The largest tech IPO of 2025?

The largest tech IPO of 2025? Here's everything that we know so far about Figma going public. The design platform filed its S-1 this week, offering the clearest look yet at its financials and what could become one of the biggest tech IPOs of the year. Web design tool Figma files for an estimated $1.5 billion IPO July 1, 2025 Figma, which provides an in-browser web design tool, filed on Tuesday with the SEC for an annual public offering. Originally a feature-owned tool for designing user interfaces, the Figma platform has expanded to help teams go from idea to product all in one place. Since launching Figma Design in 2005, the company has launched seven products, including its design tool, its developer tool, and its FigJam whiteboarding tool. Figma serves users in over 350 countries, and during the three months ended March 31, 2025, Figma serves users in over 350 countries, and during the three months ended March 31, 2025, approximately 90% of monthly active users were based outside of the US. The San Francisco, CA-based company was founded in 2017 and booked $821 million in revenue for the 12 months ended March 31, 2025. J.P. Morgan, Both Securities, J.P. Morgan, Both Securities, Goldman Sachs, Allen & Company, J.P. Morgan, Both Securities, Wells Fargo Securities, and RBC Capital Markets are the joint bookrunners on the deal. Reporting times were delayed. CoreWeave pulled off the largest U.S. venture-backed tech IPO in almost four years this week, with help from key supplier Nvidia. The offering didn't go as planned, with Nvidia stepping in to buy shares at $40, well below the expected price range of $47 to $55. Mar 30, 2025 Now, some estimates suggest could raise up to $1.5 billion, which would match CoreWeave's offering from earlier which was also IPO of 2025 so far. The company brought in $749 million in revenue in 2024, a 48% jump from 2023. Figma's revenue continued to rise in the final quarter of 2025 with 46% year-over-year growth. The company reported rolling 12-month revenue as $821 million, with a 91% gross margin. But they also posted a $732M net loss that year. almost entirely by a one time stock compensation expense, tied to 10.5 million options that were granted to employees. Later that same year, Figma also ran a tender offer that allowed employees and executives to sell shares. CEO Dylan Field sold $20 million worth, and now holds about 75% of the company's total voting power. That also includes shares that were delegated to him by his co-founder, Evan Wallace, who left Figma in 2021 but still owns a large portion of the super voting class B stock through a family trust. By the fourth quarter of 2024, the company had returned to profitability and remained profitable through Q1 2025. Now on the balance sheet, Figma reported no debt. It does maintain a revolving credit line, but it hasn't disclosed that amount, to update that figure later. And interestingly, the S-1 also surfaces a growing concern, which is competition from AI native design tools. But the TLDR is that solid numbers, strong founder control, and wide market adoption, But it's in a pretty crowded of AI native challengers, and the company is betting that its product and pace of execution will be enough to hold the lead.