Figma has made a sensational

return to the spotlight with its July 2025 IPO, shattering expectations and reigniting optimism in the software-as-a-service (SaaS) sector. Priced at $33 per share—above its projected $30–$32 range—the IPO valued the design platform at a commanding $19.34 billion and was 40 times oversubscribed. In the wake of years marked by tech valuation turmoil, Figma’s public debut has emerged as a defining moment for the industry.

Figma’s IPO Highlights a Strategic and Financial Milestone
The Figma IPO is not just a win for the company—it’s a signal flare for the broader tech landscape. The company, which integrates AI into collaborative design workflows, posted a remarkable $749 million in revenue in 2024, a 48% year-over-year growth. In Q1 2025 alone, revenue jumped 46%, with net income of $44.9 million and an impressive 88.9% gross margin. Figma’s profitability and cash reserves of $1.5 billion offer a rare mix of growth and financial resilience in a sector still healing from post-pandemic corrections.

Table of Contents

Figma’s IPO Highlights a Strategic and Financial Milestone
SaaS Market Recalibration and AI-Powered Differentiation
Lessons from Adobe’s Abandoned Acquisition
Implications for SaaS Valuations Moving Forward
What This Means for SaaS Startups and Investors
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Figma

SaaS Market Recalibration and AI-Powered Differentiation
Between 2022 and 2024, the SaaS industry saw valuations plummet under the weight of rising interest rates and investor skepticism. Revenue multiples in the Bessemer SaaS Index dropped from 18.4x in 2021 to 7.8x by early 2024. But 2025 tells a different story: companies with clear AI integration, sticky customer bases, and strong fundamentals are once again attracting premium valuations—often upwards of 37.5x revenue. Figma, with 13 million monthly active users and 95% of the Fortune 500 onboard, epitomizes this trend.

AI and Fundamentals: The New SaaS Investment Criteria