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The Leverage
Should You Buy the Figma IPO?

Should You Buy the Figma IPO?

The chosen one debuts

Evan Armstrong's avatar
Evan Armstrong
Jul 02, 2025
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The Leverage
The Leverage
Should You Buy the Figma IPO?
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After a decade of quietly building, Figma, the software darling of UX designers everywhere, has publicly filed its documentation for IPO. I had heard rumors for years that the company was absolutely crushing—and we finally have data to see if that is true. The company undoubtedly has hype among the tech set; Figma will likely be one of the hottest software stock debuts of the last 12 years.

That feat, however, is remarkably different from the question of whether you should personally buy shares. As an investor, I’m mostly interested in companies that I can hold for a decade and not think about. For a longer-term value hold in software companies, I am looking for the following:

  1. A product well on its way to becoming a platform

  2. Elite financial performance

  3. Multiple long-term market tailwinds

So, I read the 270-page S-1 last night to see whether Figma qualified. Paid subscribers of The Leverage, let me walk you through what my analysis showed and whether passing on this IPO is passing on a generational-wealth creation opportunity.

Can Figma make the leap to platform?

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