In 2022, blue chip stock Adobe agreed to buy Figma for $20 billion, but the acquisition was called off as regulators in the U.K. expressed antitrust concerns. Shortly after the deal fell through in late 2023, Figma reset its internal valuation to $10 billion.

Figma secured a valuation of $19.34 billion, just shy of the $20 billion it was set to fetch in a scrapped acquisition by Adobe in 2023.