Industry insiders see a signal for the market in the brilliant debut by the design software manufacturer Figma and speculate about the next IPO candidates.
• Figma’s successful IPO could trigger a new wave of Tech-IPOS
• As the next candidate, companies such as Canva, Revolut and Anduril are traded
• High sales growth and an “AI story” as a decisive criteria for successful IPO
The sensational IPO of the Tech company Figma has revived the debate about IPOS. While investors analyze the offer, the question arises as to which startups could follow the example to end the years of IPO village in the tech industry.
Figma share as an impulse provider for the market?
On July 31, 2025, the design software manufacturer Figma celebrated its stock exchange debut. The issue price was $ 33, the first course on the NYSE at $ 85. Most recently, the share was $ 76.31, which corresponds to an increase of around 131 percent compared to the issue price (as of the final course course of August 14, 2025).
According to Kirsten Green, founder and managing partner at Forerunner Ventures, a positive IPO is a good signal for everyone. In conversation with Fortune, she compared a IPO with the “Series A of the Public Market”, which could increase the willingness of the companies to go to the stock exchange. Kyle Stanford, Research Director for US venture capital at PitchBook, noticed to Fortune that in the first half of only 18 companies financed by risk capital providers, which was due to political uncertainties, among other things. He hoped that Figma will “break the dam”.
Criteria for a successful IPO
According to Stanford, a successful IPO requires no unconditional profitability. Investors would prefer companies that would generate sales of at least $ 200 million and at the same time have high growth. The priority is on a positive free cash flow. In addition, an “AI story” is now “very important”, unless the company grow very strongly and is highly profitable.
The next potential IPO candidates
According to Fortune’s report, there is a long list of promising candidates for an IPO. An often mentioned name is the design collaboration company Canva, which has similar fundamental data to Figma. The investor Jason Shuman from Primary Venture Partners referred to the annual turnover of three billion US dollars and growth of 35 percent compared to the previous year as a sign of the robustness of the business model. The company was recently evaluated with $ 37 billion with a share buyback.
According to investors, other potential candidates are also the FinTech company Revolut and the chip manufacturer Cerebras. The latter had already submitted a stock exchange registration in September 2024, but his IPO was postponed due to regulatory concerns. In the meantime, Cerebras has the official approval for a listing.
Large companies such as Openaai, Stripe and SpaceX remain private. The reasons for avoiding public control by disclosure obligations and access to sufficient private capital are mentioned. An exception could be the defense tech company Anduril, which, according to pitchbook analyst Kyle Stanford, could be the next tech-IPO. The Anduril CEO has already announced that the company will definitely go to the stock exchange.
Editor finance.net
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