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.

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.

Theo explains why Figma is going public, why now, and what risks they’re facing.

On July 9th, Friends of Figma chapters around the world organize a 24-hour virtual event featuring insights and experiences from makers, thinkers, and builders. Each participating Friends of Figma chapter hosts a one-hour session featuring local speakers and stories — creating a continuous, community-led experience that spans time zones and continents. The event is free and will be recorded; check out the massive agenda in multiple languages!

Ridd shares his new approach for vibe coding a side project. He treats ChatGPT as a CTO and Cursor as an engineer, with the CTO keeping all context about the project and breaking it down into chunks for an engineer to implement. I’ve been using a similar approach for a recent project with lots of moving parts and unknowns and it’s been working well. My only tip is to pick a smarter CTO in the form of an o3 model, maybe even employing Deep Research for the original plan.

“New in Dev Mode MCP Server: Annotations are included as design context. Generated code now benefits from both the structure of your design and your design intent.”

Kris Rasmussen, CTO of Figma: ​“When we announced Figma Sites at Config, we shared that we’ll be rolling out a CMS for it in the months ahead. Figma CMS will make life easier for marketers and designers who need to update website content, and Payload brings all the stuff developers love—a powerful, customizable backend for building scalable websites and apps, plus an intuitive admin panel for editors. By teaming up with Payload, we’re creating something special.”

This is huge! A few months ago, I wanted to use Framer for a marketing website but ended up recommending building a custom website only because its CMS was so lacking. When Figma announced that Figma Sites CMS is ​“coming soon”, I expected something just as barebones in the beginning. Getting a proper CMS in addition to code layers and Figma Make components makes Sites insanely customizable and powerful.

Figma acquired Payload, an open-source Next.js CMS. James Mikrut, founder of Payload: ​“Figma and Payload together can and will solve a problem that’s been bugging me (and probably all of you) for years. The gap between design and code still exists. Designers create in Figma, then devs recreate in code, then content teams struggle to maintain it all. It’s inefficient and frustrating. And historically, the CMS tends to make it worse. With Figma, we can (and will) solve these problems in new ways without compromising.”

James Mikrut, founder of Payload, also joined one of my favorite podcasts, Syntax, to chat with Wes Box about being acquired by Figma. They discuss building an open-source business, the future of UI design, AI interfaces, and what this means for the future of Payload and Figma.