On Tuesday, design software startup Figma revealed that it has submitted its confidential IPO paperwork. The details of this filing will remain under wraps until it becomes public, which could take around a month, assuming the best-case scenario.

Given the current state of the stock market, which is highly volatile due to the Trump administration’s trade policies and tariffs, it comes as a surprise that Figma is pursuing an IPO at this time, even on an exploratory basis. Recently, Klarna and StubHub, two potentially high-profile tech IPOs, put their plans on hold in early April following a stock market downturn triggered by tariff news, and have yet to reschedule.

The fact that Figma is working on an IPO does not necessarily mean it will stick to the typical timeline, which usually sees companies going public within four to six weeks after their confidential paperwork has been accepted.

Figma, a company that specializes in collaborative software and web applications for designers, was last valued at $12.5 billion in May 2024, after completing a tender offer that allowed existing shareholders to sell some of their stakes. Previously, Adobe attempted to acquire Figma for $20 billion, but the deal fell through in 2023 due to regulatory concerns in Europe and the United States.

The company’s backers include prominent venture firms such as Sequoia Capital, Index Ventures, Greylock, and Kleiner Perkins, which have representatives on its board, as well as other notable investors like Andreessen Horowitz and IVP.

Figma has declined to provide further comment on the matter.