Figma Inc., a design software company, priced its initial public offering (IPO) at $33 per share on July 31, 2025, valuing the company at approximately $19.3 billion. The IPO raised $1.2 billion and was 40 times oversubscribed. Shares began trading on the New York Stock Exchange under the ticker $FIG and opened at $85, representing a 158% increase over the IPO price. During its first day of trading, Figma's stock surged over 200%, reaching a market capitalization exceeding $45 billion. The stock continued to climb, peaking at above $117 per share, a 250% gain from the IPO price and a valuation near $68 billion. This performance marked one of the most dramatic IPO debuts in recent years and was the largest venture-backed IPO by market capitalization for a U.S. tech company since Rivian in 2021. Notable investors such as Cathie Wood's ARK Invest purchased 60,000 shares during the IPO. However, after the initial surge, Figma's shares experienced a decline, dropping as much as 27% by August 4, 2025, trading around $88.60, with a fully diluted valuation of approximately $56 billion. The IPO followed the disallowed $20 billion takeover attempt by Adobe in 2023 due to antitrust concerns. CEO Dylan Field reportedly chose the $33 IPO price to include long-term institutional shareholders. The IPO has generated substantial returns for early investors, including Index Ventures, Greylock VC, Kleiner Perkins, and Sequoia, with gains in the billions. The Figma debut has reinvigorated the tech IPO market amid a broader resurgence in public listings.