On Tuesday, the design software company Figma said it has secretly submitted the documents for its first public stock sale, called an IPO. We will learn more when these documents are made public, which will likely happen in about a month if everything goes well.

However, given the stock market's current stagnation, seemingly reacting negatively to every shift in the Trump administration's trade policies and tariffs, pursuing an IPO, even on an exploratory basis, is rather unexpected at this juncture.

While Figma is preparing for an IPO, it is unlikely to follow the typical timeline, which is usually four to six weeks after the confidential documentation has been approved.

Figma, a company that creates software and web tools for designers to work together, was worth $12.5 billion in May 2024. This happened after they made an offer that let shareholders sell some of their shares. Before this, Adobe tried to buy Figma for $20 billion, but the deal failed in 2023 because governments in Europe and the United States did not approve it.

The company is supported by well-known venture capital firms like Sequoia Capital, Index Ventures, Greylock, and Kleiner Perkins. Investors from these firms are on the company's board. Many other groups, including Andreessen Horowitz and IVP, also support the company.

Figma refrained from offering further comment.