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Figma Inc., the leading cloud-based collaborative design platform, today announced that it has confidentially submitted a draft registration statement with the U.S. Securities and Exchange Commission (SEC) for a proposed initial public offering (IPO) of its Class A common stock.

This Figma cloud startup confidential IPO filing amid market volatility marks a significant step in the company’s journey toward becoming a publicly traded entity. The number of shares to be offered and the price range for the proposed offering have not yet been determined.

The confidential submission was made in accordance with SEC regulations that allow emerging growth companies to initiate the IPO process discreetly while preparing to enter the public markets. This strategic move comes at a time when equity markets are experiencing increased uncertainty following recent geopolitical developments and economic shifts.

Figma’s decision to pursue an IPO follows its previously announced and ultimately terminated $20 billion merger with Adobe Inc. in December 2023. The deal was called off due to regulatory hurdles from antitrust authorities in the U.K. and Europe, citing competition concerns related to Figma’s innovative design software.

Founded in San Francisco, Figma has redefined the way designers and developers collaborate through its free, cloud-native platform. The company is backed by premier venture capital firms including Sequoia Capital, Index Ventures, Greylock Partners, and Kleiner Perkins. As of May 2024, Figma was valued at approximately $12.5 billion, following a successful tender offer.

Despite recent market fluctuations, Figma’s confidential IPO filing signals resilience and forward momentum. The company remains committed to empowering creators and teams globally with cutting-edge design solutions.

Due to regulatory quiet-period restrictions, Figma declined to provide further comment at this time. Legal counsel associated with the offering has not been disclosed.