Form S-1. Malleable software. Config identity.
Figma Files Registration Statement for Proposed Initial Public Offering
Figma’s Form S‑1 submitted to the SEC in April is now available to the public. The number of shares to be offered and the price range for the proposed offering have not yet been determined.
SEC Form S-1
Lots of fascinating details that were not shared publicly before. Figma’s last 12 months (LTM) revenue is $821M, so most likely they will cross $1B in revenue in 2025. Maintaining 46% YoY revenue growth at this scale is nuts. 76% of customers use 2 or more products, and 2⁄3 of users are non-designers — Figma is no longer just a design tool. The entire form is hundreds of pages long, so it will take a while to read in full.
Figma filed for their IPO (and revealed EVERYTHING)
Theo explains why Figma is going public, why now, and what risks they’re facing.