After opening for trade just before 2:00 p.m. ET on Thursday at $85 per share, Figma (FIG) closed its first day of trading above $117 on Thursday, rising more than 250% from where the design and collaboration software firm priced its initial public offering at $33 per share.

At the close of trading on Thursday, the company was worth more than $45 billion. Shares were halted multiple times due to volatility.

The company’s IPO process, including both where it priced the debut and how shares traded at the open, showed demand remains strong for new issues; Figma priced its IPO above expectations for a range of $30-$32. The company raised roughly $1.2 billion in a sale of 36.94 million shares, split between the company’s sale of 12.47 million shares and existing shareholders’ sale of 24.46 million shares.

Figma, helmed by CEO Dylan Field, is set to be the latest indicator of an IPO market that has been strong in 2025, with tech darlings like Circle (CRCL) and CoreWeave (CRWV) seeing shares soar after public debuts earlier this year.

Figma’s IPO comes after the company abandoned plans to sell itself to digital software giant Adobe (ADBE) in 2023 for $20 billion after European regulators raised anti-competition concerns about the merger between two digital design giants.

The company’s IPO plans have been closely watched on Wall Street.

The Street’s $30-$32 pricing expectations, which Figma has now exceeded, were already a raise from the company’s own prediction of a $25-$28 pricing.

The tech company follows in the footsteps of Circle, which saw shares rise 168% from its IPO price on its first day of trading.

Circle is now up more than 510% since its open in June. Fellow IPO darling CoreWeave, which notched only a marginal gain on its first trading session, is up more than 160% since its March debut.

Figma’s revenue has grown by 46% year over year. More than three-quarters of Forbes 2000 companies use the design software maker’s products, according to Figma’s offering documents.

The success of IPOs like Circle has pushed the market back toward the year of dealmaking Wall Street M&A bankers had been calling for until that was thwarted by a widespread market freeze following tariff uncertainty in April.

The Renaissance IPO Index, run by IPO data firm Renaissance Capital and tracking public offering performance, came back after an “April freefall” to deliver an “explosive rally to end [Q2] up 20%, outperforming the S&P 500 (+11%),” according to the firm’s Q2 quarterly review.