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.

Shares of software company Figma soared in their stock-market debut Thursday, rising more than 200% in one of the splashiest initial public offerings in years.The stock opened at $85 a share, more than twice its IPO price and the best first-day showing in recent memory for a major offering.