How to Buy Figma Stock Before the IPO

Adobe was willing to pay $20 billion for Figma—the largest acquisition in software history at the time. Then regulators killed the deal. Now Figma is back to being private, and you’re wondering if there’s a way in.

The short answer: most investors cannot buy Figma stock. The company remains private following the collapsed Adobe acquisition, secondary market availability is extremely limited, and there’s no announced IPO timeline. Even accredited investors will struggle to find shares.

But the story doesn’t end there. This guide explains what happened with the Adobe deal, who can access Figma shares, what alternatives exist for design software exposure, and whether the wait for an eventual IPO makes sense.

Quick Summary

What Is Figma?

Figma is the dominant collaborative design platform for product teams. Unlike traditional design software installed on your computer, Figma runs entirely in the browser—enabling real-time collaboration between designers, developers, and stakeholders.

Founded in 2012 by Dylan Field and Evan Wallace, Figma spent years in development before launching publicly. The browser-based approach was initially dismissed by skeptics who doubted web technology could match desktop performance. They were wrong.

Core Products:

Figma Design: The flagship product—a browser-based interface design tool used to create websites, apps, and digital products. Multiple team members can work on the same file simultaneously, seeing each other’s cursors in real-time. This collaboration model transformed how design teams work.

FigJam: A collaborative whiteboard for brainstorming, diagramming, and planning. Competes with Miro and Mural.

Dev Mode: Tools that help developers inspect designs and extract code, bridging the gap between design and engineering.

Why Investors Are Interested

Figma represents a generational shift in creative software:

• Market dominance: Figma has become the default tool for product design, displacing Adobe’s Sketch and XD
• Viral adoption: Free tier drives bottom-up adoption within companies; teams upgrade to paid plans
• Sticky revenue: Once embedded in a company’s workflow, switching costs are enormous
• Collaboration moat: Real-time collaboration is technically difficult to replicate
• Young user base: Design students and early-career designers overwhelmingly prefer Figma

Funding History

Figma raised capital from top-tier venture firms before the Adobe acquisition attempt:

The Adobe deal valued Figma at $20 billion—roughly 50x its estimated annual revenue. When regulators blocked the acquisition, Figma received a $1 billion breakup fee but lost its path to liquidity.

The Adobe Acquisition: What Happened

Understanding the Adobe deal is essential context for any Figma investment thesis.

The Deal

In September 2022, Adobe announced plans to acquire Figma for approximately $20 billion—half cash, half Adobe stock. At the time, it was the largest software acquisition ever announced.

Adobe’s motivation was clear: Figma was eating its lunch. While Adobe dominated print design (Photoshop, Illustrator) and video (Premiere, After Effects), Figma had captured the product design market that Adobe’s own XD tool failed to win.

The Regulatory Challenge

Both U.S. and European regulators raised antitrust concerns. The core issue: Adobe was acquiring its most significant competitor in the design software market. Regulators worried the deal would:

• Eliminate meaningful competition in interface design tools
• Allow Adobe to raise prices without competitive pressure
• Stifle innovation in collaborative design

The European Commission opened a formal investigation. The U.S. Department of Justice signaled similar concerns.

The Termination

In December 2023, Adobe and Figma jointly announced they were abandoning the deal. The regulatory hurdles were insurmountable.

Figma received a $1 billion breakup fee from Adobe—significant cash, but far less than the $10 billion in Adobe stock that shareholders would have received.

The Aftermath

The failed acquisition left Figma in an unusual position:

• Cash-rich: The $1 billion breakup fee provides runway
• Validated: Adobe’s willingness to pay $20B confirmed Figma’s value
• Independent: Figma must now prove it can thrive without an acquirer
• Uncertain: No clear path to liquidity for investors and employees

The current estimated valuation of ~$12.5 billion reflects both the $20B acquisition price and subsequent market correction in tech valuations.

Can You Buy Figma Stock?

The direct answer: No, you cannot buy Figma stock through a regular brokerage account. Figma is a private company, and its shares do not trade on public exchanges.

If you’re an accredited investor: You may be able to purchase Figma shares through secondary market platforms, but availability is extremely limited. Unlike high-profile companies like SpaceX, Figma shares rarely appear on platforms like Hiive or EquityZen. The failed Adobe acquisition may have reduced secondary market activity as shareholders reassess their options.

If you’re a retail investor (not accredited): Direct Figma ownership is not available. Your options are limited to investing in competitors (primarily Adobe) or waiting for an eventual IPO. Skip to the “Alternatives for Retail Investors” section for specific options.

If you’re a Figma employee: You may have equity through stock options or RSUs. The failed acquisition was disappointing—you were months away from liquidity at $20 billion. Now you’re holding shares in a private company with no clear IPO timeline.

Accredited Investor Requirements

To access Figma shares through secondary markets (if available), you must qualify as an accredited investor under SEC Rule 501 of Regulation D.

Income Test

You qualify if you earned:

• $200,000+ individual income in each of the past two years, OR
• $300,000+ combined income with your spouse
• Plus a reasonable expectation of reaching the same income level this year

Net Worth Test

You qualify if you have:

• $1,000,000+ in net worth, excluding your primary residence

Professional Credentials

You automatically qualify if you hold:

• Series 7 license (General Securities Representative)
• Series 65 license (Investment Adviser Representative)
• Series 82 license (Private Securities Offerings Representative)

Reality Check: Even if you qualify as an accredited investor, finding Figma shares is difficult. The company isn’t actively traded on secondary markets like SpaceX or Stripe. You may need to work with specialized brokers or wait for an IPO.

How to Invest in Figma (If Accredited)

Accredited investors can theoretically access Figma shares through secondary market platforms. In practice, availability is extremely limited.

Secondary Market Platforms

Hiive

Hiive facilitates transactions between buyers and sellers of private company shares.

• Minimum Investment: Typically $25,000+
• How It Works: Browse available offerings, submit interest, platform facilitates transaction
• Fees: Generally 2-5% of transaction value
• Figma Availability: Rare—not consistently listed

EquityZen

EquityZen creates single-company funds that hold shares of private companies.

• Minimum Investment: $10,000+
• How It Works: Invest in a fund that owns the underlying shares
• Fees: Approximately 5-8% of transaction value
• Figma Availability: Occasionally available; may require waitlist

Forge Global

Forge operates a marketplace for private securities with an institutional focus.

• Minimum Investment: $100,000+ (often higher)
• How It Works: Trading platform for private market transactions
• Fees: Transaction-based pricing
• Figma Availability: May be available for larger transactions

Why Figma Is Hard to Find

Unlike SpaceX or Stripe, Figma shares are rarely available on secondary markets for several reasons:

Smaller Shareholder Base: Figma has fewer employees and investors than mega-cap private companies, meaning fewer potential sellers.

Post-Acquisition Uncertainty: The failed Adobe deal may have caused shareholders to hold rather than sell at depressed valuations.

No Tender Offers: Unlike SpaceX, which regularly conducts tender offers that create secondary market supply, Figma hasn’t announced similar programs.

Company Restrictions: Like most private companies, Figma must approve share transfers and may limit secondary market activity.

Alternatives for Retail Investors

If you can’t access Figma directly—which describes nearly everyone—here are legitimate ways to get exposure to the design software market.

1. Adobe (ADBE)

The obvious alternative is Figma’s primary competitor.

• Ticker: ADBE
• Market Cap: ~$200 billion
• Design Products: Photoshop, Illustrator, XD, Adobe Express
• Why Consider It: Adobe dominates creative software broadly, even if Figma leads in product design
• The Irony: Adobe wanted Figma badly enough to pay $20 billion. Owning Adobe gives you exposure to the company that values Figma most.

Reality Check: Adobe’s stock declined significantly when the Figma acquisition was announced (investors worried about the price) and recovered when it was terminated. The market viewed Figma as a threat Adobe needed to neutralize, not a value-creating acquisition.

2. Autodesk (ADSK)

Autodesk makes design software for architects, engineers, and manufacturers.

• Ticker: ADSK
• Market Cap: ~$60 billion
• Products: AutoCAD, Revit, Fusion 360
• Overlap with Figma: Limited—different markets (physical vs. digital design)
• Why Consider It: Exposure to professional design software broadly

3. Wait for the IPO

The most straightforward path to Figma ownership is waiting for an eventual IPO.

Pros:

• Direct ownership in Figma
• No accreditation requirements
• Full liquidity from day one
• Regulatory protections of public markets

Cons:

• Unknown timeline (3-5+ years possible)
• IPO price may be high given pent-up demand
• No guarantee it happens—company could be acquired again

Given the failed Adobe acquisition, Figma will likely need to demonstrate 2-3 years of independent growth before pursuing an IPO. The company has the cash (thanks to the $1B breakup fee) to be patient.

4. Design Software ETFs

Unfortunately, there’s no ETF focused specifically on design software. The closest options provide broad technology exposure:

Technology Select Sector SPDR (XLK)

• Holds Adobe among other tech giants
• Very diluted exposure to design software
• Low-cost broad tech exposure

First Trust Cloud Computing ETF (SKYY)

• Includes SaaS companies
• May hold design-adjacent software
• Broader cloud/SaaS exposure

Neither provides meaningful Figma-specific exposure, but they capture the broader software industry Figma operates within.

Figma Valuation History

Understanding Figma’s valuation trajectory helps contextualize the investment opportunity:

Valuation Context

The $20 billion Adobe acquisition price was extraordinary—approximately 50x Figma’s estimated annual revenue. This reflected:

• Adobe’s desperation to acquire its most threatening competitor
• Peak 2021-2022 tech valuations
• Strategic premium for market leadership

The current implied valuation of ~$12.5 billion (based on the $1B breakup fee representing ~8% of deal value, plus market conditions) is more reasonable but still aggressive for a private company.

Key Question: Is Figma worth $12.5 billion as a standalone company? That depends on:

• Revenue growth trajectory
• Path to profitability
• Competitive pressure from Adobe
• Enterprise sales execution

Risks of Investing in Figma

Even if you could access Figma shares, significant risks exist:

Post-Acquisition Uncertainty

The failed Adobe deal creates unique challenges:

Morale Impact: Employees who expected liquidity at $20 billion are now holding private shares with uncertain value. Retention could suffer.

Strategic Limbo: Figma spent 15+ months preparing for acquisition rather than independent growth. The company must now rebuild its standalone strategy.

Valuation Reset: The $20B acquisition price is no longer relevant. Figma must prove its value in current market conditions.

Competitive Risk: Adobe Isn’t Going Away

Adobe’s failed acquisition doesn’t mean it’s stopped competing. Adobe has:

• Continued developing Adobe XD
• Launched Adobe Express for casual users
• Invested in collaboration features
• Maintained dominant position in adjacent creative tools

Adobe will aggressively compete with Figma—and has far more resources.

Liquidity Risk

Figma shares are extremely illiquid:

• No active secondary market
• No announced tender offers
• No IPO timeline
• Company approval required for transfers

Treat any Figma investment as locked capital for 5-10 years.

Regulatory Precedent

The failed Adobe acquisition established that regulators will block consolidation in design software. This has implications:

Positive: Figma can’t be acquired by its largest competitor, preserving its independence.

Negative: Other potential acquirers (Microsoft, Google, Salesforce) may face similar scrutiny, limiting exit options.

Market Size Questions

Figma dominates product design—but how big is that market? Unlike Adobe’s broad creative suite, Figma serves a specific niche: digital product designers at technology companies. The total addressable market may be smaller than bulls assume.

When Will Figma Go Public?

The honest answer: There’s no announced timeline, and the failed acquisition complicates the path forward.

What We Know

Figma has made no public statements about IPO timing since the Adobe deal collapsed. The company received $1 billion in cash from the breakup fee, reducing pressure to raise capital or pursue liquidity.

Likely Timeline

Most observers expect Figma will need 2-3 years to:

1. Demonstrate independent growth: Prove the company can thrive without Adobe
2. Rebuild momentum: Refocus after 15+ months of acquisition limbo
3. Wait for market conditions: IPO window for SaaS companies has been challenging

Best estimate: A Figma IPO is possible in 2026-2028, but there’s no guarantee. The company could also:

• Raise another private round
• Attempt another acquisition (with different buyer)
• Remain private indefinitely

Comparisons

Design and collaboration software companies typically stay private for 8-13 years. Figma, founded in 2012, is now 12+ years old—within the typical IPO window.

The Bottom Line

Can you buy Figma stock? Almost certainly not. Figma is private, secondary market availability is extremely limited, and the failed Adobe acquisition has left the company’s trajectory uncertain.

If you’re an accredited investor: You may be able to find Figma shares through secondary market platforms like Hiive or EquityZen, but availability is rare. Expect minimum investments of $25,000+ and understand that you’re buying into a company still recovering from a failed $20 billion acquisition.

If you’re a retail investor: Your options are limited to Adobe (ADBE)—ironically, the company that wanted Figma badly enough to pay $20 billion—or waiting for an eventual IPO in 3-5 years.

For everyone: The failed Adobe acquisition is both validation and complication. Adobe’s willingness to pay $20 billion confirmed Figma’s value. But now Figma must prove it can thrive independently, compete against a motivated Adobe, and eventually find a path to liquidity. That’s a lot of execution risk for a company you probably can’t invest in anyway.

Frequently Asked Questions

Can you buy Figma stock?

No, you cannot buy Figma stock through a regular brokerage account. Figma is a private company. Accredited investors may find shares on secondary market platforms like Hiive or EquityZen, but availability is extremely limited. Retail investors cannot purchase Figma shares directly.

Is Figma publicly traded?

No, Figma is not publicly traded. The company was set to be acquired by Adobe for $20 billion in 2022, but regulators blocked the deal in December 2023. Figma remains private with no announced IPO timeline.

What happened to the Adobe-Figma acquisition?

Adobe announced plans to acquire Figma for $20 billion in September 2022. U.S. and European regulators raised antitrust concerns about Adobe acquiring its primary competitor in design software. In December 2023, both companies terminated the deal. Figma received a $1 billion breakup fee.

How much is Figma worth?

Figma’s last official valuation was $20 billion (the Adobe acquisition price). Following the deal’s termination and broader tech market correction, the company is estimated to be worth approximately $12.5 billion. This is speculative—no recent funding round has established a new valuation.

When will Figma go public?

There is no announced IPO date for Figma. Following the failed Adobe acquisition, the company likely needs 2-3 years to demonstrate independent growth before pursuing an IPO. Most observers estimate a potential Figma IPO in 2026-2028, but there’s no guarantee.

How can I invest in design software?

Retail investors can invest in Adobe (ADBE), which dominates creative software and is Figma’s primary competitor. Autodesk (ADSK) offers exposure to design software for architects and engineers. There is no ETF focused specifically on design software.

Sources

• Adobe Newsroom: “Adobe and Figma Mutually Agree to Terminate Merger Agreement” (December 2023)
• Crunchbase: Figma company profile and funding history
• SEC: Accredited Investor Definition, Rule 501 of Regulation D
• Hiive: Secondary market platform documentation
• EquityZen: Secondary market platform documentation
• Forge Global: Private market data and transaction information
• Yahoo Finance: Public company data for ADBE, ADSK
• TechCrunch: Coverage of Figma funding rounds and Adobe acquisition