Design software firm Figma made a splashy entrance onto the New York Stock Exchange on July 31, 2025, with its stock price skyrocketing in a debut that signals renewed investor appetite for tech IPOs.
The San Francisco-based company raised $1.2 billion in its initial public offering by pricing 36.9 million shares at $33 apiece. Trading under the ticker symbol FIG, Figma’s stock opened at $85 on the NYSE – more than double its IPO price – and briefly spiked above $100 within minutes of trading.
This 158% surge on day one valued the collaborative design startup at roughly $50 billion, far exceeding the valuation it would have had under a previously planned acquisition by Adobe.
IPO Raises $1.2 Billion Amid Strong Demand
Figma’s offering was met with intense investor interest. The IPO was reportedly around 40 times oversubscribed, reflecting huge demand for a piece of the company. Originally, Figma had expected to price shares in the $25–$28 range, later lifting that to $30–$32 due to high interest.
In the end, the company priced at $33 per share, at the top-end and above initial expectations, to raise approximately $1.22 billion in total. Notably, a majority of the 37 million shares sold came from existing shareholders rather than new issuance – meaning most IPO proceeds went to early investors cashing out rather than into Figma’s coffers.
The NYSE debut marks the largest U.S. venture-backed tech IPO by market capitalization since 2021, when electric automaker Rivian went public. It also dwarfs Figma’s last private valuation; at the IPO price, Figma was valued around $19–20 billion, already matching the price tag of an aborted takeover deal by Adobe.
Shares Skyrocket in Market Debut
Investor enthusiasm translated into a soaring share price once Figma hit the public market. The stock opened at $85 per share on Thursday morning, more than doubling its IPO price. Within the first hours of trading, Figma’s stock climbed even higher – topping $100 at one point – before settling back slightly. This early performance gave Figma a market capitalization north of $40 billion (approaching ~$50 billion at peak).
For context, that valuation is nearly double the $20 billion that software giant Adobe had agreed to pay for Figma in a 2022 buyout deal. That deal was scrapped in late 2023 after U.S. antitrust regulators objected, prompting Figma to remain independent and pursue a public listing instead. By easily eclipsing Adobe’s offer price on the open market, Figma’s debut underscores how bullish investors have become about the company’s prospects on its own.
Market watchers see Figma’s successful IPO as part of a broader revival in tech listings. After a dry spell that lasted through 2022 and 2023, the U.S. IPO market has been gradually thawing. In fact, 2025 is on track to end a nearly three-year drought for high-profile tech offerings. “Fast-growing software IPOs have been extremely rare during the past three years, so deals like this tend to get a lot of attention,” noted Matt Kennedy, a strategist at Renaissance Capital
