Figma Eyes IPO After $20B Adobe Deal Collapses – What’s Next for the Design Giant?

Figma’s $20B Adobe merger is dead—now it’s betting on Wall Street’s appetite for design tools. Here’s the inside scoop.

From Acquisition Target to IPO Contender

When regulators killed Adobe’s blockbuster buyout, Figma didn’t just mourn—it pivoted. Now, insiders whisper the design platform is prepping its own market debut. Because nothing mends a broken deal heart like going public at a juicy valuation.

The $20B Question

Can Figma justify its Adobe-era price tag as a standalone company? Bulls point to its sticky user base and collaboration moat. Bears smirk about ‘2025’s most anticipated bag-holding opportunity.’ Either way, bankers are already sharpening their pitch decks.

Wall Street or Bust

One thing’s certain: after tasting a $20B payday, Figma won’t settle for spare change. Watch this space—the coming months will reveal whether it’s the next Canva or just another cautionary tale about Silicon Valley’s monopoly math.

TLDRs;

• Figma has filed for an IPO and will trade under the ticker “FIG” on the NYSE.
• The move follows the collapse of Adobe’s $20 billion acquisition deal due to regulatory hurdles.
• Revenue surged 46 percent year-over-year, fueled by AI-driven product expansion and growing enterprise adoption.
• CEO Dylan Field says AI remains central to the company’s future, even if it temporarily slows operational efficiency.

Figma, the collaborative interface design platform once poised for a $20 billion acquisition by Adobe, has officially filed for an initial public offering.

The San Francisco-based company will be listed on the New York Stock Exchange under the ticker symbol “FIG,” signaling a bold step toward greater independence after the collapse of one of tech’s most closely watched merger attempts.

The MOVE comes nearly two years after Adobe announced plans to buy Figma, a deal that was eventually called off in 2023 following regulatory pushback from both the European Union and UK watchdogs. With the acquisition shelved, Figma now finds itself at a critical inflection point, charting its own course in an increasingly competitive landscape.

Strong growth power the IPO

Figma’s financials underscore its growing market clout. Revenue ROSE sharply to $228.2 million in the first quarter of 2025, up from $156.2 million in the same period the previous year. The company has grown beyond its original design collaboration niche, with tools now catering to developers, marketers, and content creators. Recent product expansions include no-code web development, AI-generated coding assistance, and brand marketing tools.

CEO Dylan Field, who co-founded Figma in 2012, acknowledged the strategic shift in the company’s S-1 filing. He emphasized that while increased spending on AI could weigh on near-term efficiency, the technology is vital to the platform’s future.

“We’re already investing heavily in AI and we plan to double down even more in this area,” Field wrote, noting that AI will shape how design and development workflows evolve in the coming years.

Post-Adobe momentum becomes Figma’s launchpad

The failed Adobe acquisition may have unexpectedly worked in Figma’s favor. By remaining independent, the company avoided a potentially lengthy antitrust process and maintained full control over its innovation roadmap. In fact, Figma received a $1 billion termination fee from Adobe, which has reportedly helped accelerate its AI and R&D investments.

Market analysts believe that Figma’s independence enhances its appeal as a standalone tech leader. With over three-quarters of Fortune 2000 companies using its tools, Figma has scaled rapidly and carved out a defensible position in the enterprise software market. The upcoming IPO could offer the company fresh capital to deepen product development and fend off increasing competition from rivals like Adobe’s Firefly AI and startups in the no-code space.

AI and collaboration drive Figma’s future vision

Figma’s evolution is no longer just about design. The platform is becoming a broader productivity suite, with AI tools now embedded throughout its ecosystem. New features such as Figma Make, which turns design prompts into code, and First Draft, an AI assistant for layout ideation, have broadened the platform’s appeal. Notably, 67 percent of the company’s recent revenue growth is now coming from non-design roles, a sign of Figma’s growing relevance beyond its original user base.

The IPO market has been showing signs of recovery in 2025, with several tech firms making successful debuts. For Figma, timing may prove advantageous. Investors looking for high-growth cloud and AI exposure could find the company an attractive play, especially given its clean balance sheet and strong brand.

That said, Figma’s decision to go public marks a new chapter in the battle for dominance in collaborative software. While the collapse of its merger with Adobe closed one door, the IPO opens another, offering the company greater flexibility, investor backing, and a chance to shape the next era of digital creation.