Figma Inc. (NYSE: FIG) went public on July 31, 2025, pricing at $33 and raising approximately $1.22 billion by selling around 36.94 million shares. Demand was enormous – oversubscribed about 40×.
The stock opened at $85, hit an intraday high of around $124.63 (nearly +277%), and closed at $115.50, representing a 250% gain and boosting Figma’s market capitalization to roughly $67 billion by day’s end. This sets a new record for U.S. IPOs raising over $500 million.
The stock is trading at $127 in pre-market at the time of writing, up 9.96% from yesterday’s closing price of $115.50.
Financially, Figma’s Q1 2025 revenue was $228.2 million, up 46% year-over-year, with net income of $44.9 million. It reported 13 million monthly active users and claimed usage by ~95% of Fortune 500 companies. At its IPO price, the valuation was $19.3 billion, comparable to the previously proposed $20 billion acquisition by Adobe – an earlier deal terminated due to regulatory concerns in late 2023. Figma received a $1 billion breakup fee from Adobe.
Circle Internet Group (CRCL) IPO: A Crypto Counterpoint
Circle, issuer of the USDC stablecoin, launched its IPO on June 5, 2025, pricing at $31, raising around $1.1 billion, and oversubscribed approximately 25×. It opened near $69, closed the first day at $83.23 (a 168% gain), and hit $123.49 the next day (~300% gain), before trading near $150+ within weeks.
Also Read – The Very First Post You Should Read to Learn Cryptocurrency
Figma’s IPO action is somewhat similar to the CRCL IPO launched in 2025, which also raised over $1 billion and had a strong debut and investor craze. Both IPOs were significantly oversubscribed, reflecting strong market demand during the 2025 tech IPO resurgence.
Adobe’s IPO: Perspective from the 1980s
Adobe Systems went public on August 20, 1986. Its split-adjusted IPO price was around $0.17, closing at $0.22, a modest ~29% gain. In contrast to Figma’s dramatic trajectory, Adobe’s debut was more restrained, reflecting different market dynamics in the 1980s. Adobe eventually grew to a behemoth – $158 billion market cap – through gradual expansion via its software suite.
Adobe’s failed bid to acquire Figma in 2022 highlights the shift: Figma’s standalone valuation post-IPO (~$67 billion) significantly surpasses the scuttled deal value, underscoring the company’s modern strength.
Figma vs. Circle vs. Adobe: Summary Table
| Metric | Figma (FIG) | Circle (CRCL) | Adobe (1986) |
|---|---|---|---|
| IPO Price | $33 | $31 | ~$0.17 (split-adjusted) |
| First-Day % Gain | ~250% (closed $115.50) | ~168% (closed $83.23) | ~29% |
| Peak Intraday Gain | ~277% | ~300%+ (two-day high ~$123) | — |
| Capital Raised | ~$1.22 billion | ~$1.1 billion | Small, modest float |
| Oversubscription | ~40× | ~25× | Nan |
| Revenue Model | SaaS (Design platform) | Stablecoin interest/reserves | Traditional software sales |
Can Figma’s Rally Persist?
Drivers That Support Continued Momentum
- Massive demand & tight float: The 40× oversubscription and limited share supply sustained the initial pop.
- Strong fundamentals: Reliable revenue base, significant MBU growth (~13 M users), and major enterprise penetration (~95 % of Fortune 500) provide a stable foundation.
- AI powered innovation: Launch of tools like Figma Make, Dev Mode, Figma Sites, and Buzz provide differentiation in AI-enhanced design workflows.
- IPO market revival: Figma joins a string of successful tech IPOs in 2025, signalling renewed investor appetite.
Risks That Could Trim Gains
- High valuation: The ~$67 billion cap equates to ~11× next‒twelve-months revenue – premium for SaaS.
- Lock‑up expiry: Around 180 days post-IPO (~late January 2026), insider sales could increase supply and pressure prices.
- Competitive dynamics: Adobe’s entrenched position and emerging AI-backed design offerings could challenge growth.
- Economic headwinds: Macroeconomic risks – tariffs, rising rates, or market volatility—may impact market sentiment.
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