Figma IPO: The Tech Market Just Got Its Balls Back

The Figma IPO on July 31, 2025, marked a significant milestone in the tech IPO landscape - a 250% pop on day one, the type of shit that makes fund managers cream their pants. $FIG priced at $33, opened near $85, then casually decided to push past $110, hitting a peak of $142.92. Its market cap exploded from $19.8 billion to almost $50 billion in a matter of hours. 

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What the Fuck is Figma Anyway?

Many of you (myself included, until about five hours of research) had no idea what Figma even was. It’s basically design software on steroids - that 95% of Fortune 500 companies can’t live without. Think of it as Canva if Canva took Tren and popped a 50 mg addy.

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Figma owns its category like Apple owns your wallet. It’s become the default tool for product teams by streamlining design, prototyping, and developer handoff in one browser-based platform. Adobe even tried to buy it for $20 billion in 2022.

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But regulators cockblocked the deal, which turned out to be a massive win for public investors. The stock is now trading at more than DOUBLE what Adobe offered. The market values Figma way more than Adobe did.

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FIG Stock: From $33 to $142 in One Day

The offering raised $1.2 billion, with $411 million going to the company itself. The demand for Figma stock was so cracked that the IPO was 40x oversubscribed. After years of IPO drought, funds were sitting on mountains of cash, and Figma gave them a reason to deploy.

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If you’re wondering whether Figma stock is worth the hype, let’s look at the actual numbers:

- 13 million monthly users (and growing)

- $749 million revenue in 2024 (up 48% YoY)

- 91% gross margins (SaaS wet dream territory)

- Actually profitable in Q1 2025 (rare as fuck in tech)

- 132% net dollar retention rate (customers are spending more, not less)

- 17% non-GAAP operating margin (they know how to run a business)

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At its peak on day one, FIG stock was trading at 70x revenue. Even at the IPO price, it was 25x revenue, the kind of valuation that makes value investors throw up in their mouths.

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Figma IPO Performance: Breaking Down the 250% Day-One Pop

The Figma IPO performance exceeded even the most optimistic analyst expectations. Trading volume hit 64.4 million shares on day one, exceeding the 42.4 million shares offered. DA Davidson labeled Figma as an “ideal IPO candidate,” which in retrospect feels like calling the sun “somewhat warm.”

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When analyzing the Figma IPO performance, it’s clear that investors are hungry for high-quality tech companies. Real revenue, strong margins, and a dominant product still move the needle. That’s good news for Canva, Netskope, and others waiting in the wings.

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The only red flag? This thing is expensive as hell. The Figma market valuation jumped from $19.8 billion to $47.1 billion in a single day of trading. At its current Figma market valuation, the company is trading at more than double what Adobe offered to pay in 2022.

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Some analysts are cautious. Figma already dominates the enterprise. To maintain growth, it’ll need to expand beyond design or grow internationally. The company knows this, they’ve launched new products like Figma Make, Sites, and Buzz to expand their suite.

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Tech IPO 2025 Landscape: Is Figma Just the Beginning?

The tech IPO 2025 landscape has been revitalized by Figma’s explosive debut. Let’s put this in context:

- Total IPOs in 2025: 201 (vs 112 previous year)

- Average first-day return for large IPOs: 24% (with Figma)

- Adjusted average return: 8% (excluding outliers like Figma)

- Venture-backed IPOs: 119 (45% YoY increase)

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Figma’s success could trigger a wave of tech IPO 2025 activity from companies that have been waiting on the sidelines. This could mark the beginning of a new IPO cycle, not because of easy money, but because companies with real financials and real customers are finally ready to list.

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More importantly, this IPO just woke up the entire tech market. It proved investors will still pay up for quality. The exceptional Figma IPO performance could set new benchmarks for SaaS company valuations.

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SaaS IPO Renaissance: How Figma Changed the Game

Bottom line: Figma isn’t just some bullshit tech IPO, it might have just woke the entire market. With Figma revenue growth at 48% year-over-year, the company has showed its ability to scale rapidly. Investors were particularly impressed by Figma revenue growth combined with its 91% gross margins.

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The projected Figma revenue growth for Q2 2025 is 39-41%, slightly lower than previous quarters but still impressive. At $50 billion, expectations are high. But with their new war chest and the kind of brand loyalty few SaaS companies achieve, they’ve got the right setup.

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Disclaimer: Not financial advice. We are not affiliated with $FIG. We don't own stock but we may buy or sell at any given moment.