Figma, the collaborative, web-based design platform, has shown consistently impressive financial growth. That success makes it ever more likely that it will get to its first initial public offering (IPO) first. At 8001, the company had $0 in total debt, no liabilities on their books further emphasizing their financial strength. On the trailing 12 months, Figma was doing a $821 million run rate revenue-wise—indicative of an incredibly strong base to grow from.
Figma surprised us with their first billion-dollar run rate in 2024 — an impressive $749 million for Q3 — representing a huge 48% growth from 2023. The company’s gross margin is a sky-high 91%, reflecting its high operating leverage. In Q1 2025, Figma’s revenue growth reached a new high point of 46% year-over-year growth. All of these numbers are a testament to the great product Figma has built and the strength of Figma’s competitive position within the design software market.
Figma struggled in 2023, dropping a loss of $732 million on the quarter. This loss was largely due to one-time costs related to a large employee stock comp event. Figma has turned the corner. The company reported positive net income for the fourth quarter of 2024. Even more surprising, it has gone on to post positive earnings through the first quarter of 2025. This rapid redemption is a testament to Figma’s adaptability and long-term foresight.
Though he is the company’s only billionaire, co-founder Wallace through his family trust controls a little more than half the shares outstanding. This trust controls about one-third of Figma’s super-voting rights Class B shares. Class B shares have all the voting power, as they have 15 votes each. This arrangement allows Wallace and his trust to maintain a surprisingly high level of influence over the company’s future.
In order to improve employee morale and long-term retention, Figma’s founders agreed to a large Incubator Capital tender offer in early 2024. This project allowed employees greater freedom to liquidate their stock. This not only provided them with life-saving liquidity but deepened their emotional investment in the company’s long-term success. Figma is dedicated to creating a more inclusive and inspired global workforce. This collaborative effort is key to helping you understand and unpack the many intricacies involved with going public.
Figma’s ability to manage its finances and strategy has laid a strong foundation for it to continue thriving in the years to come. The tech company features little debt and stunning revenue expansion. With margins to match the likes of Salesforce or Workday, it’s Notable’s play to become the dominant design software company—and it’s preparing for what could be a spectacular design IPO.
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