Figma, a company that makes design software, said on Tuesday that they have secretly started the process to become a public company (IPO) by submitting their documents. We will only find out more when these documents are made public, which will likely happen in about a month at the earliest.

However, because the stock market is unstable due to the Trump administration's trade policies and taxes on imports, trying to sell a company's shares to the public for the first time now is surprising, even just for talking about it. Klarna and StubHub, two big tech companies that were planning to sell shares last month, stopped their plans in early April after the stock market went down because of news about taxes on imports. They have not set new dates yet.

Even though Figma is preparing for an IPO, it might not happen on the usual schedule. This typically takes about four to six weeks after the confidential documents are accepted.

Figma, a company that makes design software for teams, was valued at $12.5 billion in May 2024. This happened after they let some shareholders sell some of their shares. Adobe wanted to buy Figma for $20 billion, but the deal did not happen in 2023. This was because authorities in Europe and the US did not agree with the purchase.

The company gets support from investment firms like Sequoia Capital and Index Ventures. Some investors from these firms are on the company's board.

Figma chose not to say anything more.