Figma Inc. signage during the company's initial public offering (IPO) at the New York Stock Exchange (NYSE) in New York, US, on Thursday, July 31, 2025.
You can almost smell the bubbly wafting across Silicon Valley.
Following Figma's blockbuster market debut on Thursday, four of the most iconic names in venture capital — Index Ventures, Greylock, Kleiner Perkins and Sequoia — are collectively sitting on roughly $24 billion worth of the design software vendor's stock.
Until recently, there's been little reason to celebrate. From late 2021, when soaring inflation and rising rates pushed investors out of risky assets, until the middle of 2025, tech IPOs were few and far between, and many of the companies that managed to make it out failed to impress Wall Street. That's left venture firms with scarce returns for the pension funds, endowments and foundations they rely on for funding.
The mood is noticeably brighter these days as the Nasdaq trades near a record.
Figma is the latest, and perhaps most high-profile, tech company to hit the market, and Wall Street appears to want more. After raising its price range this week and then pricing $1 above the top of that range, Figma shares soared 250% in their first day on the New York Stock Exchange.
Investors will admit they got lucky. Figma was supposed to get acquired for $20 billion by Adobe , an agreement the two companies forged in 2022. But the following year, the transaction collapsed after U.K. regulators said the tie-up would harm competition.
Figma is now worth more than three times what Adobe was going to pay, closing on Thursday with a market cap of almost $68 billion.
CEO Dylan Field, who co-founded the company in 2012, owns a stake worth over $6 billion. Danny Rimer, a partner at Index Ventures and Figma board member, wrote in a blog post on Thursday that the failed acquisition came with "intense pressure and a spotlight few founders ever face."
"Dylan remained his usual grounded, transparent self," wrote Rimer, whose firm first bet on Figma in 2013 and is the biggest shareholder, with $7.2 billion worth of stock in the company. "When the deal fell through a year later, he didn't flinch. He turned the page and got right back to building."