Figma, the popular design and product development platform, has been making headlines with an extraordinary performance following its recent initial public offering (IPO). After setting its IPO price at $33 per share, Figma shares saw an explosive debut on the New York Stock Exchange under the ticker symbol FIG. On Thursday, the stock soared, opening at $85 and quickly shooting up to a high of $107 within minutes, marking a staggering rally of around 250% in a single day.

This opening surge catapulted Figma’s market capitalization to approximately $46 billion, significantly surpassing the $20 billion valuation from Adobe’s scrapped acquisition attempt in 2023. The IPO itself brought in roughly $1.2 billion for Figma and its early shareholders, highlighting strong demand and investor enthusiasm for the company’s growth prospects.

Behind the stock’s meteoric rise is Figma’s impressive business performance. The company reported a 46% year-over-year revenue increase in the first quarter of 2025, reaching $228.2 million. Figma’s annual recurring revenue is now tracking around $820 million, demonstrating robust growth and high customer retention, with existing customers increasing their spending by nearly a third compared to the previous year.

Figma’s successful debut is being seen as a positive signal for the broader IPO market, which has been subdued in recent years but is showing signs of renewed activity, especially among venture-backed tech firms. The excitement around Figma’s IPO underscores both its innovative product offerings and investor confidence in the company’s long-term trajectory.

As Figma’s shares continue to climb in premarket trading, the company’s IPO is fast becoming one of the most notable tech listings of the year, setting a strong tone for future tech offerings on public markets.