Figma’s IPO Soars to $47B After Iconiq Seed Investment

On October 27, 2025, Figma made its much-anticipated public debut, pricing its shares at $33 and closing at $115.50. This rally propelled the collaborative design platform to a $47 billion market cap, underscoring its rapid ascent from a browser-based startup to an industry leader.

From Seed Curiosity to Public Triumph

Iconiq’s Will Griffith first met 19-year-old Dylan Field in 2013, thanks to an introduction by LinkedIn’s Jeff Weiner. At that point, Figma’s co-founders Field and Evan Wallace were working out of a small Palo Alto apartment, experimenting with WebGL graphics in the browser. Griffith recalls thinking: “It was insane.”

• In 2013, two founders and a dog demoed revolutionary browser-based graphics in a Palo Alto apartment.
• Seed shares were priced at $0.0878 each, even before Iconiq officially had a venture fund.
• Figma raised about $332 million in venture funding from seed through 2024, with Iconiq participating in every round.
• The platform’s devoted community is evident at user conferences—15,000 attendees and countless Figma tattoos.

Navigating an Oversubscribed IPO

Figma’s IPO was 40 times oversubscribed, illustrating immense demand but also raising concerns about supply constraints. Large institutions need sufficient float to execute sizable trades; too few shares can inflate prices or leave the company under-valued if early gains fade. Existing investors, including Iconiq, largely held onto their stakes.

Iconiq marked this milestone with its own office celebration: a first-day closing-price prediction contest. Winners can earn cash bonuses or even trips, reflecting the firm’s culture of engagement and collaborative spirit built around long-term partnerships.

For Griffith, Figma’s IPO is a significant waypoint but not the finish line. He praises Dylan Field’s enduring vision and authenticity from seed to public markets. On IPO day, Griffith was already meeting the next generation of founders—ready to spot the browser-born innovators transforming industries.