Figma, known for its collaborative interface design tools, has declared its intention to go public through an initial public offering (IPO). The company will be listed under the ticker symbol “FIG” as it aims to enhance its focus on AI investments.

Adobe nearly acquired Figma for $20 billion in 2022, but the acquisition was abandoned in 2023 due to regulatory pressures in the UK and the European Union. Figma’s CEO, Dylan Field, had indicated the possibility of an IPO in a past interview featured in The Verge’s Command Line newsletter, stating, “Venture-backed startups usually either get acquired or go public, and we thoroughly considered the acquisition option.”

In the filing, Field mentions, “Our investment in AI is substantial and we plan to increase it further. Although AI expenses might impact our efficiency for several years, it is crucial to the future of design workflows.”