Design-software maker Figma raised about $1.2 billion in its U.S. initial public offering, pricing 36.9 million shares at $33 each—above an already-increased range and valuing the San Francisco company at roughly $19 billion on a fully diluted basis. The deal followed a surge in investor demand that left the order book about 40 times oversubscribed. Investor enthusiasm carried into trading. Shares opened on the New York Stock Exchange at $85, were repeatedly halted for volatility after spiking above $112, and closed at $115.50. The 250% first-day jump lifted Figma’s market capitalization to nearly $68 billion, eclipsing the $20 billion price Adobe agreed to pay before regulators blocked the acquisition in 2023. Bloomberg data indicate the surge is the largest first-day pop for a U.S. listing that raised more than $1 billion in at least 30 years. Figma’s blockbuster debut signals a notable thaw in the tech IPO market and provides a fresh liquidity event for backers such as Sequoia Capital, Greylock Partners and Index Ventures. The company, which added ServiceNow chief executive Bill McDermott to its board ahead of the listing, said it will use primary proceeds for product development and potential acquisitions. Founded in 2012, Figma offers cloud-based tools that let teams co-design websites, apps and other digital assets. According to its filing, annual recurring revenue reached roughly $912 million in 2024 and is tracking near $1 billion this year, up 46% year on year. The business generates about 90% gross margin, a 16% operating margin and a 27% free-cash-flow margin. It counts 13 million monthly active users—two-thirds of them non-designers—450,000 paying customers and penetration at 78% of the Fortune 2000.