Figma, Inc.

Status taxonomy

RUMOR

News mentions an upcoming IPO but no SEC filing exists yet.

DRS

Confidential draft on file at the SEC. Time-to-public-S-1 historically 60–180 days.

S-1 FILED

Public S-1 on file. Pricing historically 4–10 weeks later (Arm, Reddit, CAVA, Klaviyo, Instacart).

ROADSHOW

Price range disclosed in an S-1/A. Bankers are actively pitching investors; pricing 1–3 weeks out.

PRICED

Final 424B filed; price set. First trade typically T+1 to T+5.

TRADING

Already listed and trading. We keep these on the board as comps for the active IPOs.

FUNDED PRIVATE

Mega-private (OpenAI, Anthropic, Stripe). Cap raised via private rounds — no public IPO filing. SPV pass-throughs track secondary liquidity.

DEBT / NOTE

Bond or note offering — 424B without a prior S-1. Filtered out of the active board.

WITHDRAWN

Registration pulled. Either delayed or cancelled outright.

SEC filing types

S-1

Initial public registration statement. Company is going public; SEC review begins.

S-1/A

Amendment to S-1. Often the moment a price range is added — pricing is then weeks away.

F-1

S-1 equivalent for foreign issuers (Arm Holdings filed an F-1).

DRS

Draft Registration Statement — confidential S-1. Filed quietly under JOBS Act; converts to public S-1 when the company is ready.

424B*

Pricing prospectus. Filed AFTER the SEC declares the S-1 effective and the company prices the IPO. Trading begins T+1.

Form D

Notice of private securities sale (Reg D 506(b)/(c)). Companies use this for late-stage primary rounds AND for SPV pass-throughs in the secondary market. NOT an IPO filing.

RW / AW

Withdrawal of registration. The IPO has been pulled (market conditions, regulatory, M&A, etc.).