After a failed acquisition attempt by Adobe, Figma is preparing for an IPO, with AI seemingly taking center stage.
Earlier this week, Figma filed an S-1 document with the U.S. Securities and Exchange Commission (SEC). Such paperwork is required by the local stock market watchdog and precedes an Initial Public Offering (IPO).
Figma now wants to present itself in an attractive light. The company states in the S-1 form that it has 13 million active monthly users and revenue of 749 million dollars for 2024, representing a growth of 48 percent compared to the previous year.
A and I
Good figures and growth potential are not the only assets Figma wants to play. The company notes that investors open their wallets as soon as someone puts the letters A and I together, so Figma tries to make it clear that AI is an essential part of the entire business plan. The entire document contains the term “AI” 148 times.
According to Figma, artificial intelligence will attract more customers who need less design experience to get started with the solution. AI prompts should help developers quickly develop interfaces. Figma does not seem concerned about AI fatigue or the risk of AI claims not always translating into revenue.
Failed Acquisition
The company wants to go public after a previous acquisition attempt by Adobe fell through. This happened at the end of 2023, after a lengthy process in which competition authorities in the EU and the UK had raised objections.
The acquisition attempt started on September 15, 2025, but ultimately failed under pressure from regulators. They concluded that Figma and Adobe are competitors in a market with few alternatives. The consolidation of the two parties would limit innovation in the market. Adobe could not demonstrate that concerns about this were unfounded.