Figma, the cloud-based design platform, has confidentially filed for an initial public offering (IPO) in the United States. This move follows the collapse of Adobe's $20 billion acquisition attempt in December 2023, which was blocked due to antitrust concerns. At that time, Adobe's stock fell by 41.3%. Figma's most recent private valuation was $12.5 billion, based on a secondary sale in 2024, and the company reported $600 million in annual recurring revenue as of May 2024. The timing and specific terms of the IPO have not been disclosed. The confidential filing is seen as a notable development in the tech and startup ecosystem, highlighting Figma's resilience amid market uncertainties and regulatory challenges.