Google Docs for design.

The Tesla of UI/UX design tools.

The Adobe for the collaborative, web-first design era.

• Figma: A collaborative web-based user interface design and prototyping tool that enables real-time teamwork for design and development.
• FigJam: An online whiteboard designed for team collaboration, brainstorming, diagramming, and workshops.

Figma (symbol: FIG) primarily sells its collaborative design and prototyping software to other companies, operating on a Business-to-Business (B2B) model.

Due to the nature of its Software-as-a-Service (SaaS) business model, Figma serves a vast number of organizations globally, ranging from small businesses and startups to large enterprises across diverse industries (e.g., technology, media, finance, retail). While Figma does not publicly disclose a concentrated list of "major customers" in terms of revenue contribution, as its revenue is diversified across thousands of clients, it does highlight numerous prominent companies that utilize its platform extensively. These examples represent the types of large organizations that are significant customers for Figma:

• Google (Symbol: GOOGL or GOOG)
• Microsoft (Symbol: MSFT)
• Meta Platforms (Symbol: META)
• Airbnb (Symbol: ABNB)
• Spotify (Symbol: SPOT)
• Netflix (Symbol: NFLX)
• Zoom Video Communications (Symbol: ZM)
• Salesforce (Symbol: CRM) - (Note: Salesforce acquired Slack, a prominent Figma user, which is now integrated into its ecosystem)

These companies, alongside countless others, leverage Figma across their design, product, and engineering teams for various purposes, including user interface (UI) design, user experience (UX) research, prototyping, and collaborative ideation.

• Amazon.com, Inc. (AMZN)

Dylan Field, Chief Executive Officer & Co-Founder

Dylan Field co-founded Figma in 2012 with Evan Wallace. He received a Thiel Fellowship in 2012, which led him to leave Brown University to focus full-time on building Figma. Before founding Figma, Field interned at LinkedIn and Flipboard. He led the company to its initial public offering on the New York Stock Exchange in July 2025. Figma was subject to an acquisition attempt by Adobe for $20 billion in 2022, which was later terminated in December 2023 due to regulatory concerns.

Praveer Melwani, Chief Financial Officer

Praveer Melwani has served as Figma's Chief Financial Officer since March 2022 and as Treasurer since February 2024. He joined Figma in July 2017 and previously held the position of Head of Business Operations & Finance. Prior to joining Figma, Melwani held roles in Business Operations at NerdWallet, Strategic Finance at Dropbox, and investment banking at Union Square Advisors. He holds an Honors BA from Ivey Business School at Western University. Melwani guided Figma through a significant period including the proposed acquisition by Adobe and the company's IPO in the summer of 2025.

Kris Rasmussen, Chief Technology Officer

As CTO, Kris Rasmussen is responsible for driving Figma's technology strategy, scaling engineering operations, enhancing platform reliability, and overseeing major infrastructure initiatives. He earned a BA in Computer Science from UCLA. Before joining Figma, Rasmussen served as VP of Engineering and Technical Advisor at Asana, was a Co-Founder of RivalSoft, and held the role of Chief Architect at Aptana.

Yuhki Yamashita, Chief Product Officer

Yuhki Yamashita leads Figma Inc.'s product vision and development, guiding product management and design teams. He holds a BA from Harvard University. Prior to his current role, Yamashita served as VP of Product at Figma and was also a Group Product Manager at Uber.

Shaunt Voskanian, Chief Revenue Officer

Shaunt Voskanian has served as Figma's Chief Revenue Officer since joining the company in October 2021. In this role, he is responsible for overseeing Figma's global sales organization.

Here are the key risks to Figma's (symbol: FIG) business:

1. Intensifying Competition and AI Integration Challenges: Figma operates in a highly competitive design software market, facing pressure from established players like Adobe and a growing number of new AI-focused startups. The rapid evolution of generative AI tools presents both an opportunity and a significant risk. While Figma is investing heavily in AI, these investments could temporarily hinder the company's efficiency and impact profitability for several years. There is also a risk that AI-native tools could eventually render traditional design software obsolete, posing an existential threat to Figma's current business model. This intensifying competition is expected to contribute to a slowdown in Figma's revenue growth.
2. Profitability Concerns and High Valuation: Figma has reported substantial net losses, primarily driven by high operating expenses, including significant stock-based compensation. The company's future profitability remains uncertain. Furthermore, Figma's valuation is considered lofty, trading at a substantial premium compared to its competitors and the broader Software-as-a-Service (SaaS) sector. Analysts have raised concerns about the sustainability of this valuation, especially in light of slowing growth projections and the margin pressures associated with AI investments. Post-IPO lockup expirations also introduce potential for stock volatility as more shares become available for sale.
3. Customer Concentration and International Monetization Gaps: Figma exhibits a degree of customer concentration, with a significant portion of its Annual Recurring Revenue (ARR) derived from a relatively small number of large enterprise customers. For instance, 37% of its ARR comes from just 1,031 customers spending over $100,000 annually. Additionally, one customer accounted for 11% of Figma's accounts receivable in the third quarter of 2025. This reliance on a limited number of major clients creates a risk where the churn of even a few large customers could materially impact financial results. While 85% of Figma's users are located outside the U.S., these international markets contribute only 20% of the company's total revenue, indicating underdeveloped sales infrastructure and potential challenges in effectively monetizing its large global user base.

The rapid advancement and adoption of generative AI tools that automate or significantly accelerate the creation of UI/UX designs, potentially reducing the reliance on traditional manual collaborative design tools.

Figma (symbol: FIG) operates in several significant addressable markets globally for its main products and services.

Figma Design Platform (UI/UX Design Software)

• The global UI and UX design software market was valued at $10.5 billion in 2022 and is projected to reach $25.4 billion by 2033.
• Figma itself estimates a total addressable market of $33 billion within the global workforce engaged in the software design space as of July 2025.
• More broadly, the global design software market is expanding at a CAGR of 5.4%, reaching $70.59 billion in 2025 and projected to grow to $87.84 billion by 2029.

FigJam (Collaborative Design Tools/Online Whiteboarding Platforms)

• FigJam operates within the larger category of collaborative design tools and online whiteboarding platforms.
• The global collaborative whiteboard software market was projected to reach $2.6 billion in 2024 and is expected to grow at a Compound Annual Growth Rate (CAGR) of 20.8% between 2024 and 2029.
• The global productivity management software market, a broader category, was valued at $54.6 billion in 2023 and is anticipated to reach $150.6 billion by 2032.

Figma for Prototyping

• The global market for Figma for Prototyping was valued at $4.1 billion in 2025 and is expected to grow to $7.3 billion by 2033, at a CAGR of 16.50%.

Here are 3-5 expected drivers of future revenue growth for Figma (NYSE: FIG) over the next 2-3 years:

1. AI-Powered Product Innovation: Figma is heavily investing in artificial intelligence to drive revenue growth. Recent examples include the adoption of Figma Make, which utilizes AI to generate app and website designs from user inputs, and the acquisition of Weavy (rebranded as Figma Weave) in October 2025 to enhance AI-powered image and video editing tools and creative workflows on the platform. These AI integrations are actively attracting new customers and expanding the user base.
2. Expansion of User Base and Multi-Product Adoption: A core component of Figma's strategy is to grow its overall user base and encourage existing customers to adopt more of its diverse product offerings. The company aims to capture a larger share of the UI/UX design market and is expanding its platform capabilities beyond core UI/UX design. New products like Figma Slides (launched in beta in June 2024) and Dev Mode (launched in June 2023) are designed to attract new users and provide additional value to existing ones, driving multi-product adoption. Figma also demonstrates a "land and expand" dynamic within organizations, where initial adoption by designers leads to wider usage by product managers, engineers, and content creators.
3. International Market Penetration and Enterprise Deepening: Figma's growth strategy includes broadening its user base through international expansion and deepening its integration within enterprise workflows. The company serves a significant portion of the Fortune 500, indicating strong enterprise traction, and continued focus on this segment, alongside global market expansion, is expected to fuel revenue.
4. Ecosystem Strengthening through Strategic Partnerships: Figma is actively working to strengthen its ecosystem by forming partnerships with other software providers and platforms. This strategy helps embed Figma into existing workflows, thereby expanding its reach and enhancing its competitive position. An example of this is its partnership with Google for Education to bring its design and prototyping platform to Chromebooks.

• Figma repurchased $494.65 million worth of common stock in the trailing twelve months ending September 2025.
• In fiscal year 2024, the company repurchased $418.91 million of common stock.

• Figma raised $1.2 billion in its Initial Public Offering (IPO) on July 31, 2025, with shares priced at $33 each.
• The IPO involved the company selling 12.47 million shares and existing investors selling 24.46 million shares.
• Common stock issuance amounted to $502.58 million in the trailing twelve months ending September 2025 and $481.36 million in fiscal year 2024.

• Figma received a $1 billion termination fee from Adobe in December 2023, following the abandonment of their proposed $20 billion acquisition.
• In May 2024, Figma secured $415.7 million in a Series F funding round.
• In June 2021, the company raised $200 million in a Series E funding round, which valued Figma at $10 billion.

• Figma acquired Israeli AI startup Weavy for over $200 million in October 2025, with a focus on enhancing AI-powered image and video editing tools and establishing an R&D center in Tel Aviv.
• The company completed three acquisitions within the last few years: Visly in April 2021, Impira in January 2023, and Payload CMS in June 2025.
• Figma Ventures, the company's venture fund, has made strategic investments in over 10 portfolios, including Scenery (June 2022) and Poly AI (December 2022).

• Figma reported capital expenditures of -$34.37 million in the trailing twelve months ending September 2025.
• Capital expenditures for fiscal year 2024 were -$1.98 million.
• For the six months ended June 30, 2025, capital expenditures totaled $2.008 million.