Figma's financial trajectory represents one of the most remarkable ARR growth curves in enterprise software history, driven by the combination of genuine product-market fit, viral adoption mechanics, and the structural tailwind of remote work normalization that accelerated the shift to browser-based collaboration tools. The company's revenue growth from approximately $12 million ARR in 2017 to over $600 million ARR by 2022 reflects a compound annual growth rate exceeding 100% for multiple consecutive years—a sustained hypergrowth rate that is exceptionally rare in enterprise software and that justified the extraordinary valuation multiples investors and ultimately Adobe applied to the business. At its peak private valuation of $10 billion in June 2021, Figma was valued at approximately 50 times forward revenue, a multiple that reflected both the growth rate and the winner-take-most dynamics of design platform markets. The Adobe acquisition offer of $20 billion in September 2022—approximately 50 times the company's then-current ARR of approximately $400 million—was the most direct financial validation possible of Figma's strategic value. Adobe's willingness to pay this premium reflected not just Figma's current revenue but its growth trajectory, its competitive threat to Adobe's core Creative Cloud business, and the cost Adobe would incur if Figma continued to grow independently and eventually expanded into creative categories that Adobe had historically dominated. The $20 billion price tag made Figma the most expensive private software acquisition attempted in history at the time. The termination of the Adobe deal in December 2023, which resulted in Adobe paying Figma a $1 billion breakup fee, left Figma with exceptional financial resources for an independent company. The combination of the $1 billion termination fee, existing venture capital funding totaling over $750 million across multiple rounds, and the company's own cash generation from subscription revenue gave Figma a balance sheet that provided both operational security and strategic flexibility without the pressure of an imminent IPO. Net revenue retention—the measure of how much existing customers expand their spending year over year, net of churn—has been consistently high at Figma, reportedly exceeding 150% in peak periods. This means that the cohort of customers who subscribed in a given year was spending 50% more with Figma one year later, driven by seat expansion as design capability spread through organizations, tier upgrades as team requirements matured, and the addition of FigJam subscriptions to existing Figma relationships. NRR above 120% is considered excellent in enterprise software; figures above 150% indicate exceptional product-market fit and land-and-expand dynamics.