Figma, the design and collaboration software company, made a notable debut on the New York Stock Exchange (NYSE) with its initial public offering (IPO) priced at $33 per share. The stock opened at $85, representing a 158% increase from the IPO price, and surged as high as $117.50 during its first day, marking a gain of approximately 250%. This rapid appreciation valued the company at nearly $68 billion on a fully diluted basis, making it one of the largest venture-backed IPOs by market capitalization for a U.S. tech company since Rivian in 2021. The strong debut attracted significant investor interest, including a purchase of 60,000 shares by Cathie Wood's Ark Invest. However, following the initial surge, Figma's shares experienced a pullback, declining more than 20% on the trading day after the IPO, with the stock falling to around $88.60 and the market capitalization adjusting to approximately $56 billion. Despite this correction, the stock remained well above its IPO price, delivering substantial returns to early investors and venture capital firms such as Index Ventures, Greylock VC, Kleiner Perkins, and Sequoia Capital. The IPO's success has reignited enthusiasm in the tech listing market, although it also raised discussions on long-term valuation sustainability and venture capital windfalls. Figma's CEO Dylan Field, a former Thiel fellow, holds a stake valued at about $6.6 billion following the IPO.