Figma Plans $1.5B IPO – Because Why Not Monetize a Rollercoaster of Losses, Stock Splurges, and AI Anxiety?

Figma has filed its S-1 with the SEC, officially kicking off the countdown to one of the year’s most hyped tech IPOs.

The design software darling revealed 2024 revenue of $749 million, up 48% from 2023, with a gross margin of 91%.

First-quarter 2025 revenue rose another 46% year-over-year, with rolling 12-month revenue hitting $821 million.

Despite reporting profits in 2023 and again in late 2024 and early 2025, Figma also disclosed a staggering $732 million loss last year due to a massive stock compensation spree.

That windfall included 10.5 million stock options issued at $8.50 per share, generously rewarding employees as the company hemorrhaged cash.

Co-founder and CEO Dylan Field conveniently cashed out $20 million worth of shares in 2024, thanks to a tender offer.

Meanwhile, co-founder Evan Wallace—who exited in 2021—retains one-third of the super-voting Class B shares through a family trust but has handed full control to Field.

Altogether, Field controls around 75% of Figma’s voting rights heading into the IPO, which is expected to raise up to $1.5 billion.

This would put Figma neck-and-neck with CoreWeave for the title of 2025’s biggest IPO, because apparently the market loves a good financial seesaw.

Despite reporting zero debt, Figma admits the real number could change depending on how it tweaks its revolving credit.

The S-1, of course, leaves out critical IPO details like share count or pricing—because suspense is the new transparency.

Venture backers include Index, Greylock, Kleiner Perkins, and Sequoia, though it remains unclear who among them plans to cash out.

Figma acknowledged the growing threat of AI-powered design upstarts like Lovable, even as it insists it’s making “significant investments” in AI.

Whether Wall Street buys into the hype or the hallucination, one thing’s for sure—Figma’s design for success is bold, bloated, and built to IPO.