Design-software developer Figma surged in its New York Stock Exchange debut, underscoring pent-up demand for high-growth technology listings. The initial public offering was priced at $33 a share but opened at $85 and finished its first session about 250% higher, marking the largest first-day gain for a U.S. IPO raising at least $1 billion in three decades. Trading remained volatile on the second day: FIG briefly touched $135 before retreating toward $115 by midday. Cathie Wood’s Ark Invest disclosed a purchase, while retail investors piled in despite the sharp valuation jump, which analysts said equated to roughly 50 times Figma’s projected revenue. The magnitude of the rally sparked renewed criticism that underwriters—led by Morgan Stanley with Goldman Sachs, JPMorgan and Allen & Co.—left billions on the table for the company and early sellers. Venture investors called the deal a textbook case of ‘irrational exuberance,’ arguing that the pricing gap highlights flaws in the traditional book-building process. Even so, bankers and venture capitalists said Figma’s blockbuster listing could reopen the IPO window for other well-known startups that had been waiting out a dormant market. Circle and CoreWeave have already tested demand this year, and names such as Stripe, Canva and Databricks are now expected to revisit public-market plans if the momentum holds.
.@SapphireVC's Co-Founder @jai_das and @WndrCoLLC's Jeff Nykun debate if the IPO window is truly open after @Figma's debut: "I don't think IPO market is open for everybody... you need to have a high growth story." - Jai Das "I have a little bit of a different view there… I https://t.co/TYy3olafBQ
Figma's blowout debut proves Wall Street forgot how much investors want tech IPOs https://t.co/dxvIa48Q5L
Figma’s insane IPO reminds me of that time I was interviewing @bchesky on live TV when Airbnb shares hit the market - and his eyebrows went to the top of his head. He re-watches it here…a few years later. https://t.co/dZlIJQuLND