Figma Inc.’s record-breaking debut gains are cooling, but they have still handed a windfall to investors including the select institutions that were able to get their hands on the IPO

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.