Figma's rapid ascent hasn't gone unnoticed by its larger competitors. In Sept. 2022, Adobe attempted to acquire Figma for $20 billion, but regulatory concerns scuttled the deal. Now, less than three years later, Figma is worth far more than that.

Shares of Figma slumped 23% on profit taking on Monday, as euphoria over the design software firm waned days after its blockbuster initial public offering.

Figma secured a valuation of $19.34 billion, just shy of the $20 billion it was set to fetch in a scrapped acquisition by Adobe in 2023.