On Tuesday, the design software company Figma said it has secretly given its documents for an initial public offering (IPO). We won't know everything until these documents are made public, which will likely take about a month at the earliest.

However, because the stock market is unstable, mainly due to the changing trade rules from the Trump government, trying to do an IPO now, even just thinking about it, is unexpected. This is surprising because two big possible tech IPOs, Klarna and StubHub, were stopped last month and have not been planned again after the market went down because of news about tariffs.

Although Figma is preparing for an IPO, this does not necessarily indicate it will unfold within the typical timeframe, which is commonly four to six weeks following the acceptance of confidential documentation.

Figma, a provider of collaborative design software and web applications, concluded a tender offer in May 2024, valuing the company at $12.5 billion and enabling existing shareholders to liquidate a portion of their equity. Adobe's prior bid of $20 billion to acquire Figma was terminated in 2023 due to regulatory opposition in European and American markets.

The company gets financial support from important venture capital firms like Sequoia Capital, Index Ventures, Greylock, and Kleiner Perkins. Some investors from these firms are on the company's board. Many other companies, including Andreessen Horowitz and IVP, also support them.

Figma opted not to provide additional commentary.