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 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.

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