The original “about $60 million” figure was a pre-IPO estimate—not a confirmed after-tax payout. On July 21, 2025, Figma disclosed that CEO and co-founder Dylan Field planned to sell 2.35 million shares at an expected IPO price of $25 to $28. That implied roughly $58.75 million to $65.8 million in gross proceeds.
Figma ultimately priced its IPO at $33 per share and began trading on the New York Stock Exchange under FIG. At that price, the planned 2.35 million-share sale had a gross value of approximately $77.55 million, subject to confirmation of the final executed transaction and before taxes and costs. The IPO also gave major venture investors—Index Ventures, Kleiner Perkins, Greylock Partners and Sequoia Capital—an opportunity to sell part of their holdings while Field retained overwhelming voting control.
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The short answer
The headline was directionally correct when published, but it needs updating:
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- Field planned to sell 2.35 million shares.
- At the preliminary $25–$28 range, those shares were worth about $58.75 million to $65.8 million gross, with a midpoint of about $62.3 million.
- At the final $33 IPO price, the same block was worth approximately $77.55 million gross.
- Figma issued new shares and later reported about $393.1 million in net proceeds from that primary offering.
- Existing shareholders ultimately sold about 30 million shares, worth roughly $990 million at the IPO price before expenses.
- Field sold only part of his position and retained control through Figma’s super-voting share structure.
The distinction between money raised by Figma and money received by existing shareholders is central. The company received proceeds from newly issued shares; Field and the venture firms received proceeds from selling shares they already owned.
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The original July 21, 2025 report described planned sales before Figma set its final IPO price. Figma later announced pricing at $33 per share.
How the $60 million estimate was calculated
Field’s planned sale contained 2.35 million shares. Applying the preliminary price range produces the following estimates:
| Share price | Calculation | Gross value |
|---|---|---|
| $25 | 2.35 million × $25 | $58.75 million |
| $26.50 midpoint | 2.35 million × $26.50 | $62.275 million |
| $28 | 2.35 million × $28 | $65.8 million |
| $33 final IPO price | 2.35 million × $33 | $77.55 million |
That is why “about $60 million” was a reasonable shorthand before pricing. But it was not a final personal cash figure. The $77.55 million number is also a calculation based on the planned share count, not proof of Field’s final net proceeds.
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A gross sale value does not account for taxes, underwriting discounts, transaction costs or Field’s cost basis. The public information summarized here supports an estimate of the shares’ offering value, not Field’s precise after-tax profit or bank deposit.
It is therefore more accurate to say that Field planned to sell 2.35 million shares, worth about $62 million at the midpoint of the preliminary range and about $77.6 million at the eventual IPO price.
Who raised money in the IPO?
Figma’s offering combined a conventional capital raise with a substantial sale by existing shareholders.
| Type of shares | Who sold them? | Who received the proceeds? |
|---|---|---|
| Primary shares | New Class A shares issued by Figma | Figma |
| Secondary shares | Existing shareholders, including Field and venture investors | The selling shareholders |
According to Figma’s final prospectus, the company issued 12,472,657 new Class A shares. Existing shareholders initially offered 24,464,423 shares.
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Underwriters also had an option to purchase up to 5,540,561 additional shares from selling shareholders. That full over-allotment option was exercised. Figma’s 2025 annual filing says existing holders ultimately sold approximately 30.0 million secondary shares, while Figma received approximately $393.1 million in net proceeds from its primary issuance.
At $33 per share, 30 million secondary shares represented approximately $990 million in collective gross sale value. That money did not go to Figma.
How much did Index, Kleiner Perkins, Greylock and Sequoia sell?
The pre-IPO disclosure indicated that Index Ventures, Greylock Partners, Kleiner Perkins and Sequoia Capital could each sell roughly 1.7 million to 3.3 million shares, depending on demand and the exercise of the over-allotment option.
Those were potential or disclosed selling ranges before final allocations—not a verified final share count for every firm. The full greenshoe increased the total secondary offering, but the exact final allocation by each named investor should not be inferred from the preliminary ranges alone.
The firms also did not appear to be exiting their investments entirely. A later SEC ownership table continued to show substantial holdings associated with Index Ventures, Greylock Partners, KPCB Holdings and Sequoia Capital.
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For venture funds, an IPO sale can provide liquidity and allow money to be returned to limited partners after years of holding a private-company investment. Selling a portion of a stake is portfolio management; it is not automatically a prediction that the company’s value will decline.
Why the offering was unusual
Figma’s IPO was weighted more heavily toward secondary liquidity than toward new capital for the company.
- Primary offering: approximately 12.5 million new shares.
- Initial secondary offering: approximately 24.5 million shares.
- Final secondary offering: approximately 30.0 million shares after the full greenshoe.
That structure may reflect strong demand for the deal, a favorable opportunity for venture investors to return capital, or both. It also limited dilution relative to an offering made entirely with new shares, because much of the stock sold to public investors came from existing holders rather than from a new issuance by Figma.
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1Scan for outdated or missing drivers - takes under a minute2Clear out junk files and repair common Windows errors3Fix the driver behind crashes, sound loss and screen glitchesThe structure does raise a natural question: why sell at the IPO? The answer cannot be determined solely from the transaction. Partial sales can provide diversification, liquidity, tax funding or fund distributions without signaling that insiders have abandoned the business.
Did Field give up control?
Not in any meaningful voting sense. The IPO reduced Field’s economic exposure to Figma to some degree because he sold shares, but the company’s multi-class structure gave certain shares superior voting rights.
The pre-IPO report said Field was expected to retain approximately 74% of Figma’s voting rights after the offering, including voting rights associated with co-founder Evan Wallace’s Class B shares.
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These are different concepts:
- Economic ownership refers broadly to the percentage of the company’s equity or financial interest a holder owns.
- Voting control refers to the percentage of votes the holder can exercise on corporate matters.
Super-voting shares can allow a founder to sell some economic interest while retaining control over board elections, mergers and other shareholder decisions. A later SEC table reported Field with 54,388,280 shares and voting control over an additional 26,730,324 shares. In that table, those holdings represented approximately 72.3% of total voting power.
The figures come from different reporting points and should not be treated as interchangeable ownership percentages. The important conclusion is consistent: Field used the IPO for partial liquidity without surrendering control.
What happened to Figma’s valuation?
Pricing at $33—above the preliminary $25–$28 range—implied a higher IPO valuation than the initial range suggested.
Valuation comparisons require care. A share price multiplied by basic shares outstanding is not necessarily the same as a fully diluted valuation, which may include options, restricted stock units and other securities. The price paid by IPO investors is also different from Figma’s first-day trading price or its later market capitalization.
For that reason, any valuation figure should identify its basis: basic shares, fully diluted shares, IPO price or subsequent market price. Figma’s final prospectus provides the capitalization information needed for that distinction.
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The reported sale values should not be confused with Field’s personal wealth or after-tax proceeds. His tax result would depend on factors such as cost basis, holding period, entity structure, jurisdiction and applicable tax rules. Venture funds would likewise handle proceeds through their fund structures, with any eventual distributions depending on fund arrangements.
Figma’s own 2025 financial statements contain a separate equity-accounting issue. The company reported approximately $975.7 million in one-time cumulative stock-based compensation expense associated with restricted stock units that vested in connection with the IPO. It also reported approximately $411.4 million in related tax withholding obligations paid during 2025.
Those figures concern employee equity awards and Figma’s accounting and withholding responsibilities. They are not taxes on Field’s personal share sale, nor are they evidence of his net proceeds.
What the IPO meant for venture liquidity
Figma’s offering illustrated how a public listing can serve two markets at once:
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- Capital formation: Figma sold new shares and received approximately $393.1 million in net proceeds.
- Shareholder liquidity: early investors and other existing holders sold approximately 30 million shares.
That distinction matters in a market where “the company raised” and “investors sold” are often reported together. Figma’s IPO created a public market for its shares and gave venture investors a path to realize part of their investments, while the company raised a comparatively smaller amount of new capital.
For investors, a large secondary component is neither automatically positive nor negative. It can indicate strong demand and provide useful liquidity, but it also means a significant portion of the offering proceeds goes to existing holders rather than funding the company’s operations.
Bottom line
The “about $60 million” headline described Dylan Field’s planned sale using Figma’s preliminary $25–$28 IPO range. Figma later priced at $33, putting the planned 2.35 million-share block at approximately $77.55 million in gross value—although that is not a confirmed after-tax payout.
The larger story was the offering’s structure: Figma raised approximately $393.1 million net through new shares, while existing shareholders collectively sold about 30 million shares worth roughly $990 million at the IPO price. Index Ventures, Kleiner Perkins, Greylock and Sequoia sold portions of their holdings, but remained significant shareholders. Field also retained dominant voting control through Figma’s multi-class share structure.
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