今年最大的科技IPO来了，估值1000亿！

Core Insights - Figma, a leading design collaboration platform, has filed for an IPO with plans to raise up to $1.5 billion, pricing shares between $10 and $12, and is expected to be valued between $12.5 billion and $15 billion [2][4]. Company Overview - Founded in 2012 by Dylan Field and Evan Wallace, Figma focuses on cloud-based collaborative design [4]. - As of early 2025, Figma has 13 million monthly active users, with 95% being Fortune 500 companies [5]. Financial Performance - Figma reported revenue of $749 million in 2024, a 48% year-over-year increase, and $228 million in Q1 2025, a 46% increase [4]. - The company boasts a high gross margin of 91%, indicating strong profitability [3][4]. - The rolling 12-month revenue as of Q1 2025 was $821 million [4]. Market Context - Figma's IPO comes after a failed acquisition attempt by Adobe for $20 billion, which was blocked by regulatory authorities due to antitrust concerns [6][9]. - Adobe's acquisition was aimed at enhancing its competitive position in the design software market, but the deal was ultimately terminated, costing Adobe $1 billion in breakup fees [10]. Competitive Landscape - Figma faces competition from major players like Adobe, Canva, and Sketch, with Adobe being the most significant threat due to its established market presence [12][13]. - Canva, with a similar SaaS model, has rapidly grown and is valued at $8 billion, posing a direct challenge to Figma [13]. - Sketch, once a strong competitor, has seen its market share decline to 4.5% and is no longer a significant threat [14].