2025-26 has produced two of the most watched events in design software history: Figma's spectacular IPO in July 2025 and Canva's confirmation of $4 billion ARR heading into a 2026 IPO. Two companies, two very different stories — and a comparison that reveals as much about software valuation as it does about product strategy.
Canva vs Figma — Key Metrics Comparison
| Metric | Canva | Figma |
|---|---|---|
| ARR / Revenue | $4B ARR | $821M TTM |
| Valuation | $42B (private) | $56B (public) |
| Revenue multiple | 10.5x ARR | 68x revenue |
| Users | 265M MAU | 8M+ MAU |
| Growth rate | +35% YoY | +31% YoY |
| Profitable? | 8 years profitable | Not disclosed |
| Status | Private — IPO H2 2026 | Public — NYSE: FIG |
Figma's IPO — The 250% First Day Pop
Figma went public on the NYSE in July 2025, priced at $33 per share and closing its first day at $115.50 — a 250% increase that valued the company at $56.3 billion. At 68x trailing revenue, the valuation reflected investor belief that Figma is the defining design infrastructure platform. This came after Adobe's $20 billion acquisition attempt was blocked by EU regulators in 2023 — a decision that, in hindsight, was one of the great regulatory gifts to a company's long-term value. See Figma's full profile →
Canva's Remarkable Position
Canva generates 4x more revenue than Figma at a 3.4x lower valuation multiple — a discrepancy that public market investors are expected to close aggressively when Canva IPOs in H2 2026. With $4 billion ARR confirmed by co-founder Cliff Obrecht at Web Summit Qatar in February 2026, 265 million monthly active users, eight consecutive years of profitability and 800 million AI interactions monthly, Canva may be the most compelling IPO candidate of the decade. See Canva's full profile →
Different Markets, Different Multiples
The valuation gap reflects market positioning more than financial quality. Figma owns the professional UI/UX design market with near-monopoly levels of adoption — every product designer uses it. Canva serves everyone else — marketing teams, educators, small businesses, social media creators. Figma's smaller, higher-value B2B customer base justifies premium multiples. Canva's mass market means a larger addressable market but more pricing pressure. Both approaches are working.