(Reuters) -Figma is targeting a valuation of $13.65 billion in its U.S. initial public offering, as the cloud-based design software firm prepares for a debut that could inject fresh momentum into a tech listings market already roaring back to life.

The San Francisco-based company, along with some investors, is eyeing proceeds of up to $1.03 billion through a sale of nearly 37 million shares priced between $25 and $28 each, it said on Monday.

The listing could be a major milestone for Figma, coming more than a year after its $20 billion sale to Adobe was terminated due to regulatory hurdles in Europe and the UK.

While investors have been eager for new share sales for months, the uncertainty sparked by President Donald Trump's tariffs kept a major recovery in check.

However, an equities rally and a bunch of strong debuts recently are helping lift the overhang. Figma will start trading close on the heels of stablecoin giant Circle, which debuted with eye-popping gains last month and has continued surging since.

As a major technology player that appears supportive of bitcoin, Figma has already draw attention on social media discussion.

The company had around $70 million invested in Bitwise's bitcoin exchange-traded fund as of March 31 and intends to allocate a further $30 million to bitcoin, its filing showed.

Figma is a cloud-based design platform that allows users to collaboratively create and edit apps, websites and software interfaces.

Its customers include ServiceNow, Workday and SAP. Its revenue rose 46% in the first three months of 2025, while net income jumped three-fold.

"Figma's product is its primary marketing engine. Its collaborative nature fosters viral, bottoms-up adoption, leading to a best-in-class sales efficiency," said Tomasz Tunguz, founder of venture capital firm Theory Ventures.

The company has also signaled it may take "big swings" with M&A, with co-founder and CEO Dylan Field saying it is prepared to "make decisions that may not seem immediately rational."

Figma expects to list on the New York Stock Exchange under the symbol "FIG". Morgan Stanley, Goldman Sachs, Allen & Co and J.P. Morgan are among the underwriters for the offering.