UPDATE: Former FTC Chair Lina Khan is taking a victory lap following the sensational IPO of Figma, which soared to a staggering valuation of $68 billion after its public debut on Thursday. This milestone comes less than two years after a proposed merger with Adobe was abandoned under intense regulatory scrutiny.
Khan took to X (formerly Twitter) to celebrate the event, stating, “A great reminder that letting startups grow into independently successful businesses, rather than be bought up by existing giants, can generate enormous value.” Her comments highlight her ongoing campaign against major tech mergers, which has drawn both praise and criticism in Silicon Valley.
Figma’s IPO was a resounding success, initially valued at $19.3 billion, but closing at an astonishing 250% above its asking price, resulting in a windfall for investors. This comes just after the failed $20 billion acquisition attempt by Adobe in December 2023, which fell through due to regulatory pressures from authorities in both Europe and the United States.
The Adobe-Figma merger was part of a broader antitrust crackdown championed by Khan, who served as FTC chair from 2021 to 2025. Despite her achievements, Khan’s aggressive antitrust stance has not been without backlash, particularly from tech analysts and industry insiders.
“Figma is a massive success, but it’s because of the company’s innovative growth and not due to the FTC and Khan,” said Dan Ives, a noted tech analyst at Wedbush Securities.
While celebrating the IPO, industry experts caution against dismissing the potential advantages of the Adobe-Figma merger. Louis Lehot, a partner at Foley & Lardner in Silicon Valley, remarked, “There’s a hint of schadenfreude in celebrating independent success while dismissing the potential upside of the Adobe-Figma merger.” He emphasized that both independent scaling and strategic acquisitions can foster innovation depending on the context.
As Figma continues to bask in the success of its IPO, the tech industry will be closely watching how this victory impacts future startup growth and regulatory discussions. The implications of Khan’s antitrust policies and their effects on the tech landscape will remain a hot topic in the coming weeks.
Representatives from both Figma and Khan did not immediately respond to requests for comment, leaving the conversation open for further developments.