Figma's IPO Has a Paper Valuation of $16.5 Billion, but Analysts Are Pricing in a Premium

TradingKey - On Monday, July 21, cloud-based design platform Figma announced it plans to sell approximately 37 million shares at $25–$28 per share, raising around $1 billion and potentially valuing the company at $16.5 billion.

Sources familiar with the matter said that Figma’s IPO is expected to be priced by the end of this month.

Following the successful listings of Circle and CoreWeave earlier this year — both of which saw their shares more than double post-IPO — investors are now eagerly anticipating a similar market surge for Figma.

As one of the most anticipated tech IPOs of 2025, Figma’s public debut could become one of the largest U.S. software listings this year, and may help revive momentum for long-dormant software sector IPOs.

A Comeback After the Adobe Deal

Figma’s current valuation is lower than the $20 billion price tag Adobe once agreed to pay in 2022 — a deal later blocked by regulators. The Financial Times noted that Figma’s listing will serve as a key test for the venture-backed startup IPO market, which has only recently begun recovering after years of stagnation.

Despite what appears to be a conservative public offering valuation, Bloomberg analysts believe Figma could trade above its previous private-market peak.

Recent estimates suggest Figma could achieve an IPO equity value of around $21 billion, driven by:

• Limited direct competition
• Above-average adjusted gross margins
• Strong revenue growth (46% YoY in Q1)
• High customer retention

Crypto Appeal Adds Hype

As previously reported by TradingKey, Figma’s pro-crypto stance could give it an edge in investor sentiment.

According to its regulatory filings, Figma invested $70 million in Bitcoin ETFs in Q1 2025 and has approved an additional $30 million allocation to purchase Bitcoin.

This crypto exposure has already drawn attention on social media platforms — positioning Figma not just as a SaaS play, but as part of the broader digital asset narrative.