Figma publicly shared its financials Tuesday, inching the design software company closer to an IPO. And while this initial S-1 is missing details such as number of shares to be offered and what price, the regulatory filing provides the clearest view yet of its financial health — and potential.

IPO experts Renaissance Capital estimate that Figma could raise up to $1.5 billion in this offering. If it does meet or exceed that, Figma’s IPO will match or beat CoreWeave’s, which raised $1.5 billion and has been the biggest tech IPO of 2025 so far.

There are some reasons to believe that Figma could pull it off. Its financials are impressive, per the S-1 filing.

The company brought in $749 million in revenue in 2024, a 48% jump from 2023. Figma’s revenue continued to rise in the first quarter of 2025 with 46% year-over-year growth. The company reported rolling 12-month revenue as $821 million, with a 91% gross margin.

Figma’s profit is interesting, too. The company was profitable in 2023 and then swung to a giant loss of $732 million in 2023. But this was largely due to one-time expenses related to a major employee stock compensation event. (Figma issued 10.5 million stock options, with a strike price of $8.50 per share to eligible employees, it said.)

By the fourth quarter of 2024, Figma reported profits again, as it did in Q1 of 2025.

Figma has also calculated its total debt to be so negligible that it reports it has none. But again, this is a line item that needs to be filled in. The company, naturally, has a revolving debt line, and left room to update its total debt in association with that.

We also don’t know yet if any of the executives or VCs will be selling shares. Major backers include Index, Greylock, Kleiner Perkins, and Sequoia.

We do know that in 2024, executives took part of a big tender offer that allowed employees to cash out of shares. For instance, Figma co-founder CEO and chairman Dylan Field cashed out of $20 million worth of shares as part of that sale.

The S-1 document made another interesting disclosure, about co-founder Evan Wallace, who left Figma in 2021, according to his website. Wallace is named in the documents as a co-founder. However, Figma says Wallace has given Field full voting rights and control over his shares. Wallace’s family trust holds about one-third of the super-voting rights Class B shares (15 votes per share, Figma says). All told, the S-1 discloses that Field, pre-IPO, controls about 75% of the voting rights.

The financials certainly look like the kind of company that Wall Street and retail investors typically like to buy. The one black cloud, if you can call it that, is the rise of vibe coding/designing AI apps. Upstarts like Lovable are targeting Figma’s market and growing fast. Figma, though, has its own set of AI products as well.

Figma acknowledges in the S-1 the risks of failing to stand out in a competitive AI industry.

“While we have made, and expect to continue to make, significant investments to integrate AI, including
generative AI, into our platform, AI technologies are rapidly evolving and there can be no guarantee that
our products will remain competitive as new AI technologies are developed, adopted, and integrated into
software solutions,” the company says in the regulatory document.