Figma's IPO Valuation: $19.3B at Pricing, $68B at Close

Figma priced its initial public offering at $33 per share on July 30, 2025, giving the company a valuation of about $19.3 billion and raising roughly $1.2 billion. When the stock started trading on the New York Stock Exchange the next day under the ticker FIG, it closed at $115.50, more than triple the offer price, which valued Figma at roughly $68 billion. That gap between the price the company sold shares at and the price the market paid hours later is the real subject of any honest look at the figma ipo valuation.

Key takeaways

• Figma's pricing valuation was $19.3 billion at $33 per share, above a range that had already been raised twice (from $25-$28 to $30-$32).
• On its first trading day the stock closed at $115.50 and traded as high as $142.92, briefly valuing Figma near $68 billion before settling to roughly $79-$82 per share by mid-August 2025.
• The $19.3 billion figure landed close to the roughly $20 billion Adobe had agreed to pay for Figma before that deal was abandoned in 2023.
• The offering was reported to be about 40 times oversubscribed, meaning demand far exceeded the shares on offer.
• A separate set of numbers, tokenized versions of FIG trading on public blockchains, tracks the stock price but does not represent Figma's valuation or carry any ownership of the company.

Two valuations, hours apart

An IPO produces two different numbers on two different clocks, and confusing them is the most common error in reading one.

The first is the pricing valuation. The night before trading begins, the company and its bankers set the price at which new shares are sold to institutional investors who committed during the roadshow (the investor sales tour that precedes a listing). For Figma that was $33 per share, which multiplied across its share count comes to about $19.3 billion. That is the number the company and its selling shareholders actually received cash against.

The second is the opening-market valuation. Once the stock starts trading on the NYSE, anyone can buy it, and supply and demand set a new price in real time. Figma's first public trades cleared far above $33, and the day-one close of $115.50 implied a valuation near $68 billion. No new money went to the company at that price. The gap went to whoever held shares at $33 and could sell into the opening surge.

The reported 40x oversubscription helps explain the move. When demand for a book of shares is many times the supply, most buyers who want in cannot get their full allocation at the offer price. They finish buying in the open market, and that overflow of demand is what pushed the first trades so far above $33.

Why $19.3 billion was the chosen number

Figma raised its price range twice during the roadshow, from an initial $25-$28 to $30-$32, then priced a dollar above that at $33. Each step reflected order-book demand building faster than the bankers had planned for.

The $19.3 billion valuation also sat near a reference point the market already knew. In 2022 Adobe agreed to acquire Figma in a deal reported at roughly $20 billion, and that deal was abandoned in 2023. The failed acquisition left behind a widely cited private benchmark, and pricing the IPO close to it gave both sides a familiar anchor. The numbers are above; the interpretation is the reader's.

The tokenized FIG you may see quoted is a different thing

Since the listing, versions of Figma stock have appeared on public blockchains as tokenized wrappers. Robinhood issues a tokenized FIG, and Robinhood describes these as instruments that track the underlying stock price. Backpack also issues a tokenized FIG on Solana. These are worth understanding precisely because they are easy to misread.

A tokenized wrapper is a token whose price is meant to follow the real stock, created by a third party, not by Figma. Holding one does not give you equity in Figma, shareholder rights, or voting rights. The relevant onchain numbers are small and refer only to the token, not the company: Robinhood's FIG token showed about $12.8 million in 30-day transfer volume across roughly 2,225 holders, with a token market cap near $164,000. That $164,000 is the size of the wrapper. It is not Figma's valuation, and it does not discover Figma's worth. Figma's valuation is the roughly $19.3 billion set at pricing and whatever the NYSE-listed FIG trades at now.

This is where measurement gets genuinely hard. A tokenized FIG on Solana, a tokenized pre-IPO name on another chain, and the real NYSE stock are three different instruments that share a ticker. To tell them apart at scale, each onchain transfer has to resolve to the same fields: the asset, its issuer, the sender, the recipient, the amount, the USD value, and the transaction type. Allium normalizes those records across more than 150 blockchains so a wrapper's trading activity can be read as what it is, separate from the equity it references. Without that separation, a $164,000 token and a $19.3 billion company are two different measurements and are not comparable.

How to read any IPO valuation like Figma's

The Figma case is a clean template for a recurring confusion. When you see a headline valuation after a hot debut, check which clock it is on. The pricing valuation is what the company banked. The first-day close is what the market will pay but did not pay the company. A large pop means strong demand, and it also means the shares were sold to institutions below what public buyers were willing to pay. Both readings are defensible from the same facts, which is why the useful move is to state both numbers and the hours between them.

For readers working through how a company and its bankers arrive at the pricing number in the first place, our walkthrough of whether you can price an IPO before the IPO covers the mechanics, and our look at how Lending Club priced its 2014 IPO shows the same pricing-versus-market gap in an earlier case.

Frequently asked questions

What was Figma's IPO valuation?

Figma priced its IPO at $33 per share on July 30, 2025, for a valuation of about $19.3 billion, raising roughly $1.2 billion. It began trading on the NYSE under FIG the next day.

Why did Figma stock jump so much on its first day?

Figma closed its first trading day at $115.50, more than triple the $33 offer price, implying a valuation near $68 billion. The offering was reported about 40 times oversubscribed, so demand that could not be filled at the offer price spilled into open-market buying.

How does Figma's IPO valuation compare to the Adobe deal?

The $19.3 billion pricing valuation sat near the roughly $20 billion Adobe had agreed to pay for Figma before that acquisition was abandoned in 2023.

Is the tokenized FIG on Solana the same as Figma stock?

No. Tokenized FIG wrappers issued by third parties such as Robinhood and Backpack are tokens that track the stock price. Holding one does not give you Figma equity, shareholder rights, or voting rights, and the small onchain token market cap is not Figma's valuation.

What is the difference between an IPO pricing valuation and an opening valuation?

The pricing valuation is the per-share price set with underwriters the night before trading, which is the money the company actually raises. The opening valuation is set by open-market supply and demand once the stock trades, and no new money goes to the company at that price.

Where does Figma stock trade?

Figma trades on the New York Stock Exchange under the ticker FIG, where it listed on July 31, 2025.

Interested in learning more about Allium’s tokenized securities data? Speak to someone on the team.

Allium provides onchain data infrastructure. Companies named in this article may be Allium customers, prospects or commercial counterparties. The authors and other Allium personnel may hold positions in the assets discussed. This article is informational only and is not investment, legal or tax advice. Data and information last reviewed: October 12, 2026.