Design software program startup Figma announced Tuesday it has filed its confidential paperwork for an IPO. We received’t know extra till that paperwork turns into public, which, best-case state of affairs can be in a few month.

Nevertheless, with the inventory market in groundhog mode — seeing its shadow with each new gyration of the Trump administration’s commerce insurance policies and tariffs — pursuing an IPO proper now could be stunning, even at an exploratory degree. Klarna and StubHub, the 2 probably blockbuster tech IPOs that had been buzzing alongside final month, each hit the pause button in early April after the inventory market crashed on tariff information. They haven’t but rescheduled.

Whereas Figma is engaged on an IPO, that doesn’t imply it should proceed within the common timeline, which is commonly 4 to 6 weeks after confidential paperwork has been accepted.

Figma, which makes collaborative software program and internet functions for designers, was final valued at $12.5 billion in May of 2024 after it accomplished a young supply that allowed present shareholders to money out a few of their stake. Adobe tried to purchase Figma for $20 billion, however that deal fell by means of in 2023 after regulatory pushback against the deal in Europe and the USA.

The corporate is backed by enterprise corporations Sequoia Capital, Index Ventures, Greylock, and Kleiner Perkins, which have traders that sit on its board, together with an extended checklist of different outfits, together with Andreessen Horowitz and IVP.

Figma declined additional remark.