Figma files for proposed IPO
> The table above does not reflect our renewed cloud hosting agreement with a third-party provider, entered into on May 31, 2025. Under the terms of the non-cancellable agreement, we committed to purchase a minimum of $545.0 million in cloud hosting services over the next five years. This renewed agreement replaces a previous agreement with the provider.
$300k/DAY AWS bill. I wonder what the "non-cancellable" savings is.
There's a president-for-life clause:
"Immediately following the completion of this offering, and assuming no exercise of the underwriters’ over-allotment option, Dylan Field, our Chair of our Board of Directors, Chief Executive Officer, and President will hold or have the ability to control approximately % of the voting power of our outstanding capital stock, including % of the voting power pursuant to the Wallace Proxy. As a result, following this offering, Mr. Field will have the ability to control the outcome of matters submitted to our stockholders for approval, including the election of our directors and the approval of any change of control transaction."
Headline financials:
FY Ended December 31, in millions except percentage
| 2023 | 2024 | YoY
---------------|--------|--------|-------
revenue | $505 | $749 | 48%
gross profit | $460 | $661 | 44%
op ex | $534 | $1,539 | 118%
net income | $738 | $(732) | (199)%
free cash flow | $1,041 | $68 | (93)%Congrats to the team here. Let it be a lesson for anyone worried that “their idea has been taken” or “there already solutions for this” out there.
From the adobe disaster to this. I am glad Adobe didn’t snuff them out. Cheers and congrats to … fig-mates? : )
To me, an IPO by them at this moment let me think that they know that they are on top of the wave and that it is better to cash-in before growth starts to stale.
They got a huge influx of users when image editing AI started to be a thing, I'm not quite sure that they haven't already conquered most of new users that could join them.
Reminds me of the Linear story. You can disrupt a set of established players by focusing on simplicity, opinionated design, and maximum performance via hardcore engineering.
Don't forget how Figma bullied Loveable from being able to use "dev mode" [1].
[1] https://techcrunch.com/2025/04/15/figma-sent-a-cease-and-des...
More and more companies are now holding bitcoin in their treasuries (including Figma according to the filling). It's interesting, but it makes a lot of sense.
Congrats Figma! It annoys me every time I open their UI, billions of dollars in revenue for a web design tool, yet still no way to export tokens natively as CSS.
It's funny its performance is touted as its biggest selling point, I find it to be painfully slow
I see this play out a lot in my country’s stock market. Where numbers are fine and all hunky dory. But in reality all increase in share prices — those meteoric rises has already happened behind the curtain which separates it from the public (and for good). And then IPO comes and the public mostly oays for the final exit.
Is this an IPO where participants (public) will make long term money of it’s already at the top and this is the final stage of “finding someone to hold the bag” and in this case eventually — the public i.e the retail trader, mostly?
Figma is an incredible product but I don’t like what they’re doing with AI. They should focus on enabling UI/UX designers to do more instead of making a glorified Dreamweaver.
Looks like I got access to it riiiiiiiight as they're gonna start gutting themselves to pay for retirement and pension funds. Awesome!
Figma has come a long way, from a blocked Adobe acquisition to now filing for an IPO.
Maybe this will finally cause designers to ditch Figma. It's a fantastic tool for designers, but it's complete shit for developers.
When they go IPO, will you guys buy it immediately, expecting it to go up? Curious what people think about the figma's future.
And the cycle continues. Who's working on the "Figma but not enshittified" at the moment?
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What Figma did in this era of anticompetitive buyouts is admirable but my mind will always think figma balls even after they IPO freely.
Anyway, congratulations to everyone at Figma and good luck.
Going public is usually terrible news for users.
That said, today it's an incredibly good design tool - worth checking out before shareholders start the enshittification process. Congrats to the devs / founders for making it all the way to an IPO!
Very predictable outcome: [0] [1]
Now prepare for price increases, lock-ins and many threads of people looking for Figma alternatives.
The ones cheering already have stock ready to dump it on the public markets on retail.
So now that Figma will be owned by Wall Street, it will only get considerably worse from here. It is now time consider and find and fund open source alternatives.
I know of excalidraw and perhaps penpot are there anymore?
So much negativity in this thread. I thought we’d be able to celebrate this one. Figma provided an alternative to the evil Adobe empire that was actually better. It’s powered by some amazing tech built originally by one of the founders. It’s still got a generous free plan. I’m happy the employees will get to cash out.
Its S-1 shows $70M held in Bitcoin ETFs, and board approval for another $30M BTC purchase via USDC!
If you’re tired of it all, and the inevitable, and you have agency, try penpot.app
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They don't link to the Form S-1 prospectus from their announcement, but it's publicly available at https://www.sec.gov/Archives/edgar/data/1579878/000162828025...
Their highlighted metrics page: $821M LTM revenue, 46% YoY revenue growth, 18% non-GAAP operating margin, 91% gross margin.
It's an incredible success story, and the engineering they did upfront (primarily led by co-founder Evan Wallace) that set the stage for their success is the stuff of legends. https://madebyevan.com/figma/ has links to numerous blog posts breaking it down, but here are some choice quotes:
> [Evan] developed the hybrid C++/JavaScript architecture for Figma's editor that made it possible to build a best-in-class design tool in the browser. The document representation and canvas area is in C++ while the UI around the canvas is in JavaScript (the team eventually settled on TypeScript + React for this). This let us heavily optimize the document representation to reduce memory usage and improve editing speed while still using modern UI technologies for fast iteration on our UI. C++ development was done using Xcode (not in the browser) to provide a better debugging environment.
> Even though the contents of Figma documents are similar to what HTML can display, Figma actually does all of its own document rendering for cross-browser consistency and performance. Figma uses WebGL for rendering which bypasses most of the browser's HTML rendering pipeline and lets the app work closely with the graphics card. The rendering engine handles curve rendering, images, blurs, masking, blending, and opacity groups, and optimizes for high visual fidelity.
> [Evan] developed Figma's multiplayer syncing protocol, worked on the initial version of the multiplayer live collaboration service (a kind of specialized real-time database), and added multiplayer syncing support to Figma's existing editing application. The initial version was written in TypeScript but [he] later ported it to Rust for improved performance and stability.
It's a great reminder that it's not premature optimization if your UI's fluidity is your distinctive feature and your calling card! And the business acumen to turn this into such a wildly successful product in the context of competitors with kitchen-sink feature lists can't be understated, either. I have an incredible amount of respect for this team, and they should inspire all of us to tackle ambitious projects.