma’s Business Model Is Built for Margin and Scale
Figma runs a freemium model, offering a generous free tier for individuals and charging enterprise clients for added features, security, and collaboration tools. FigJam, its whiteboarding platform, has also been monetized via bundled team plans.
This SaaS structure gives Figma high recurring revenue and sticky user engagement. Enterprise adoption, especially by Fortune 500 firms, locks in multi-year contracts and deeply embeds Figma into a company’s tech stack.
What Could Shake the Stock Post-IPO?
Even with all the momentum, Figma’s stock won’t be immune to volatility. Broader tech sentiment will be key. A strong SaaS rally could lift it, while weak early earnings might trigger a slide.
Competition also looms large. Adobe is still dominant in the creative space. Canva is scaling fast. And open-source options continue to nibble at the low end. Figma’s ability to keep shipping features, integrate AI tools, and monetize FigJam will be crucial for defending market share.
If Figma shows it can move from beloved tool to enterprise juggernaut, it could justify a rich valuation. But the market won’t give it that status for free.
How to Trade Figma Once It Lists
Investors will be able to trade Figma shares directly once they’re listed on a US exchange, or speculate on price moves via contracts for difference (CFDs) on platforms like Capital.com. This approach allows traders to go long or short depending on price action, without owning the underlying shares.
Early IPOs can be volatile. Setting clear risk parameters and watching key metrics like revenue growth and enterprise adoption will be essential for anyone looking to position early.
Compare Other SaaS Giants with TipRanks Stock Tools
While you wait for Figma to hit the market, investors can explore comparable SaaS stocks already trading. Adobe (ADBE), Atlassian (TEAM), Dropbox (DBX), Asana (ASAN), and Zoom (ZM) all operate in adjacent spaces and offer useful reference points on valuation, margin structure, and user growth.
Using TipRanks’ Stock Comparison tool, you can evaluate these names side-by-side by metrics like analyst consensus, earnings forecasts, profitability, and risk factors. Click below to explore the tools and see how Figma might stack up once it enters the public arena.
