Figma-S-1

As filed with the U.S. Securities and Exchange Commission on July 1, 2025

Registration No. 333-                  

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM S-1

REGISTRATION STATEMENT

UNDER

THE SECURITIES ACT OF 1933

FIGMA, INC.

(Exact name of registrant as specified in its charter)

760 Market Street, Floor 10

San Francisco, California 94102

(415) 890-5404

(Address, including zip code, and telephone number, including area code, of registrant’s principal executive offices)

Dylan Field

Chair of the Board of Directors, Chief Executive Officer, and President

760 Market Street, Floor 10

San Francisco, California 94102

(415) 890-5404

(Name, address, including zip code, and telephone number, including area code, of agent for service)

Approximate date of commencement of proposed sale to the public:

As soon as practicable after the effective date of this registration statement.

If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, as

amended, or (“Securities Act”), check the following box: ☐

If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities

Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration

statement number of the earlier effective registration statement for the same offering. ☐

If this Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration

statement number of the earlier effective registration statement for the same offering. ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging

growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the

Securities Exchange Act of 1934, as amended.

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised

financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐

The registrant hereby amends this registration statement on such date or dates as may be necessary to delay its effective date until the registrant shall file a further amendment

which specifically states that this registration statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act or until the registration statement

shall become effective on such date as the Securities and Exchange Commission, acting pursuant to said Section 8(a), may determine.

This is the initial public offering of shares of Class A common stock of Figma, Inc. We are offering          shares of our Class A common stock and the

selling stockholders identified in this prospectus are offering           shares of our Class A common stock in this offering.

Prior to this offering, there has been no public market for our Class A common stock. We will not receive any proceeds from the sale of shares of

Class A common stock by any of the selling stockholders. We expect that the initial public offering price per share of our Class A common stock will

be between $      and $     per share.

We have applied to list our Class A common stock on the New York Stock Exchange (“NYSE”) under the symbol “FIG.”

Following this offering, we will have three series of authorized common stock, Class A common stock, Class B common stock, and Class C common

stock. The rights of the holders of our Class A common stock, Class B common stock, and Class C common stock are identical, except with respect

to voting and conversion rights. Each share of Class A common stock is entitled to one vote per share. Each share of Class B common stock is

entitled to 15 votes per share and is convertible into one share of our Class A common stock. Each share of Class C common stock has no voting

rights, except as otherwise required by law, and, subject to satisfaction of certain conditions as described herein, is convertible into one share of our

Class A common stock. Immediately following the completion of this offering, and assuming no exercise of the underwriters’ option to purchase

additional shares to cover over-allotments, if any, Dylan Field, our Chair of our Board of Directors, Chief Executive Officer, and President, will hold or

have the ability to control approximately              % of the voting power of our outstanding capital stock, including      % of the voting power pursuant

to an irrevocable proxy granted by Evan Wallace, our other co-founder, and the Wu-Wallace Family Trust, an affiliate of Mr. Wallace, to Mr. Field (the

“Wallace Proxy”). As a result, following this offering, Mr. Field will have the ability to control the outcome of matters submitted to our stockholders for

approval, including the election of our directors and the approval of any change of control transaction.

We are an “emerging growth company” as defined under the federal securities laws. As such, in this prospectus we have taken advantage of certain

reduced disclosure obligations that apply to emerging growth companies regarding our financial statements and executive compensation

arrangements. 

Investing in our Class A common stock involves risks. See the section titled “Risk Factors” beginning on page 38 to read about factors you should

consider before buying shares of our Class A common stock.

Neither the Securities and Exchange Commission nor any other regulatory body has approved or disapproved of these securities or passed upon the

accuracy or adequacy of this prospectus. Any representation to the contrary is a criminal offense.

__________________

(1)See the section titled “Underwriters (Conflicts of Interest)” for a description of the compensation payable to the underwriters.

The underwriters have the option for a period of 30 days from the date of this prospectus to purchase up to an additional          shares of our Class A

common stock from us to cover over-allotments, if any, at the initial public offering price less underwriting discounts and commissions.

The underwriters expect to deliver the shares of our Class A common stock to purchasers on or about         , 2025.

Prospectus dated             , 2025

The information in this preliminary prospectus is not complete and may be changed. We and the selling stockholders may not sell these securities until the

registration statement filed with the Securities and Exchange Commission is effective. This preliminary prospectus is not an offer to sell these securities

and we and the selling stockholders are not soliciting offers to buy these securities in any jurisdiction where the offer or sale is not permitted.

SUBJECT TO COMPLETION, DATED         , 2025

PRELIMINARY PROSPECTUS

Table of Contents

Neither we, the selling stockholders, nor the underwriters have authorized anyone to provide any

information or to make any representations other than those contained in this prospectus or in any free

writing prospectuses filed with the Securities and Exchange Commission (the “SEC”). Neither we, the

selling stockholders, nor any of the underwriters take any responsibility for, and can provide no assurance

as to the reliability of, any other information that others may give you. This prospectus is an offer to sell

only the shares offered hereby, but only under circumstances and in jurisdictions where it is lawful to do

so. We and the selling stockholders are offering to sell, and seeking offers to buy, the shares of Class A

common stock offered hereby only in jurisdictions where offers and sales are permitted. The information

contained in this prospectus is accurate only as of the date of this prospectus, regardless of the time of

delivery of this prospectus or of any sale of the shares of our Class A common stock. Our business,

operating results, financial condition, and future prospects may have changed since that date.

For investors outside the United States: Neither we, the selling stockholders, nor any of the underwriters

have taken any action that would permit this offering or possession or distribution of this prospectus in

any jurisdiction where action for that purpose is required, other than in the United States. You are

required to inform yourselves about and to observe any restrictions relating to this offering and the

distribution of this prospectus.

Unless otherwise indicated, the terms “Figma,” the “company,” “we,” “us,” and “our” refer to Figma, Inc.

and our subsidiaries.

From design silos to a new software standard

Dylan Field and Evan Wallace started Figma in 2012, after they met as students at Brown University.

Back then, design looked very different than it does today. Designers worked by themselves in silos

across multiple tools and products. Even if they wanted to design together or with others, technological

constraints and the fragmented nature of the product development toolchain made collaboration a pain.

The most elegant solution to share work? Huge, manually annotated files sent around as email

attachments with indecipherable names like “Draft_Final_V2_FINAL_v13.”

As part of a generation that found community in multiplayer, virtual worlds and grew up on Google Docs,

Dylan and Evan saw an opportunity to bring design to the browser, and in doing so, make it more open

and collaborative. After experimenting with a powerful technology called WebGL, which harnesses the

power of a computer’s Graphics Processing Unit (“GPU”) to render high-performance graphics in the

browser, and spending three years building, testing, and iterating with users, they launched Figma. It was

the first design tool that combined the accessibility of the web with the functionality and performance of a

native desktop app.

Not everyone was as excited as Dylan and Evan were about this new way of working. Despite the product

benefits of a more open design process — seamless version control, real-time collaboration in the file,

and the ability to access designs from any browser or computer anywhere in the world — designers

raised concerns that more transparency and collaborators in the mix would lead to tighter deadlines, more

micro management, and an implicit loss of control over their craft. One person even said that if Figma was

the future of design, they were changing careers.

But as more designers and their teams started using Figma, they began to understand the benefits of

designing together in the browser. It was more fun working collaboratively in the same file; it was also

faster and more efficient to work in a single product that brought storage, asset creation, prototyping, and

other parts of the design toolchain into one place. The ability to easily share work with a URL led people

to bring collaborators into their files earlier, placing more emphasis on co-creation and less on the “big

reveal.” It also led Figma to spread quickly within companies and design communities globally, while

giving teams something they’d never had before: a single source of truth to access the most up-to-date

designs.

Today, the openness and accessibility that Figma helped pioneer is no longer a novelty; it’s the

expectation, a way of working that has spread across teams, tools, countries, and industries — and

transformed the way products are designed and built.

From design tool to product development

platform

As Figma’s open and collaborative way of working pulled more people into the design process, we

expanded to serve the many roles and steps involved in going from an idea to a product in users’ hands.

The early investments we made in our browser-based platform have enabled us to rapidly introduce and

monetize new products.

•In 2021, we expanded our platform to serve earlier phases of the product development lifecycle

with the launch of FigJam, an online whiteboard for teams to brainstorm and ideate together.

FigJam grew organically out of the unexpected ways our community was using our first product

Figma Design to meet, connect, and brainstorm product ideas. We tailored FigJam to fit this use

case, creating a more welcoming and lightweight space for designers and their collaborators to

meet and brainstorm what to build together — using the core principles and primitives of Figma.

•In 2023, we released Dev Mode, a dedicated space in Figma that helps teams more efficiently

translate design concepts into coded products. While Figma Design is built for more free-form

design exploration, Dev Mode is tailored to the very specific and structured needs of developers,

who, during the three months ended March 31, 2025, made up approximately 30% of our monthly

active users. Dev Mode organizes information and surfaces data like design specifications and

measurements in ways that are both useful and intuitive for developers. Building on years of

updates in Figma Design to bridge the gap between design and code, Dev Mode is designed to

improve cross-team communication and maximize efficiency at this crucial step in the product

development process.

•In 2024, we launched Figma Slides, a product for designers and their collaborators to drive

alignment through better-designed and more collaborative presentations. Figma Slides was born

from an organic use case in which our users were creating millions of slide presentations in

Figma Design. Seeing that pattern, a team of our employees drew up Figma Slides during our

annual “Maker Week” hackathon. Figma Slides marries the visual fidelity of Figma Design with

the playful interactivity of FigJam, making it easier for designers and non-designers to create

powerful presentations in the same space. 

•In 2025, we doubled our product portfolio with the launch of four new products: Figma Sites,

Figma Make, Figma Buzz, and Figma Draw. Figma Sites is a product that lets you design a

website and directly publish it to the web, with a custom URL. Figma Make is an AI-powered

product that turns a prompt into a fully functional prototype. Figma Buzz is a product for easily

creating social media assets, display ads, and other marketing materials at scale that are

consistent with your brand or visual identity. And Figma Draw provides a dedicated space for finer

vector editing required when drawing detailed iconography and product illustrations.

With the additions of these seven products over the last four years, Figma offers an increasingly end-to-

end platform for teams to go from idea to shipped product. Over time, we’ve seen teams adopt our

platform for more parts of their product development journey, as evidenced by the fact that 76% of Figma

customers were using at least two of our products during the three months ended March 31, 2025.

AI has the power to accelerate the process of going from idea to product even further by helping users of

all skill levels explore and iterate on ideas more quickly, while automating rote, repetitive tasks. Over the

last few years, we’ve launched AI features that help users generate editable user interfaces with a simple

prompt and rename layers in a design file or instantly summarize sticky notes from team meetings with a

single click.

Figma Make is the most recent launch that shows the potential of AI to accelerate product development,

as it helps users rapidly explore concepts by turning a conversational prompt — optionally augmented

with an existing Figma design — into a working prototype within minutes. This and other Figma AI

features currently rely on off-the-shelf foundational models, though we expect developments of our own

models to accelerate over time as we continue to make significant investments in AI.

Our community has also contributed to the expansion of Figma’s platform in ways that increasingly

position us at the center of design and product development workflows. They have created over 250,000

Community resources, including more than 10,000 plugins and widgets that allow users to customize their

workspaces and speed up their workflows using Figma’s publicly-accessible application programming

interfaces (“APIs”). With the help of our users and trusted partners, we have built a powerful, extensible

ecosystem that keeps evolving to meet the diverse needs of a growing global community and contributes

to our growth.

Through close community ties and a relentless focus on innovation and meeting user needs, Figma has

grown to serve more people and parts of the process of helping teams turn ideas into shipped products

and experiences.

The opportunity ahead

In the 13 years since Figma’s founding, the amount of software in the world has exploded, and according

to a Gartner® forecast, worldwide software spending is expected to exceed $1.2 trillion in 2025.

Meanwhile, generative AI has made digital products more ubiquitous and much easier to build, with

International Data Corporation (“IDC”) estimating there will be more than 1 billion new apps in the world

Deep Dive: The product development

process in Figma

While our community has pushed Figma in all kinds of unexpected ways, our primary focus is to help

teams turn ideas into software. We started out as a relatively small part of this larger job to be done, but

Figma was always meant to be more than a tool for designing user interfaces.

We are a platform for design and product development. And while the workflow of creating software and

other digital products and experiences can take many paths and forms, the process has traditionally

involved the following key phases:

1.Ideate and Align. The team comes together to brainstorm different solutions to user problems

and align on a path forward.

2.Visualize. Designers, PMs, and others bring life to these ideas by visualizing them at different

levels of fidelity, which starts to give a sense of how the overall experience comes together.

3.Build. These ideas and visualizations are turned into code (most often by a developer) and made

production-ready.

4.Ship. The product is launched, so it can end up in users’ hands, and marketed, so more users

adopt it; this kicks off a continuous loop of learning, refinement, and improvement.

These phases have continued to shift as roles have blurred and advances in AI allow more people to

participate in the process of creating digital products and experiences. We see this in our own research,

which found that, as of May 2025, more than half of non-designers reported spending substantial time on

Often, these products are used side-by-side — what starts in a brainstorm in FigJam can lead to a pitch

deck in Figma Slides. We aim to make the transition between these products easy with features like AI

that can turn FigJam stickies into a Figma Slides presentation.

Visualize with Figma Design and Figma Draw

As ideas become more concrete and teams align on a path forward, they move toward visualizing these

ideas at a higher fidelity. Often, they draw mock-ups to explore directions more deeply, or build realistic

prototypes to validate designs. Figma Design is where all of this happens.

Designers at this stage want the freedom to rapidly explore concepts and express their ideas fully without

being constrained by the tools they’re using. This is why Figma Design offers a wide range of features

that make it possible to visualize ideas with high fidelity, including typography features or vector editing

capabilities that add texture and dimension to designs. In some cases, designers want to make more

detailed, finer edits to key assets in their design, like icons and product illustrations. For these users,

we’ve created Figma Draw, which is a dedicated space for vector editing within Figma Design.

To facilitate rapid exploration and iteration at this stage, these tools have a strong focus on ergonomics

and efficiency. Our AI features are examples of this. By automating tedious, repetitive tasks like removing

backgrounds from images or renaming layers in the design, or filling the mock-ups with realistic content to

more closely resemble the final product that ends up in users’ hands (rather than lorem ipsum, for

example). First Draft is an AI feature that allows users to go from blank canvas to editable user interfaces

with a simple prompt.

As designs begin to solidify, designers also seek to add more structure to the design that better maps to

the constraints and requirements of a production environment. Figma Design offers a rich set of “design

systems” features in service of this: capabilities that allow teams to define flexible, reusable building

blocks that make it easy for anyone to assemble a design without ever starting from scratch. We’ve found

that teams are motivated to invest deeply in design systems, as their primary benefit is creating efficiency

and consistency at scale. Teams save time by no longer needing to constantly worry about pixel-level

details, and design systems help remove translation errors between designers and developers by sharing

the same building blocks and language across design and code.

More often than not, though, a static visualization of an idea isn’t enough to validate a direction. That’s

why users take advantage of Figma’s rich prototyping capabilities, which let users string together different

screens into a dynamic, interactive flow. These prototypes are often circulated within an organization to

socialize an idea or put in front of customers in user testing to validate a particular concept in a more

realistic way.

Build with Dev Mode

Once the designs are ready, it’s time to translate them into code. Dev Mode is our dedicated space for

developers where this translation occurs, built to streamline the back and forth between design and

engineering and reduce the miscommunication that often happens during this step.

In Dev Mode, developers can inspect the designs to see key details most relevant to them, like special

annotations left by designers, documentation about the components used, or what’s changed since they

last saw the design.

Importantly, developers can choose to view these designs in the format they understand most: code. Dev

Mode generates platform-specific, ready-to-use code from the designs that developers can directly copy;

teams can also connect their design systems to their codebase via Code Connect which helps ensure the

code snippets developers see are correct, familiar, and production-ready.

Recently, we’ve also added our own Model Context Protocol (“MCP”) server to Dev Mode, which allows

developers to connect an agent in their code editor directly to designs in Figma. Developers can ask the

agent to inspect the design and use this context to convert it into working code in their codebase.

A traditional design-to-development handoff process often involves a spec or document that can quickly

get outdated as teams continue to iterate on designs. One of Dev Mode’s key value propositions is

allowing designers, developers, and even agents to work in the very same file while giving each a

different view of the work tailored to their respective needs. This helps maintain a single source of truth

that literally keeps everyone on the same page.

Ship with Figma Sites, promote in Figma Buzz

The last step of any product development process is shipping the code that’s been written to production,

to get your product launched. Figma Sites represents our first offering that ships a design directly to

production, by allowing you to publish a design as a working website, with a URL of your choice, that

anyone in the world can access.

Figma Sites includes features that help make designs production-ready for the web, like breakpoints that

make websites responsive across different window sizes and devices. It also supports the ability to

augment designs with code (via a feature called code layers) to help make more powerful, dynamic

experiences, like adding special motion effects or an interactive form, that would otherwise have been

impossible to build with just a design tool. Figma Sites also includes a CMS that makes it easy for anyone

to make changes to the content on a website, like a blog post or the price of an item being sold on the

site, without worrying about breaking the underlying code or design.

Once a product has been shipped to production, the last step is to actually promote it, to ensure existing

and prospective users are aware of the value of what’s launched. This is where Figma Buzz comes in —

a tool that makes it easy to create on-brand marketing collateral, like social media assets, digital ads, and

more.

Similar to Figma Slides and FigJam, Figma Buzz is designed for users of any skill level. Figma Buzz

makes it easy to take a template and edit its contents, or create assets in bulk from templates (e.g., for

multiple locales or different social media platforms). The product simplifies the collaboration between a

brand designer and a marketer. Designers are able to access the more sophisticated tools necessary to

set up a beautiful template, while marketers can make edits to the simpler view of the content without

worrying about “messing up” the design. In addition to these template capabilities, Figma Buzz has a slew

of other features that marketers may need, like AI features to edit text and images, or easy ways to

generate hundreds of assets from data in a spreadsheet.

Ideate, visualize, build, and ship — all at once, with Figma Make

We believe AI is fundamentally transforming the product development process by making it possible for

anyone to quickly turn an idea into a functional prototype, or in some cases, a working product. Figma

Make is our product for this new paradigm.

Instead of going from idea to wireframe to mock-up to prototype iteratively, Figma Make lets users go

directly from prompt to working prototype, at which point they can immediately validate an idea and

choose to iterate on it, or discard it altogether. Like Figma Sites, what’s created in Figma Make —

whether it is a dynamic prototype or web app — can be published to a URL for anyone to use.

While it’s possible for AI to get to working software with a simple prompt, we believe that the most

important differentiator is craft — ensuring that the product looks, feels, and works “just right.” We’ve

designed Figma Make to offer fast and powerful ways to iterate and refine its output. Users are free to

use the best way to improve the design of their product, whether via further prompting, editing code

directly, or visual manipulation. They are also able to easily reference their designs in Figma Design (via

copy-paste or importing) to ensure the output feels consistent and familiar, taking heavy inspiration from

existing styles and patterns.

With Figma Make, we believe even more people will be able to create functional, dynamic prototypes and

software, as it lowers the floor to let absolutely anyone transform their idea into something that works. At

the same time, it raises the ceiling of what’s possible by giving people access to capabilities that weren’t

possible in their current tools, whether that’s allowing designers to tap into the power and expressiveness

of code, or allowing developers to enjoy the freedom and speed of visual manipulation.

The benefits of combining rapid prototyping with a highly performant and sophisticated design tool give

users the best of both worlds: the ability to move quickly while having access to the tools needed to refine

the design.

An integrated design and product development platform

These products come together to serve more parts of the software development lifecycle and truly push

something from an idea all the way to a final product. With these products, Figma has become a design

and product development platform that houses everything from the initial brainstorm to the pitch deck to

the design spec to the final implementation.

Underlying each of our products is the same DNA that makes them uniquely Figma. Each of these

products is built from the ground up with multiplayer in mind — built for the browser with the power of

WebGL to allow our users to engage in real-time collaboration and seamless sharing as team members

work simultaneously in the same document. Each of these products is supercharged with AI capabilities

— ranging from automating rote tasks (like summarizing brainstorms, wiring up prototypes, enhancing

images, or filling mock content) to unlocking new superpowers (like dreaming up brand new designs from

a singular prompt). Each of these products allows for seamless interoperability — making it possible to

allow content to move fluidly between products and modes, or for different personas to have views of the

same content that are tailored to their needs and roles. And all of them are built with extensibility in mind

— allowing our users to leverage our APIs and plugin architecture to customize their experience to their

specific needs, like connecting designs to their own tools, databases, and codebases.

As we’ve built out these new tools, we’ve simultaneously invested in our platform infrastructure, giving us

the ability to incubate, test, and launch new products more easily. While our primary focus will remain on

product teams building software, we believe we have the ingredients needed to explore adjacencies over

time.

Our Community

We exist to serve anyone designing and building products and digital experiences. Customers of all sizes,

spanning industries and geographies, bring their work to life in Figma.

We have focused on creating deep ties with our users and customers since day one. In Figma’s early

days, this meant our founders making house-calls to customers’ offices to troubleshoot a product issue; or

traveling to Nigeria to visit a growing group of Figma users. Our deep community focus has helped fuel

the creation of more than 200 Friends of Figma chapters across the world — from Lagos to Los Angeles

— that organized over 650 events in 2024. Together, they share and collaborate on work, either in person

or virtually on Figma’s Community resources platform. Many spend hours a day in our products as part of

their day jobs and side hustles. Some even get Figma tattoos.

We engage with our community through in-person and virtual touchpoints. Config — our annual

conference that started in 2020 — brings thousands of designers, developers, and product teams to San

Francisco to meet, learn, and get inspired. Our always-on programming, like product livestreams,

community meetups, and our leadership collective events, engage a broad range of customers from

students to executive leaders. And our lively product forums, social channels, and hundreds of Friends of

Figma chapters around the world create active dialogue around our products and provide a peer network

for support.

We know how unique it is for a software company to have such a strong and passionate community

championing its products. This vast, growing, and global community has a deep shared identity as

designers and product builders. Their voices are essential to our own product development process,

pushing the bounds of our existing products and inspiring us to make new ones.

We believe building for and with our users drives revenue and long-term loyalty. The close ties we have

developed with our community since day one have opened lines of communication ingrained in how we

work, helping us respond quickly to customer feedback and innovate for customer needs.

Our Culture

The Figma team (we call ourselves Figmates) is a group of builders, makers, and tinkerers with deep

connections to our users and a passion for building and shipping. We are able to attract incredible talent

because we have the opportunity to shape how teams around the world design and build products.

We feed this maker spirit in many ways including an annual company-wide Maker Week — a full week we

set aside for Figmates to pitch, develop, and execute on new ideas or projects with one another. The only

requirement is that the ideas benefit Figma in some way. A number of products, features, and projects

were born during Maker Week such as Figma Slides, multi-edit, several FigJam features, and our

extensibility API. As these examples show, great ideas can come from anywhere, and any Figmate can

drive impact, regardless of their level or tenure. We find this way of working makes our culture unique and

helps us attract and retain employees with builder DNA.

We drive Figma’s culture by embedding our five cultural values into how we work day to day. These

values serve as an operating system for decision-making and organizational behavior. We chose them to

be in tension with one another and their relative importance varies at different times. Taken together, they

paint a clear picture of what we value and why. 

1.Build Community: We’re multiplayer people, and we love the weird, wonderful magic that

happens when humans connect. We bring people together so they can bring new ideas to life.

2.Love Your Craft: We build for builders, and try to make complex things feel simple. In our

products and process, we invest in the details few people see, but everyone feels.

3.Run With It: When you see something that needs doing, do it. When you have a great idea, run

with it. Tackle big, scary, exciting challenges like Figma’s future depends on it. Because it does.

4.Grow As You Go: Everyone’s a work-in-progress, and we’re here to help each other grow. So

5.Play: Playing is learning. We embrace spontaneous, unstructured exploration — because that’s

where we find our best ideas.

Lastly, in line with our Grow As You Go value, listening to feedback across every touchpoint with users

and customers is deeply embedded in our culture and how we work.

Our Business Model

Our subscription model is designed to meet the diverse and evolving needs of our growing community

and customer base. Access to Figma is sold as an annual or monthly subscription, per seat. Everyone

from independent freelancers to entire product teams at Fortune 500 companies design and build

products and digital experiences in Figma. We offer different seats and plans tailored to the specific

security, product, and administrative needs of different users, organizations, and industries.

To meet our users where they are, we offer a variety of ways to try, use, and purchase Figma.

•We have an automated and highly efficient self-service option, available through Figma.com. To

support our self-serve offering, our marketing team utilizes organic and paid channels to drive

awareness and usage of all of our products.

•We have a direct sales process through which we partner with customers to set up new accounts,

upgrade customers across plans, and expand existing accounts.

Plans

Our plans range from a more limited free offering to more advanced plans built in partnership with our

customers that meet the specific needs of the larger organizations using our platform.

•Our Starter plan is free and is designed for working on personal projects. It provides an easy

way for new users to try our design and collaboration tools.

•Our Professional plan is designed for individuals and small teams. It provides access to

unlimited files and projects, as well as design libraries for a single team.

•Our Organization plan is designed for businesses with multiple teams. The functionality on this

plan allows everyone to collaborate in one Figma workspace while keeping everything safe and

secure with centralized admin and security features.

•Our Enterprise plan is designed for businesses managing multiple products or brands. This plan

provides custom team workspaces, automated design system management, and enterprise-level

controls and compliance.

Our Go-To-Market Motion

The combination of Figma’s reputation as a product design leader, the product virality inherent to Figma’s

collaborative and browser-based platform, and our integrated marketing efforts have successfully driven

awareness and adoption. Over time, many of our users grow with us into larger, managed accounts that

often include more seats and more products for users within their organizations. During each of the year

ended December 31, 2024 and the three months ended March 31, 2025, approximately 70% of new

Organization and Enterprise plan customers included at least one user who was previously a member of

a Professional plan.

The value Figma’s products have created for our community has helped us earn their trust and support.

It’s not uncommon for Figma users, particularly those who are active members of our community, to

champion the collaborative, design-led way of working that Figma offers to their teams.

While our product-led, bottoms-up adoption contributes to our growth, our direct sales motion helps us

serve larger customers. Our global sales and marketing teams work hand-in-hand with Figma’s

expanding network of customer champions to scale our products within organizations and increase

adoption across plans. In addition to word-of-mouth, our marketing efforts include a variety of digital and

in-person channels that bring new users to our platform. We support new users in the discovery phase by

sharing content across channels like livestreams, YouTube, social media, in-product, and by email. These

resources help new users explore and understand the capabilities of our products.

Our integrated sales motion is collaborative by design, bringing both customer champions and Figmates

with deep product expertise into the conversation. Our sales team works closely with solutions

consultants, who understand how Figma’s products map to specific customer needs, and designer and

developer advocates with deep technical understanding of our products and close ties to the communities

we serve. While approximately 70% of our revenue for each of the year ended December 31, 2024 and

the three months ended March 31, 2025, came from customers on Organization and Enterprise plans, we

continue to build features and products designed to create value for all of our customers.

We believe exceptional customer support is core to a great product experience. This is why we have built

a global support function that provides customer assistance in multiple languages for all paid users. We

encourage all Figmates, including our executive team, to speak with customers and understand their

feedback, whether it’s in person or online. You’ll often see leaders across the company dive into and work

to actively resolve customer issues raised in support forums or on social platforms. Our customer support

associates also use the latest in AI to solve customer needs quickly and efficiently.

Figma’s partner ecosystem, which includes product integrations and distribution partnerships, drives

further retention and adoption of our platform. Through collaborations with companies like Microsoft,

Atlassian, Zoom, Notion, and Linear, and integrations with tools like GitHub, Visual Studio Code, and

Storybook, users are connected to Figma from within their existing workflows. These partnerships

generate awareness and cultivate lasting engagement. Certified service partners around the globe also

provide training, enablement, and specific project support for customers. Additionally, Apple, Google

Material Design, and other organizations make their design resources available natively through Figma’s

user interfaces to facilitate users designing and developing for their respective platforms.

From the beginning, Figma’s Professional plan has been free for educators and students through our

Figma for Education program. This includes higher education institutions, bootcamps, and workshops. We

also make Figma’s Organization plan available for free for K-12 students and educators to help develop

the next generation of product builders.

Growth Strategy

We have focused on building a company for the long-term since day one. We will keep investing in our

platform across our key growth levers.

•Maintaining our rapid and proven pace of product innovation.

•Converting new and existing users into Paid Customers.

•Growing within current customers.

•Extending our platform.

•Expanding our international footprint.

•Making strategic acquisitions and investments.

Risk Factors Summary

Our business is subject to numerous risks and uncertainties of which you should be aware before making

a decision to invest in our Class A common stock. These risks are more fully described in the section

titled “Risk Factors” immediately following this prospectus summary. These risks, among others, include

the following:

•We have experienced rapid growth which may not be indicative of our future growth, and if we do

not effectively manage our future growth, our business, operating results, financial condition, and

future prospects may be adversely affected. Our rapid growth also makes it difficult to evaluate

future prospects.

•Our operating results may fluctuate significantly, which could make our future results difficult to

predict and could cause our operating results to fall below expectations.

•We have a limited operating history at our current scale, which makes it difficult to evaluate our

current business and future prospects and increases the risks associated with your investment.

•Changes in our pricing, packaging, or billing models could adversely affect our business,

operating results, financial condition, and future prospects.

•If we are unable to attract new customers or retain and increase adoption of our products and

services by existing customers, we may not achieve the growth we expect, which would

adversely affect our business, operating results, financial condition, and future prospects.

•If we are not able to effectively introduce enhancements to our platform, including new offerings,

features, and functionality, that achieve widespread market adoption, or keep pace with

technological developments, our business, operating results, and financial condition could be

adversely affected.

•Competitive developments in AI and our inability to effectively respond to such developments

could adversely affect our business, operating results, and financial condition.

•We face intense competition and could lose market share to our competitors, which would

adversely affect our business, operating results, financial condition, and future prospects.

•Our product and investment decisions may negatively impact our short-term financial results and

may not produce the long-term benefits that we expect.

•The markets for our products and services are relatively new and unproven and may not grow,

which would adversely affect our business, operating results, financial condition, and future

prospects.

•Our business is subject to complex and evolving U.S. and foreign laws, regulations, and industry

standards, many of which are subject to change and uncertain interpretations, which uncertainty

could harm our business, operating results, and financial condition.

•The multi-class structure of our common stock has the effect of concentrating voting power with

Dylan Field, our Chair of our Board of Directors, Chief Executive Officer, and President, which will

limit your ability to influence the outcome of important transactions, including a change in control.

If we are unable to adequately address these or the other risks we face, our business, operating results,

financial condition, and future prospects could be adversely affected.

Channels for Disclosure of Information

Following the effectiveness of the registration statement of which this prospectus forms a part, we intend

to announce material information to the public through filings with the SEC, the investor relations page on

our website (www.figma.com), our blog (www.figma.com/blog), our newsroom (www.figma.com/

newsroom), press releases, public conference calls, public webcasts, our social media accounts on X,

LinkedIn, Instagram, Bluesky, Threads, and TikTok as well as Dylan Field’s X account (@zoink) and

LinkedIn profile. The information contained on, or that can be accessed through, these channels is not a

part of this prospectus.

The information disclosed in the foregoing channels could be deemed to be material information. As such,

we encourage investors, the media, and others to follow the channels listed above and to review the

information disclosed through such channels. Any updates to the list of disclosure channels through

which we will announce information will be posted on the investor relations page on our website.

Corporate Information

We were incorporated in the State of Delaware in October 2012. Our principal executive offices are

located at 760 Market Street, Floor 10, San Francisco, California 94102. Our telephone number is (415)

890-5404. Our website address is www.figma.com. The information contained on, or that can be

accessed through, our website is not a part of this prospectus. Investors should not rely on any such

information in deciding whether to purchase shares of our Class A common stock.

Figma, the Figma logo, and other registered or common law trade names, trademarks, or service marks

of Figma appearing in this prospectus are the property of Figma, Inc. This prospectus contains additional

trade names, trademarks, logos, and service marks of ours and of other companies. We do not intend our

use or display of other companies’ trade names, trademarks, logos, or service marks to imply a

relationship with these other companies, or endorsement or sponsorship of us by these other companies.

Other trademarks appearing in this prospectus are the property of their respective holders. Solely for

convenience, our trade names, trademarks, logos, and service marks referred to in this prospectus may

appear without the ® and ™ symbols, but those references are not intended to indicate, in any way, that

we will not assert, to the fullest extent under applicable law, our rights, or the right of the applicable

licensor, to these trademarks, trade names, logos, and service marks.

JOBS Act

As a company with less than $1.235 billion in revenue during our last fiscal year, we qualify as an

“emerging growth company,” as defined in the Jumpstart Our Business Startups Act of 2012 (the “JOBS

Act”).

An emerging growth company may take advantage of reduced reporting requirements that are otherwise

applicable generally to public companies. These provisions include, but are not limited to:

•not being required to comply with the auditor attestation requirements of Section 404 of the

Sarbanes-Oxley Act of 2002, as amended (the “Sarbanes-Oxley Act”);

•reduced obligations with respect to financial data, including presenting only two years of audited

financial statements;

•reduced disclosure obligations regarding executive compensation in our periodic reports, proxy

statements, and registration statements; and

•exemptions from the requirements of holding a nonbinding advisory vote on executive

compensation and any golden parachute payments not previously approved.

We may take advantage of these provisions until the last day of our fiscal year following the fifth

anniversary of the date of the first sale of our Class A common stock in this offering. However, we will

cease to be an emerging growth company prior to the end of such five-year period if (i) we become a

“large accelerated filer,” with at least $700 million of common equity securities held by non-

affiliates; (ii) our annual gross revenue exceeds $1.235 billion; or (iii) we issue more than $1.0 billion

of non-convertible debt in any three-year period, whichever occurs first.

We have elected to take advantage of certain of the reduced disclosure obligations in the registration

statement of which this prospectus is a part and may elect to take advantage of other reduced reporting

requirements in future filings. As a result, the information that we provide to our stockholders may be

different than you might receive from other public reporting companies in which you hold equity interests.

In addition, the JOBS Act provides that an “emerging growth company” can take advantage of an

extended transition period for complying with new or revised accounting standards. This provision allows

an emerging growth company to delay the adoption of some accounting standards until those standards

would otherwise apply to private companies. We have elected to use this extended transition period to

enable us to comply with certain new or revised accounting standards that have different effective dates

for public and private companies until the earlier of the date we (i) are no longer an emerging growth

company or (ii) affirmatively and irrevocably opt out of the extended transition period provided in the

JOBS Act. As a result, our financial statements may not be comparable to companies that comply with

new or revised accounting pronouncements as of public company effective dates. It is possible that some

investors will find our Class A common stock less attractive as a result, which may result in a less active

trading market for our Class A common stock and higher volatility in our stock price.

The Offering

The number of shares of our Class A common stock, Class B common stock, and Class C common stock

that will be outstanding after this offering is based on            shares of our Class A common stock

outstanding,              shares of our Class B common stock outstanding, and no shares of our Class C

common stock outstanding as of March 31, 2025 (after giving effect to the Capital Stock Conversion, the

Class B Conversion, the Option Exercise, and the RSU Net Settlement (each as defined below)), and

excludes:

•23,057,048 shares of our Class A common stock issuable upon the exercise of stock options to

purchase shares of our Class A common stock outstanding as of March 31, 2025 under our 2012

Equity Incentive Plan (as amended and restated as of the date hereof, the “2012 Plan”), with a

weighted-average exercise price of $9.77 per share;

•46,166,511 shares of our Class A common stock issuable upon the vesting and settlement of

restricted stock units (“RSUs”) outstanding as of March 31, 2025 under the 2012 Plan for which

the service-based vesting condition was not satisfied as of March 31, 2025 and for which we

expect the performance-based vesting condition will be satisfied in connection with this offering

(we expect that the satisfaction of the service-based vesting condition of certain of these RSUs

through             , 2025, the expected date of this offering, will result in the net issuance of             

shares of our Class A common stock in connection with this offering, after withholding an

aggregate of              shares of Class A common stock to satisfy the associated estimated tax

withholding and remittance obligations (based on the assumed initial public offering price of

$             per share, which is the midpoint of the offering price range set forth on the cover page of

this prospectus, and an assumed            % tax withholding rate));

•          shares of our Class A common stock issuable upon the vesting and settlement of RSUs

granted after March 31, 2025 under the 2012 Plan;

•15,750,000 shares of our Class B common stock issuable upon the vesting and settlement of

RSUs outstanding as of March 31, 2025 under the 2021 Executive Equity Incentive Plan (the

“2021 Plan”) for which the service-based vesting condition and/or market-based vesting condition,

if applicable, were not satisfied as of March 31, 2025 and for which we expect the performance-

based vesting condition will be satisfied in connection with this offering (we expect that the

satisfaction of the service-based vesting condition of certain of these RSUs through            , 2025,

the expected date of this offering, will result in the net issuance of            shares of our Class B

common stock in connection with this offering, after withholding an aggregate of             shares of

Class B common stock to satisfy the associated estimated tax withholding and remittance

obligations (based on the assumed initial public offering price of $            per share, which is the

midpoint of the offering price range set forth on the cover page of this prospectus, and an

assumed             % tax withholding rate));

•28,960,338 shares of our Class B common stock issuable upon the vesting and settlement of

RSUs granted on June 30, 2025 under the 2021 Plan for which the service-based vesting

conditions and/or stock price-based vesting conditions, as applicable, are not anticipated to be

satisfied at the expected date of this offering;

•260,580 shares of our Class A common stock issuable upon the exercise of a warrant to

purchase shares of our Class A common stock outstanding as of March 31, 2025, with an

exercise price of $0.08 per share;

•699,705 shares of our Class A common stock issued after March 31, 2025 in connection with the

acquisition of a technology company that is a self-hosted headless content management system

and application framework; and

•85,053,649 shares of our common stock reserved for future issuance under our equity

compensation plans, consisting of (i) 14,451,482 shares of our Class A common stock available

for future issuance under our 2012 Plan as of March 31, 2025 (which amount does not reflect

RSUs settleable for shares of our Class A common stock granted after March 31, 2025), (ii)

1,002,167 shares of our Class B common stock available for future issuance under our 2021 Plan

as of March 31, 2025 (which amount is prior to an increase of 28,960,338 shares of our Class B

common stock reserved for future issuance under the 2021 Plan after March 31, 2025 and does

not reflect RSUs settleable for shares of our Class B common stock granted after March 31,

2025), (iii) 58,000,000 shares of our Class A common stock available for future issuance under

our 2025 Equity Incentive Plan (the “2025 Plan”), which will become effective on the date

immediately prior to the date of this prospectus, and (iv) 11,600,000 shares of our Class A

common stock reserved for issuance under our 2025 Employee Stock Purchase Plan (the “2025

ESPP”), which will become effective on the date of this prospectus.

On the date of this prospectus, any reserved shares of our Class A common stock available for issuance

under our 2012 Plan and shares of Class B common stock available for issuance under our 2021 Plan will

be added to the shares of our Class A common stock reserved for issuance under our 2025 Plan (and will

solely be available for grant as shares of Class A common stock), and we will cease granting awards

under our 2012 Plan and our 2021 Plan. Our 2025 Plan and 2025 ESPP also provide for automatic

annual increases in the number of shares reserved thereunder. See the section titled “Executive

Compensation—Stock Plans” for additional information.

Unless otherwise noted, the information in this prospectus reflects and assumes the following:

•the automatic conversion of an aggregate of 245,999,103 shares of our convertible preferred

stock outstanding as of March 31, 2025 on a one-for-one basis into shares of Class A common

stock in connection with the closing of this offering pursuant to the terms of our restated certificate

of incorporation, as amended and currently in effect (the “Capital Stock Conversion”);

•the conversion of             shares of our Class B common stock into shares of our Class A

common stock by certain holders of our Class B common stock in connection with the sale of

shares of our Class A common stock by certain selling stockholders in this offering as described

in the section titled “Principal and Selling Stockholders” (the “Class B Conversion”);

•the net issuance of              shares of our Class A common stock in connection with the vesting

and settlement of RSUs outstanding as of March 31, 2025 subject to a service-based vesting

condition for which (i) the service-based vesting condition was satisfied as of March 31, 2025 and

(ii) we expect the performance-based vesting condition will be satisfied upon the effectiveness of

the registration statement of which this prospectus forms a part (the “Class A IPO Vesting

RSUs”), after giving effect to the withholding of                          shares of our Class A common

stock to satisfy the associated estimated tax withholding and remittance obligations (based on the

assumed initial public offering price of $             per share, which is the midpoint of the offering

price range set forth on the cover page of this prospectus, and an assumed             % tax

withholding rate) (the “Class A RSU Net Settlement”);

•the net issuance of              shares of our Class B common stock in connection with the vesting

and settlement of RSUs outstanding as of March 31, 2025 subject to a service-based vesting

condition and market-based vesting condition for which (i) the service-based vesting condition

was satisfied as of March 31, 2025 and (ii) we expect the performance-based vesting condition

will be satisfied upon the effectiveness of the registration statement of which this prospectus

forms a part (the “Class B IPO Vesting RSUs” and, together with the Class A IPO Vesting RSUs,

the “IPO Vesting RSUs”), after giving effect to the withholding of                          shares of our

Class B common stock to satisfy the associated estimated tax withholding and remittance

obligations (based on the assumed initial public offering price of $             per share, which is the

midpoint of the offering price range set forth on the cover page of this prospectus, and an

assumed             % tax withholding rate) (the “Class B RSU Net Settlement” and, together with

the Class A RSU Net Settlement, the “RSU Net Settlement”);

•the cash exercise of stock options to purchase 811,896 shares of our Class B common stock by

Dylan Field, with an exercise price of $23.19 per share, for total gross proceeds to us of

approximately $18.8 million (the “Option Exercise”);

•the filing and effectiveness of our restated certificate of incorporation and the effectiveness of our

restated bylaws, each of which will occur immediately prior to the completion of this offering;

•no exercise of outstanding stock options or warrants or settlement of outstanding RSUs

subsequent to March 31, 2025, except for the Option Exercise and the RSU Net Settlement; and

•no exercise by the underwriters of their over-allotment option to purchase            additional

shares of our Class A common stock in this offering.

The assumed             % tax withholding rate used in this prospectus is an assumed blended withholding

rate for the IPO Vesting RSUs that are subject to withholding in the RSU Net Settlement. The estimates in

this prospectus relating to the RSU Net Settlement and related share withholding may differ from actual

results due to, among other things, the actual initial public offering price and other terms of this offering

determined at pricing, actual forfeitures through the date of this prospectus, and actual tax withholding

rates.

Summary Consolidated Financial

and Other Data

The following tables summarize our consolidated financial and other data as of the dates and for the

periods indicated. We derived our summary consolidated statements of operations data for the years

ended December 31, 2023 and 2024 (except for pro forma basic and diluted net income per share

attributable to common stockholders and weighted-average shares used in computing pro forma basic

and diluted net income per share attributable to common stockholders), from our audited consolidated

financial statements included elsewhere in this prospectus. The summary consolidated statements of

operations data for the three months ended March 31, 2024 and 2025 (except for pro forma basic and

diluted net income per share attributable to common stockholders and weighted-average shares used in

computing pro forma basic and diluted net income per share attributable to common stockholders) and

summary consolidated balance sheet data as of March 31, 2025 have been derived from our unaudited

interim consolidated financial statements included elsewhere in this prospectus. The unaudited interim

consolidated financial statements have been prepared on the same basis as our audited consolidated

financial statements and, in the opinion of management, reflect all adjustments that are necessary for the

fair statement of such data. Our historical results are not necessarily indicative of the results to be

expected in the future and our interim results are not necessarily indicative of results to be expected for

the full year or any other period.

You should read the following summary consolidated financial and other data in conjunction with the

section titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations,”

and our consolidated financial statements, the accompanying notes, and other financial information

included elsewhere in this prospectus. The summary consolidated financial and other data in this section

are not intended to replace our consolidated financial statements and the related notes and are qualified

in their entirety by our consolidated financial statements and the related notes included elsewhere in this

prospectus.

__________________

(1)Includes stock-based compensation expense as follows:

(2)See Note 11 to our consolidated financial statements included elsewhere in this prospectus for an explanation of the calculation

of our basic and diluted net income (loss) attributable to common stockholders.

The following table sets forth the computation of unaudited pro forma net loss per share, basic and

diluted, for the period presented. Pro forma net loss per share, basic and diluted, for the year ended

December 31, 2024 and the three months ended March 31, 2025, gives effect to the Capital Stock

Conversion, the Option Exercise, and the RSU Net Settlement, as if each had occurred as of the

beginning of the period.

____________________

(1)The pro forma column above reflects (i) the Capital Stock Conversion, (ii) the Class B Conversion, (iii) the Option Exercise and

the receipt by us of gross proceeds of approximately $18.8 million in connection with the Option Exercise; (iv) the filing and

effectiveness of our restated certificate of incorporation that will become effective immediately prior to the completion of this

offering, (v) an increase to additional paid-in capital and accumulated deficit related to stock-based compensation of  $          

million associated with the RSU Net Settlement, (vi) the net issuance of          shares of Class A common stock in connection

with the RSU Net Settlement, after withholding            shares to satisfy estimated tax withholding obligations of $          million

(based on the assumed initial public offering price of $         per share, which is the midpoint of the offering price range set forth

on the cover page of this prospectus, and an assumed          % tax withholding rate), (vii) the net issuance of           shares of

Class B common stock in connection with the RSU Net Settlement, after withholding            shares to satisfy estimated tax

withholding and remittance obligations of $           million (based on the assumed initial public offering price of $           per

share, which is the midpoint of the offering price range set forth on the cover page of this prospectus, and an assumed           %

tax withholding rate), (viii) the borrowing of an aggregate of $           million under the Revolving Credit Facility to pay the

estimated tax withholding and remittance obligations in connection with the RSU Net Settlement prior to the closing of this

offering, and (ix) the related $           million net increase in total debt and total liabilities and the corresponding

$           million decrease in additional paid-in capital resulting from (A) the RSU Net Settlement and related tax withholding and

remittance obligations and (B) the subsequent use of proceeds from the Revolving Credit Facility to repay such tax withholding

and remittance obligations prior to the closing of this offering.

(2)The pro forma as adjusted column above gives effect to (i) the pro forma adjustments set forth in footnote (1) above, (ii) the

sale and issuance of          shares of our Class A common stock in this offering at an assumed initial public offering price of

$         per share, which is the midpoint of the offering price range set forth on the cover page of this prospectus, after deducting

estimated underwriting discounts and commissions and estimated offering expenses payable by us, and (iii) the application of

approximately $           million of the net proceeds from this offering to repay the outstanding indebtedness under the Revolving

Credit Facility. 

(3)Each $1.00 increase (decrease) in the assumed initial public offering price of $         per share, which is the midpoint of the

offering price range set forth on the cover page of this prospectus, would increase (decrease) the amount of our pro forma as

adjusted cash, cash equivalents, and marketable securities, working capital, total assets, additional paid-in capital, and total

stockholders’ equity by $         million, assuming that the number of shares of our Class A common stock offered by us, as set

forth on the cover page of this prospectus, remains the same, after deducting estimated underwriting discounts and

commissions and estimated offering expenses payable by us. An increase (decrease) of 1.0 million shares in the number of

shares offered by us would increase (decrease) the amount of our pro forma as adjusted cash, cash equivalents, and

marketable securities, working capital, total assets, additional paid-in capital, and total stockholders’ equity by $         million,

assuming the assumed initial public offering price of $          per share, which is the midpoint of the offering price range set forth

on the cover page of this prospectus, remains the same, and after deducting estimated underwriting discounts and

commissions and estimated offering expenses payable by us. Each $1.00 increase (decrease) in the assumed initial public

offering price per share of $          , which is the midpoint of the offering price range set forth on the cover page of this

prospectus, would increase (decrease) the amount of estimated tax withholding and remittance obligations related to the RSU

Net Settlement by $         million. In addition, each 1.0% increase (decrease) in the assumed tax withholding rates would

increase (decrease) the amount of estimated tax withholding and remittance obligations related to the RSU Net Settlement by

$         million. Pro forma adjustments in the footnotes above and the related information in the balance sheet data are

illustrative only and may differ from actual amounts based on, among other things, the actual initial public offering price and

other terms of this offering determined at pricing, the actual tax withholding rates, as well as the actual amount of RSUs settled

in connection with this offering.

(4)Working capital is defined as current assets less current liabilities. Refer to the consolidated financial statements included

elsewhere in this prospectus for additional information regarding our current assets and current liabilities.

Key Business Metrics and Non-GAAP

Financial Measures

We review a number of operating and financial metrics, including the following key business metrics and

non-GAAP financial measures, to evaluate and manage our business, measure our performance, identify

trends affecting our business, formulate business plans, and make strategic decisions. See the sections

titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Key

Business Metrics” for additional information regarding our key business metrics and “Management’s

Discussion and Analysis of Financial Condition and Results of Operations—Non-GAAP Financial

Measures” for additional information and reconciliations of our non-GAAP financial measures to the most

directly comparable financial measures prepared in accordance with GAAP.

Key Business Metrics

Non-GAAP Financial Measures

Risk Factors

Investing in our Class A common stock involves a high degree of risk. You should carefully consider the

risks and uncertainties described below, together with all of the other information in this prospectus,

before making a decision to invest in our Class A common stock. The risks and uncertainties described

below are not the only ones we face. Additional risks and uncertainties that we are unaware of or that

we deem immaterial may also become important factors that adversely affect our business. If any of the

following risks occur, our business, operating results, financial condition, and future prospects could be

materially and adversely affected. In that event, the market price of our Class A common stock could

decline, and you could lose part or all of your investment.

Risks Related to Our Business and Industry

We have experienced rapid growth which may not be indicative of our future growth, and if we do

not effectively manage our future growth, our business, operating results, financial condition, and

future prospects may be adversely affected. Our rapid growth also makes it difficult to evaluate

future prospects.

We have experienced rapid growth and we expect to continue to invest broadly across our organization to

support our growth. Our revenue was $504.9 million and $749.0 million for the years ended December 31,

2023 and 2024, respectively. Our revenue was $156.2 million and $228.2 million for the three months

ended March 31, 2024 and 2025, respectively. The number of our employees has grown from 1,014 as of

December 31, 2022 to 1,646 as of March 31, 2025. Although we have experienced rapid growth

historically, we may not sustain our current growth rates, and we cannot assure you that our investments

to support our growth will be successful. Even if our revenue continues to increase, we expect our

revenue growth rate to decline in the future as our business matures and our platform achieves more

widespread adoption. Accordingly, our historical growth makes it difficult to evaluate our business and

future prospects and you should not rely on the revenue growth of any prior quarterly or annual period as

an indication of our future performance. Overall growth of our revenue will depend on a number of factors,

including, but not limited to, our ability to:

•compete with other companies in our industry, including, but not limited to, those with greater

financial, technical, marketing, sales, and other resources, as well as with startup companies with

innovative products and novel solutions that compete with ours;

•retain and increase adoption of our products and services by existing customers, as well as

attract new customers and grow our customer base;

•develop new offerings and functionality for our platform and successfully optimize our existing

products and services, including through integration of AI into our platform;

•successfully expand our business domestically and internationally;

•effectively expand our sales force and leverage our existing sales capacity;

•attract, retain, and train service partners and expand product integrations;

•successfully hire and retain personnel, including product, design, engineering, and sales

personnel;