Figma files S-1 as it heads toward IPO after Adobe deal collapse
Apr 16, 2025
Key Points
- Figma files S-1 to go public after abandoning its $20 billion Adobe acquisition, which regulators blocked over antitrust concerns in December 2023.
- CEO Dylan Field positions Figma as a collaboration-first design platform competing on speed and usability rather than feature depth against Adobe's Creative Suite.
- The company raised $500 million across Series D and E rounds at valuations up to $12.5 billion, now testing whether public markets support a standalone premium valuation.
Summary
Figma filed its S-1 to go public, pivoting away from Adobe's failed acquisition attempt. Adobe and Figma announced the $20 billion deal in September 2022 but abandoned it in December 2023 after antitrust authorities in the U.S. and U.K. blocked the combination on competition grounds.
Figma now proceeds as an independent company. CEO Dylan Field has positioned Figma as the collaboration layer for design work, competing with Adobe's Creative Suite on speed and usability for distributed teams rather than feature depth.
Figma raised $200 million in a Series D at $10 billion valuation in 2021, followed by $300 million in a Series E at $12.5 billion in 2023, just before the Adobe announcement. The company ranked among the highest-valued privately held software firms before the acquisition attempt.
Public markets have warmed to SaaS and developer tools over the past year, improving timing relative to 2024's tech slowdown. Figma's S-1 will disclose revenue, unit economics, and growth rate, revealing whether the company can justify a premium valuation independent of Adobe's strategic rationale.