When the opening bell rang on the New York Stock Exchange this morning, designers and investors alike tuned in to watch Figma (ticker: FIG) make its much-anticipated debut. The collaborative design platform priced its shares at $33 each—comfortably above its upward-revised range of $30 to $32—and ended the day valued at roughly $19.3 billion, after raising about $1.2 billion in new capital. In doing so, Figma not only outpaced its own expectations but also underscored the market’s renewed appetite for high-growth, software-as-a-service (SaaS) listings.

Behind that headline number lies a tale of overwhelming investor demand. According to people familiar with the matter, the offering was roughly 40 times oversubscribed, with would-be buyers lining up for every share the company put on the block. In total, Figma sold 12.47 million new shares to raise approximately $411.7 million in fresh proceeds, while early backers and employees sold another 24.46 million shares, netting about $807.3 million for existing stakeholders.

Financials that fueled the frenzy have been equally impressive. For the quarter ending March 31, Figma reported revenue of $228.2 million—a 46% jump year-over-year—and net income of $44.9 million, more than triple the prior-year figure. With gross margins north of 91%, the company has made clear its capacity to scale without sacrificing profitability, hitting the sweet spot public investors crave in SaaS names.

Yet Figma’s value proposition goes beyond the numbers. The platform boasts some 13 million monthly active users and counts 95% of Fortune 500 companies among its clientele. From Netflix to Airbnb and Duolingo, product and design teams rely on Figma’s real-time collaboration features to prototype, iterate, and ship interface designs without the headaches of version control.

A critical chapter in Figma’s backstory is the scuttled $20 billion acquisition by Adobe in 2022. Forced to abandon the deal by regulators in Europe and the U.K., Adobe paid a $1 billion breakup fee that fattened Figma’s war chest and arguably set the stage for today’s triumph. “At some point, we’re going to be a public company. And the question is, well, why not now?” Figma co-founder and CEO Dylan Field told CNBC in an on-camera interview today, reflecting on how the failed merger ultimately liberated the company’s ambitions.

Wall Street’s cheer for Figma comes at a moment when the broader IPO market is showing signs of revival after a multi-year lull. According to Renaissance Capital, there have been 123 U.S. IPOs priced so far this year, a 48% increase compared to the prior year, even as deal proceeds to date remain below long-term averages. Figma’s blockbuster debut—only the fifth IPO in 2025 to top $1 billion raised—could well serve as the bellwether that encourages other high-growth, VC-backed firms to test the public waters.

Indeed, market observers have their eyes on companies like Canva, Databricks, and Netskope, all of which have hinted at potential IPO filings. “Figma stands out even among recent high-growth software debuts,” says Derek Hernandez, senior analyst at PitchBook Data. “It has both scale and earnings, and its narrative—built on collaboration, AI integration, and a dramatic regulatory detour—is exactly the story investors want to own.”

On the AI front, Figma isn’t standing still. At its Config 2025 conference in May, the company rolled out four new AI-driven product lines—including “Figma Make,” an AI prototype-and-code generator powered by Anthropic’s Claude 3.7, and “Figma Buzz,” a marketing content creator aimed at brand teams—that signal how deeply the startup is embedding machine learning into its workflows.

Still, Figma’s path forward isn’t without hurdles. In its IPO prospectus, the company warned of intensifying competition, particularly from incumbents like Adobe pushing aggressive AI-powered features of their own, and from nimble newcomers looking to unbundle the designer’s toolkit. But for today, at least, the market’s vote of confidence seems emphatic. Shares were indicated to start trading well above the IPO price, with some data suggesting an opening in the mid-$90s, potentially valuing the company at near $60 billion in the first minutes of trading.