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.

Design startup Figma listed its shares on the New York Stock Exchange in a year when IPOs from buzzy tech firms have come roaring back.