Figma, the platform that specializes in collaborative interface design, has filed for an initial public offering (IPO). The company will trade under the ticker symbol “FIG” as it prepares to “double down” on its investments in AI.

Figma was nearly acquired by Adobe for $20 billion in 2022, but the two companies scrapped the deal in 2023 after facing pressure from regulators in the UK and the European Union. Last year, Figma CEO Dylan Field hinted at going public last year during an interview included in The Verge’s Command Line newsletter, saying, “There are two paths that venture-funded startups go down. You either get acquired or you go public. And we explored thoroughly the acquisition route.”

Figma confidentially filed for an IPO in April. Its new filing reveals Figma’s revenue spiked to $228.2 million from $156.2 million when compared to the same time last year. This year, Figma expanded its library of tools to include features for website building, AI coding, branded marketing, and digital illustration. It has also started letting AI models gain access to its design servers to make coding more efficient.

“We’re already investing heavily in AI and we plan to double down even more in this area,” Field says in the filing. “AI spend will potentially be a drag on our efficiency for several years, but AI is also core to how design workflows will evolve going forward.”