Design software startup Figma announced on Tuesday that it has confidentially submitted the necessary documentation for an Initial Public Offering (IPO). Further details will remain undisclosed until these documents are made public, which is anticipated to occur, at the earliest, in approximately one month.

Given the current volatility of the stock market, largely due to the unpredictable trade policies and tariffs enacted by the Trump administration, it is somewhat unexpected to pursue an Initial Public Offering at this time, even at a preliminary stage.

While Figma is pursuing an IPO, its progression may deviate from the typical schedule, which usually involves a four-to-six-week period following the acceptance of confidential documents.

Figma, a provider of collaborative design software and web applications, achieved a valuation of $12.5 billion in May 2024 following a tender offer enabling shareholders to liquidate part of their holdings. Adobe's proposed acquisition of Figma for $20 billion was abandoned in 2023 due to significant regulatory opposition in both Europe and the United States.

The company is supported by well-known venture capital firms like Sequoia Capital, Index Ventures, Greylock, and Kleiner Perkins. Some of these firms have investors who are on the company's board. Many other important organizations, such as Andreessen Horowitz and IVP, also support the company.

Figma refrained from offering additional commentary.