Figma files for proposed IPO

(figma.com)

284 points | by kualto 10 hours ago

31 comments

  • habosa 2 hours ago
    So much negativity in this thread. I thought we’d be able to celebrate this one. Figma provided an alternative to the evil Adobe empire that was actually better. It’s powered by some amazing tech built originally by one of the founders. It’s still got a generous free plan. I’m happy the employees will get to cash out.
    • max_ 8 minutes ago
      People generally hate the wealthy unless the do some "virtue signaling".

      Virtue signaling is usually a cover for people running scams.

      Thats how we ended up with SBF and the FTX fiasco.

    • bigyabai 21 minutes ago
      I like Figma. My disappointment is that I know it's a transient tool. I grew up learning Photoshop, a tool which I now never use because it is expensive and neutered. And Sony Vegas, which is also expensive and pointless when free alternatives do the same thing. And now I can add Figma to the list of tools I learned but will likely never touch for even a free project. Which makes me sad! I like it.

      This business model isn't sustainable for individuals, so they're going to naturally be upset. If the B2B market is more lucrative for Figma then they have every right to optimize for it, but they're going to pay the cost in user goodwill. Many startups go through this process.

  • btown 9 hours ago
    They don't link to the Form S-1 prospectus from their announcement, but it's publicly available at https://www.sec.gov/Archives/edgar/data/1579878/000162828025...

    Their highlighted metrics page: $821M LTM revenue, 46% YoY revenue growth, 18% non-GAAP operating margin, 91% gross margin.

    It's an incredible success story, and the engineering they did upfront (primarily led by co-founder Evan Wallace) that set the stage for their success is the stuff of legends. https://madebyevan.com/figma/ has links to numerous blog posts breaking it down, but here are some choice quotes:

    > [Evan] developed the hybrid C++/JavaScript architecture for Figma's editor that made it possible to build a best-in-class design tool in the browser. The document representation and canvas area is in C++ while the UI around the canvas is in JavaScript (the team eventually settled on TypeScript + React for this). This let us heavily optimize the document representation to reduce memory usage and improve editing speed while still using modern UI technologies for fast iteration on our UI. C++ development was done using Xcode (not in the browser) to provide a better debugging environment.

    > Even though the contents of Figma documents are similar to what HTML can display, Figma actually does all of its own document rendering for cross-browser consistency and performance. Figma uses WebGL for rendering which bypasses most of the browser's HTML rendering pipeline and lets the app work closely with the graphics card. The rendering engine handles curve rendering, images, blurs, masking, blending, and opacity groups, and optimizes for high visual fidelity.

    > [Evan] developed Figma's multiplayer syncing protocol, worked on the initial version of the multiplayer live collaboration service (a kind of specialized real-time database), and added multiplayer syncing support to Figma's existing editing application. The initial version was written in TypeScript but [he] later ported it to Rust for improved performance and stability.

    It's a great reminder that it's not premature optimization if your UI's fluidity is your distinctive feature and your calling card! And the business acumen to turn this into such a wildly successful product in the context of competitors with kitchen-sink feature lists can't be understated, either. I have an incredible amount of respect for this team, and they should inspire all of us to tackle ambitious projects.

    • F7F7F7 8 hours ago
      I was one of their first Enterprise customers way back in 2017’ish-give-or-take.

      The brilliance of the system he built was that it allowed for real time collaboration. Which was god send from the Sketch -> Zeplin -> Invision -> Avocode (version management) ‘stack’ that lost Enterprise design orgs were using.

      Which was already a large leap from what Adobe was expecting us to do with Photoshop/Illustrator (after they depreciated Fireworks).

      Figma made handoff much easier. Made version control dead simple. Made my life as a UX leader much much better. I remembered talking to a few now-Gigantic companies back then and we all plotted the move together

      It wasn’t lost on us that Sketch is/was much much smoother with its usage of Mac OS’s native shape rendering. It’s just that the benefits far outweighed the small drop in snappiness.

      And for anyone who’s going to say “Sketch was Mac only that’s why it failed!” I assure you that had nothing to do with it. For the same reasons an entire generation of UX/UI designers stopped using Axure. But we would need to start talking about Invision 7 and Invision Studio if you wanted to get into the nitty gritty.

      • andrekandre 5 hours ago

          > It wasn’t lost on us that Sketch is/was much much smoother with its usage of Mac OS’s native shape rendering. It’s just that the benefits far outweighed the small drop in snappiness.
        
        yep, even though i personally prefer sketch, if i was running a company i'd most likely go with figma as well because of the collaborative capabilities; its just a huge productivity boost for collaborative teams
      • ericrosedev 2 hours ago
        After the Adobe/Figma deal fell through a few years ago I thought they might breath new life into XD, it's a good program that integrates with your Creative Cloud libraries. No idea why they've put it on ice, especially without Figma.
    • hiphipjorge 7 hours ago
      As a former figma engineer, let me be the first to say that Evan Wallace is, in fact, a legend. A true 100x-er. There's still parts of the codebase basically no one at Figma really understands that Evan wrote back in the day.

      One example of that is something like he adapted a shader we use internally to render font glyphs, which no one has touched ever since. The engineer who told me this had spent a few days trying to understand it and said (after having worked in this area for years) was stumped by it.

      • rudi-c 6 hours ago
        Font rendering is indeed complex, but the anecdote seems to be misleading readers into thinking Evan wrote obscure code.

        I worked extensively in the parts of the Figma where Evan wrote a lot of foundational code, and have also worked directly with him on building the plugin API.

        One of Evan's strong points as a CTO is that he was very pragmatic and that was reflected in his code. Things that could be simple were simple, things that needed complexity did not shy away from it.

        While all codebases have early decisions that later get changed, I'd say that largely speaking, Figma's editor codebase was built upon foundations that stood the test of time. This includes choices such as the APIs used to build product code, interact with multiplayer, the balance between using OOP v.s. more functional or JS-like patterns, the balance between writing code in C++/WASM v.s. JS, etc. Many of these choices can be credited to Evan directly or his influence.

        Subsequent engineers that joined were able to build upon the product without causing a spiraling mess of complexity thanks to those good decisions made early on. In my opinion, this is why Figma was able to ship complex new features without being bogged down by exploding tech debt, and a major contributing factor to the business's success as a whole.

        • poiru 1 hour ago
          +1 from another Figma engineer who happened to work on the text engine back in the day.

          I think that Evan generally wrote code that was as simple as possible — there was no unnecessary complexity. In this case there indeed is some inherent, unavoidable complexity due to the math involved and the performance requirements, but otherwise I found our text rendering pipeline very understandable.

          Evan actually wrote about it if you're curious to learn more: https://medium.com/@evanwallace/easy-scalable-text-rendering...

      • nicce 6 hours ago
        I don’t know anything about shaders and this is not personal against Evan, but if someone wrotes code that nobody understands, isn’t it bad thing and not good thing? I thought similarly (admired) many years ago, that those people are wizards and that is cool, but the older I get, less I think so. You often can write the same thing so that it is also easier for others to understand. In most cases, when we talk about compiled languages, compiler optimises it anyway, if you use some extra variables and so on.
        • sokoloff 7 minutes ago
          The first startup I worked at was in typography. Writing a full typographic rendering engine in webGL shaders is going to result in code that is difficult for others not experienced in webGL and typography.

          It’s inherently (and likely irreducibly) difficult, not accidentally difficult.

        • danielvaughn 4 hours ago
          It’s a bad thing if you make a simple thing more complicated than it needs to be.

          But there are plenty of Hard Problems out there, for which no sufficient code could be called “simple.” Plenty of aspects of font rendering fall within this bucket. It’s notoriously difficult.

        • wbl 4 hours ago
          Computer typography is a dark art. It requires understanding a whole domain with its own terminology and traditions as well as aesthetic sense, then combine that with the programming knowledge.
        • Vanclief 6 hours ago
          Exactly, I had the same issue when I was younger. I thought if I read code I could not understand was because the other dev was a legend. Now its the opposite, I am amazed by code that does its job well, its understandable and has low complexity.
      • preommr 6 hours ago
        > which no one has touched ever since. The engineer who told me this had spent a few days trying to understand it and said (after having worked in this area for years) was stumped by it.

        yikes

      • op00to 6 hours ago
        I don’t mean this to throw shade, but isn’t the whole point of writing code that someone else can understand it? I worked with some crazy smart people when I was in academia, and when one of them left it was not worth trying to maintain what they left behind because it was so often inscrutable.
        • switz 3 hours ago
          The reason to write code is to solve a problem. If the problem domain is complex, then the code to solve said problem will be inherently complex. He solved a problem.
        • com2kid 5 hours ago
          Font rendering code is a nightmare because the problem is really damn hard. Font files are complex, and actual real world usage is even worse.

          Any code that involves parsing old school binary file formats is going to look ugly to modern day developers who are used to JSON everything, even if the code is actually very well structured.

        • sowbug 5 hours ago
          Even well-written code can be hard to understand -- practically impossible, even -- if what it's doing is sufficiently complex. Cryptography and certain areas of graphics have humbled me, for instance. I followed the flow, and I appreciated the comments, but I did not understand.
          • handfuloflight 4 hours ago
            Any specific lines you can point to as examples in an open source repo?
      • Mtinie 3 hours ago
        That it works is testimony to the intelligence put towards the code. That no one else can grep it tells me it was solved in a manner which was suboptimal.

        I cannot believe Figma hired engineers who could not follow along already-tread footsteps. That’s a nonsensical assertion. Novel code may be inscrutable but the problem-solving and techniques should have been clear and repeatable by those who follow, even if they require adaptation.

      • isaacremuant 6 hours ago
        I understand where you're coming from and the admiration for someone for whom no problem is seemingly impossible.

        I wouldn't glorify "brilliant code" that much though because code should be made to be changed. If it isn't, it's a fragility trait, not a positive trait. Code that no one knows how to change is opportunity lost.

        I do understand that it may be hard to create stuff for others when you're alone and going very fast but I don't think praising it is the right idea.

        • safetytrick 2 hours ago
          I don't think changeable code is the number one priority. The goal is to solve a problem and code that solves a problem without needing to change is sufficient.

          Code that doesn't need to change is a really good sign that you've got something good.

      • andrewmcwatters 6 hours ago
        That's... not a screaming testimony, dude.
        • timcobb 6 hours ago
          > A true 100x-er
    • 1zael 8 hours ago
      Evan Wallace basically said screw it, I'm writing a custom WebGL renderer and multiplayer protocol, when everyone else was slapping together existing libraries. Most of us would have built a janky Electron app and called it a day. Instead they went nuclear on performance because that WAS their product differentiation.
      • benatkin 2 hours ago
        Hasn't he all but washed his hands of Figma? I have a hard time being interested in something that has such a painful freemium tier, tries to merge with Adobe, and trademarked "Dev Mode".
    • snickerdoodle12 8 hours ago
      > The rendering engine handles curve rendering, images, blurs, masking, blending, and opacity groups, and optimizes for high visual fidelity.

      And thats how you get designers whining that their design looks great in figma but not in a real webpage

      • YZF 8 hours ago
        Maybe the real webpage also needs a better stack and designers need to worry less about things they can't control and think more about usability and simplicity.

        I work on a large web based application, with designers, who use Figma. It's just too easy to lose the plot and come up with things that don't work well. Not because of Figma. Something about the balance between the software stack(s), the domain, the focus of designers today, the front end engineering, and product management is broken. It's interesting that Figma did (IMO) a great job at addressing the stack so they can build a product that does what they want it and then is used by so many to build products that don't always do what their customers want. Asking Figma to use the wrong stack for their product (which is what I'm reading between the lines) is not really the right answer...

        • snickerdoodle12 8 hours ago
          > Maybe the real webpage also needs a better stack

          I'll call Google and I'm sure they'll get right on aligning their browser's rendering engine with figma's

          • YZF 7 hours ago
            Is this alignment the issue with your application? Are there design alternatives that would be impacted less by some rendering engine differences?

            What about other browsers? Versions? Platforms? OS? Resolution/screen size? My huge frontend team can't handle this, even before we used Figma.

            Isn't the problem trying to get this "web platform" do something it was never meant to do? How would this be solved by Figma using a rendering engine that would grind their product to a halt?

            I'm old enough to have done a lot of native platform UI work, the web stack in many ways was a step backwards. It has obviously a lot of advantages (run anywhere) but in some ways it's more like IBM terminals on a mainframe vs. a native UI where you have full control. I (obviously) use and make web apps all the time, but they often suck, and this isn't Figma's fault.

            • zdragnar 6 hours ago
              I've been fighting the way figma interprets fonts for years. It's not too bad at my current company, but at my last company things would look great in figma but with the exact same styles applied they'd be wrong in every browser. That's the sort of thing people are complaining about here.

              I'm sure there's something fundamentally wrong with the font files. In both cases, they're not standard, widely available fonts. With that said, browsers render the fonts consistently with each other, but not Figma.

              There's also a lot of ways that figma can lead designers down the unhappy path. They'll put together two different screens that look great, wave their hands around the idea of "just make it responsive" and when you go in and look, there's nonsensical crap like absolute positioning on elements, or arrangements that don't work with block layouts and force you into convoluted grid stuff.

              Figma is clearly built to be useful for web development. It has tons of gaps that lead designers off the happy path. Take out all the "browsers / versions / os / screen size" differences from the argument; my points above would apply to any design tool built for any product. If it doesn't accurately reflect what is possible or how something is done, it's not a perfect fit.

              PS: I prefer figma over pretty much every other tool I've used. With that said, there's no pretending that it is perfect, nor any reason to deflect accurate criticism elsewhere.

              • stevage 5 hours ago
                My solution in these cases was to build prototype sites that sync in real time from the figma file. So the designer can see how their work actually looks, and treat the figma view as just a low fidelity preview.
                • notpushkin 2 hours ago
                  This is the way to go. Designers should sign off on products, not mockups.
      • tshaddox 7 hours ago
        In my experience that's rarely due to low-level rendering differences, and almost always due to the Figma design not accommodating real-world data.
      • cluckindan 8 hours ago
        This, so much this.

        I’ve been thinking about a box-first approach to design tooling. The overall layout workflow would consist only of adding boxes (block-level elements) to a blank web page, or inside other boxes. Boxes could also contain other elements like inputs, buttons, images, etc.

        • skeeter2020 6 hours ago
          Don't quite follow you, but if you're talking about a box-based layout for the web, that's a little overly simplistic as "the" layout, but is already possible. Keep in mind the historical underpinings; web documents were always more like scrolls than screens.
          • cluckindan 3 hours ago
            Not a layout, but a design tool like Figma, leveraging the default flow of elements.
            • notpushkin 2 hours ago
              Something like Webflow then?
        • chrisweekly 3 hours ago
          See https://every-layout.dev for a mind-blowingly well-thought-out approach to CSS that builds from first principles and leverages sane primitives and a typographic scale to compose dynamic layouts... it's boxes, and it's beautiful.
          • cluckindan 3 hours ago
            Now if it only was a design tool like Figma.
        • gffrd 7 hours ago
          Huh?
      • andrewmcwatters 6 hours ago
        Designers complaining that their pixel perfect mockup in any software not aligning with layout in actual browsers is a literal decades old complaint.
    • darth_avocado 8 hours ago
      While I like the product, the net income would worry me if I were to participate in the IPO. $280M net income in 2023 after they received $1B for the failed merger and $730M net loss because of RSU/Stock Awards in 2024 is not great when the total revenue for the company was $500M in 2023 and $750M in 2024.
    • eviks 3 hours ago
      > team eventually settled on ... React

      How the legends have fallen

    • colesantiago 8 hours ago
      Don't forget the incredible lock in Figma has in the design space.

      Figma just has to jack up the price in order to appease Wall Street quarterly.

      Business wise it's got a great margin, but the avaricious nature of Wall St. will force them to enshittify the entire product, the engineering doesn't matter unless Wall St. is satisfied.

      • danielvaughn 4 hours ago
        I’m in a monthly meetup with designers (not randos, these are typically people who are known in the industry), and half the time is spent shitting on Figma. It’s not necessarily the quality of their design product, it’s the business model and their general focus as a company.

        There are several things designers need that Figma has dragged their feet on for years, and when they do release them, they’re usually behind the enterprise paywall. Or they don’t release them at all, instead opting to build some horizontal product like Slides because their investors want a bigger TAM.

        Figma has the power of the network effect at present, but you can only charge people to use variables for so long before they look for an alternative.

        • spooky_action 1 hour ago
          I'm curious what the missing features are in Figma from a designers perspective. You've mentioned the paywalled variables, what else? (I haven't been a product engineer in years, and have barely touched Figma in the last ~5 years)
      • overfeed 7 hours ago
        > Figma just has to jack up the price in order to appease Wall Street quarterly

        Aren't designers mad at Adobe for doing exactly this?

        • esskay 7 hours ago
          Yup, Figma is likely to become the next Adobe. Shareholders are vastly more important than consumers as we all sadly know.
  • us0r 2 hours ago
    > The table above does not reflect our renewed cloud hosting agreement with a third-party provider, entered into on May 31, 2025. Under the terms of the non-cancellable agreement, we committed to purchase a minimum of $545.0 million in cloud hosting services over the next five years. This renewed agreement replaces a previous agreement with the provider.

    $300k/DAY AWS bill. I wonder what the "non-cancellable" savings is.

    • doctorpangloss 1 hour ago
      Figma earns more profit for AWS than it could earn for itself firing everyone.
  • Animats 8 hours ago
    There's a president-for-life clause:

    "Immediately following the completion of this offering, and assuming no exercise of the underwriters’ over-allotment option, Dylan Field, our Chair of our Board of Directors, Chief Executive Officer, and President will hold or have the ability to control approximately % of the voting power of our outstanding capital stock, including % of the voting power pursuant to the Wallace Proxy. As a result, following this offering, Mr. Field will have the ability to control the outcome of matters submitted to our stockholders for approval, including the election of our directors and the approval of any change of control transaction."

    • mattmaroon 8 hours ago
      That generally makes me more inclined to invest as I find that the biggest problem with a lot of public companies is they manage to Wall Street which means putting the short term over the long term, and those are often at odds with each other.
      • Panzer04 5 hours ago
        There are a whole lot of companies that are run to benefit their management and not their shareholders. At best, they might be making no money but keeping a bunch of people in work.

        There's a good reason public shareholders historically demanded accountability - maybe it's fine for now, but all it takes is some management that you can't kick out, paying themselves extortionate salaries and driving the company into the ground at the same time to recognise the problems with "owning" a company you have no right to actually control (via replacing management and so on)

        • teitoklien 4 hours ago
          SEC and most states like delaware where companies incorporate do have minority shareholder protections, regardless of these terms.

          A board of directors can screw shareholders even without one controlling director.

          The protections for minority shareholder are seperate.

          Also the news of malpractice by directors like you mention leads to SEC investigations and stocks come crashing down before they can sell it (as they must declare their stock sales a few days before doing it)

          • Panzer04 3 hours ago
            Given cases like Elon moving to less protective jursidictions, those protections are not necessarily as protective as you might prefer, especially if you sign them away at some point in the past.

            It's going to be a lot harder to protect your rights, especially around the margins, if you agree to terms like the above.

        • zenonu 3 hours ago
          The alternative is enshittification of the entire product lineup to include ads, exorbitant subscription prices, reduced functionality along a painful price gradient, morphing into a dopamine social product, or a goal to rent real-life assets for to an increasingly impoverished population. Pee in your piss bottle while delivering that Amazon package until we can figure out how to automate your job away too. The shareholders demand it!
      • skeeter2020 6 hours ago
        Short term focus is not a control issue it's a fact of life with public ownership. They still need to manage to market expectations or they will be punished, now one person can do whatever it takes to stay focused on only the next 2 quarters.
  • rco8786 7 hours ago
    Congrats to the team here. Let it be a lesson for anyone worried that “their idea has been taken” or “there already solutions for this” out there.
    • hn_throwaway_99 6 minutes ago
      > Let it be a lesson for anyone worried that “their idea has been taken” or “there already solutions for this” out there.

      I have nothing but respect for Figma's tech, but I'm not really sure this lesson is generalizable to 99.9% of other people. By all accounts Evan Wallace has skills and talent the vast majority of software developers don't have and never will have. The reason Figma was able to succeed in this space is that their engineering team was like the 90s-era Chicago Bulls of software development.

      And to emphasize, that's one reason I'm very happy for Figma's success. Figma didn't succeed because they "got lucky", or just happened to be in the right place at the right time, or had great marketing. They succeeded because they were able to create a brilliant technical solution to a problem that lesser engineers and engineering teams were simply not able to solve.

    • skeeter2020 6 hours ago
      this downplays what they've actually built. Their technology is first-mover and incredibly impressive in the enterprise app space, and they've built a big business around it.
      • rco8786 3 hours ago
        That was certainly not my intention. Nothing but respect for what they’ve built. Only pointing out that they entered a crowded space that already had “winners” in it, and succeeded.
    • mettamage 6 hours ago
      Actually, that's a fair point! Thanks for making it :)
  • pm90 9 hours ago
    From the adobe disaster to this. I am glad Adobe didn’t snuff them out. Cheers and congrats to … fig-mates? : )
    • nipponese 6 hours ago
      They did collect a $1B kill fee.
  • nout 1 hour ago
    More and more companies are now holding bitcoin in their treasuries (including Figma according to the filling). It's interesting, but it makes a lot of sense.
    • __loam 35 minutes ago
      It's pretty weird that a lot of the business leadership in tech is earnestly invested in a recreation of the free banking era actually.
  • granzymes 8 hours ago
    Headline financials:

      FY Ended December 31, in millions except percentage
    
                     |  2023  |  2024  |  YoY  
      ---------------|--------|--------|-------
      revenue        | $505   | $749   | 48%   
      gross profit   | $460   | $661   | 44%   
      op ex          | $534   | $1,539 | 118%
      net income     | $738   | $(732) | (199)%
      free cash flow | $1,041 | $68    | (93)%
    • VoidWhisperer 8 hours ago
      What happened in 2024 that caused their operating expenses to increase so much?
      • granzymes 8 hours ago
        Mostly a 356% increase in R&D:

          FY Ended December 31, in millions except percentage
        
                                     | 2023 | 2024 | YoY  
          ---------------------------|------|------|------
          research and development   | $165 | $751 | 356%   
          sales and marketing        | $201 | $472 | 134%   
          general and administrative | $168 | $316 | 88%
        
        
        And most of that increase came from a one-time charge from allowing employees to sell their RSUs. While not a cash cost for Figma, it was booked as an expense and allocated as follows:

                                     | 2024   
          ---------------------------|------
          cost of revenue            | $25    
          research and development   | $463   
          sales and marketing        | $187   
          general and administrative | $184   
          total                      | $858   
        
        
        If you subtract the one-time charge, you get:

                                     | 2023 | 2024 (adj.) | YoY  
          ---------------------------|------|-------------|------
          research and development   | $165 | $288        |  75%  
          sales and marketing        | $201 | $285        |  42%  
          general and administrative | $168 | $132        | (21)% 
          total                      | $534 | $705        |  32%
      • jonas21 7 hours ago
        In May 2024, they removed some of the vesting conditions on RSUs so employees could sell shares in a secondary offering.

        From an accounting perspective, it was an $800 million stock-based compensation expense, though it didn't really cost Figma anything.

      • drexlspivey 8 hours ago
        They received a $1B termination fee in 2023 when their acquisition by Adobe collapsed. They would be losing money in 2023 otherwise
      • F7F7F7 8 hours ago
        Initially Tepid about AI. Didn’t want to upset their base like Adobe was (seemingly) doing. Look at that year’s Figcon for evidence. The keynote led with the new Figma, front loaded anything. He quickly moved past it and spent 90% of the rest of the time on non-consequential features.

        Then that AI feature they highlighted was pulled off production because it was cloning iOS.

        The AI heavy product dump we just got are lessons from that time.

  • jonator 8 hours ago
    Reminds me of the Linear story. You can disrupt a set of established players by focusing on simplicity, opinionated design, and maximum performance via hardcore engineering.
  • greatgib 7 hours ago
    To me, an IPO by them at this moment let me think that they know that they are on top of the wave and that it is better to cash-in before growth starts to stale.

    They got a huge influx of users when image editing AI started to be a thing, I'm not quite sure that they haven't already conquered most of new users that could join them.

  • lvl155 7 hours ago
    Figma is an incredible product but I don’t like what they’re doing with AI. They should focus on enabling UI/UX designers to do more instead of making a glorified Dreamweaver.
  • urda 7 hours ago
    Don't forget how Figma bullied Loveable from being able to use "dev mode" [1].

    [1] https://techcrunch.com/2025/04/15/figma-sent-a-cease-and-des...

    • designerarvid 47 minutes ago
      That’s how trademark works. You lose it if you have it and don’t protect it.
      • Sephr 20 minutes ago
        I think the point the parent comment is making is that companies shouldn't be able to trademark common phrases with their usual spelling. 'Dev mode' is a common short form for 'developer mode' which has extensive use.
    • nipponese 6 hours ago
      Don't forget how Loveable used the moment as an acquisition tactic, which was probably the whole point.
  • crossroadsguy 5 hours ago
    I see this play out a lot in my country’s stock market. Where numbers are fine and all hunky dory. But in reality all increase in share prices — those meteoric rises has already happened behind the curtain which separates it from the public (and for good). And then IPO comes and the public mostly oays for the final exit.

    Is this an IPO where participants (public) will make long term money of it’s already at the top and this is the final stage of “finding someone to hold the bag” and in this case eventually — the public i.e the retail trader, mostly?

  • zX41ZdbW 9 hours ago
  • Manik_agg 5 hours ago
    Figma has come a long way, from a blocked Adobe acquisition to now filing for an IPO.
  • lenerdenator 8 hours ago
    Looks like I got access to it riiiiiiiight as they're gonna start gutting themselves to pay for retirement and pension funds. Awesome!
  • ElevenLathe 8 hours ago
    Anybody have recommendations for good alternatives that are earlier in the enshittification cycle?
    • ethan_smith 7 hours ago
      Beyond Penpot and Excalidraw, check out Sketch (Mac-only but mature), Lunacy (offline-capable), and Plasmic (code-focused) - all with different trade-offs but less pressure to monetize aggressively.
    • Zealotux 8 hours ago
      Figma's enshittification started back when there were talks of Adobe taking over, it's already bloated beyond reason.
      • dawnerd 4 hours ago
        I find it kind of ridiculous that I need dev mode to get some values that they expose outside of dev mode but in a less dev friendly way. I know there's more to it, but come on...
      • insane_dreamer 7 hours ago
        Their new "AI" feature is a bolted-on POS.

        But Figma itself is excellent at what it does.

  • StableAlkyne 8 hours ago
    Going public is usually terrible news for users.

    That said, today it's an incredibly good design tool - worth checking out before shareholders start the enshittification process. Congrats to the devs / founders for making it all the way to an IPO!

  • system2 9 hours ago
    When they go IPO, will you guys buy it immediately, expecting it to go up? Curious what people think about the figma's future.
    • diegof79 7 hours ago
      Point of view as a Figma user...

      With all the AI tools, the market is in a transition period.

      Those transitions are crucial for a product's success or failure. For example, the transition from web to mobile with the iPhone, along with the growing pains of using Photoshop and Illustrator for mockups, opened the door to Sketch. Then, the evolution of web apps, like Google Docs, opened the door to Figma (while other products like InVision had a drastic fall). What they accomplished in a web app is an impressive engineering feat, so they have an excellent engineering team.

      The good: Figma is implementing multiple product updates to capitalize on the "AI wave". The Figma Make in beta is very similar to Vercel's v0 (and others). Still, the tight integration with Figma could help them leverage their current subscriptions and attract designers, PMs, and developers. Recently, they released an MCP server in beta that enables AI coding tools to obtain information from designs. While many designers may disagree with me, I believe that at least they are trying to maintain a leading position in a rapidly shifting market.

      The bad: They are diversifying their product offering too much, trying to compete on many fronts. Figma Site competes with Framer and Webflow, and Figma Buzz aims at digital marketing, which is usually covered by many tools (including Canva). Figma Slides is ideal for designers who use Figma daily, but it may not be as user-friendly for those transitioning from PowerPoint or Keynote. They switched the focus from the Design->Dev process that made them successful. The dev mode still doesn't resolve many issues, such as versioning, and the variable features seem half-baked; component handling needs more love, and the prototyping options are still limited.

      The future... is hard to tell. In terms of UI design tools, they are the leaders. Penpot is far from being stable; Sketch is similar, but their web experience is not as good as Figma. Unless a new player enters the market, their biggest threat is a significant disruption caused by AI tools... but the tools I've seen so far are not different from Figma Make.

  • rvz 8 hours ago
    Very predictable outcome: [0] [1]

    Now prepare for price increases, lock-ins and many threads of people looking for Figma alternatives.

    The ones cheering already have stock ready to dump it on the public markets on retail.

    [0] https://news.ycombinator.com/item?id=36533826

    [1] https://news.ycombinator.com/item?id=34920968

  • colesantiago 8 hours ago
    So now that Figma will be owned by Wall Street, it will only get considerably worse from here. It is now time consider and find and fund open source alternatives.

    I know of excalidraw and perhaps penpot are there anymore?

    • atombender 8 hours ago
      At my company we use Miro a ton. It doesn't have the design tools, just the white boarding and diagramming, so its Figma counterpart is FigJam. But the realtime collaboration features are just as good, and sometimes better. They have a decent desktop Electron app that wraps it, too.
    • cluckindan 8 hours ago
      I agree. If they’re so profitable already, why take the company public at all?
      • CSMastermind 8 hours ago
        Because there are likely many employees and investors who want to cash out.

        Going public makes their shares liquid. It's (probably) not reasonable for the company to repurchase that equity or to pay employees pure cash comp.

      • bdangubic 8 hours ago
        to be a lot more profitable
        • cluckindan 8 hours ago
          And how would that happen? They already have the product, which can be sold in huge numbers without really needing to scale operations. Are you suggesting they need cash to rewrite or improve the product?
  • andybak 7 hours ago
    And the cycle continues. Who's working on the "Figma but not enshittified" at the moment?
    • Lalabadie 7 hours ago
      Penpot is the most solid alternative I know of at the moment.
      • esskay 7 hours ago
        And can be self hosted which is a massive plus!
    • rco8786 7 hours ago
      Honestly the cycle continuing is a breath of fresh air relative to the AI-ification of our entire industry.
  • Kye 8 hours ago
    What Figma did in this era of anticompetitive buyouts is admirable but my mind will always think figma balls even after they IPO freely.

    Anyway, congratulations to everyone at Figma and good luck.

  • giacaglia 9 hours ago
    Its S-1 shows $70M held in Bitcoin ETFs, and board approval for another $30M BTC purchase via USDC!

    https://x.com/tier10k/status/1940133141546770454

    • cluckindan 8 hours ago
      Oh, so that’s why they’re taking it public: they are turning the company into a crypto investment fund which just happens to provide a SaaS design tool.
      • drexlspivey 8 hours ago
        It’s the other way around, they bought some bitcoin because they are going public for the meme stock value.
    • boredatoms 7 hours ago
      Thats pretty weird, you’d think they would offload things like that to not spook investors
      • nipponese 6 hours ago
        It says more about Bitcoin than it does Figma.
  • b0a04gl 24 minutes ago
    [dead]
  • pixxel 9 hours ago
    If you’re tired of it all, and the inevitable, and you have agency, try penpot.app
    • rglover 8 hours ago
      Also Sketch [1]. Everyone abandoned it when Figma became the pOpUlAr tool, but I still use it every day, nearly 15 years later and it's continued to improve.

      [1] https://sketch.com

      • cosmic_cheese 6 hours ago
        I never switched away from Sketch for personal use. Figma’s collab tools are great, but I find it somewhat clunky for usage beyond prototyping (such as creating image assets).

        Figma’s cloud-first nature never also sat well with me… I still have the source PSD files for my earliest works from 25 years ago, which can still be viewed and edited perfectly. Will that be true of my Figma documents in 25 years? It’s not even a question with Sketch.

      • aegypti 4 hours ago
        Still the default for most teams at Apple AFAIK
  • temptemptemp111 3 hours ago
    [dead]