The hype train has left the station, and Figma's share price is rocketing higher. Here is what might come next.

The price for design software developer Figma surged more than 250% on Thursday to close at over $117 per share after raising over $1.2 billion in an IPO, well over three times the $30-$32 range the company estimated in SEC filings earlier this week—making its 33-year-old CEO Dylan Field a billionaire.

Figma’s IPO valued the company above $19 billion on a fully diluted basis. It raised about $1.2 billion for the company and investors who cashed out on shares, making it the biggest venture-backed tech IPO since 2021, according to Renaissance Capital.