Design software firm Figma disclosed its financials on Tuesday, drawing it closer to finalizing its initial public offering (IPO). While some details like the number of shares offered, and their price are missing, the regulatory filing provides the clearest view yet of the company’s financial health and potential. According to IPO experts Renaissance Capital, Figma could raise up to $1.5 billion with this offering.
According to the S-1 filing, Figma’s financials are impressive. The company brought in $749 million in revenue in 2024, a 48% jump from 2023. Figma’s revenue continued to rise in the first quarter of 2025 with 46% year-over-year growth. The company reported rolling 12-month revenue as $821 million, with a 91% gross margin.
Figma reported profits in the fourth quarter of 2024, as well as the first quarter of 2025. This came after the company faced huge losses in 2023, largely due to one-time expenses related to a major employee stock compensation event. The company had first become profitable in 2023.
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The S-1 document also revealed that co-founder Evan Wallace, who left Figma in 2021, has given CEO Dylan Field full voting rights and control over his shares. Wallace’s family trust holds about one-third of the super-voting rights Class B shares (15 votes per share, Figma says). All told, the S-1 discloses that Field, pre-IPO, controls about 75% of the voting rights.
Figma originally filed for an IPO in April. Its new filing reveals Figma’s revenue spiked to $228.2 million from $156.2 million when compared to the same time last year. Figma expanded its library of tools to include features for website building, AI coding, branded marketing, and digital illustration this year. It has also started letting AI models gain access to its design servers to make coding more efficient.
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“We’re already investing heavily in AI and we plan to double down even more in this area. AI spend will potentially be a drag on our efficiency for several years, but AI is also core to how design workflows will evolve going forward,” Field said.
Figma also noted in the regulatory document, “While we have made, and expect to continue to make, significant investments to integrate AI including generative AI into our platform, AI technologies are rapidly evolving and there can be no guarantee that our products will remain competitive as new AI technologies are developed, adopted, and integrated into software solutions.”
If Figma’s IPO meets expectations, it could match or beat CoreWeave’s IPO. At $1.5 billion, CoreWeave’s has been the biggest tech IPO of 2025 so far, though it turned out to be lower than what was expected.