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Figma is a high-growth software leader with impressive user traction and a strong product ecosystem, but its IPO surge has pushed valuation to extreme levels. Recent financials show robust revenue growth and improving profitability, yet results are skewed by a one-time Adobe termination fee and limited operating history. Even under bullish growth and margin assumptions, Figma's current trading multiples remain exceptionally high, making it hard to justify the present valuation.

Figma shares soared more than 250% on their New York Stock Exchange debut, closing at $115.50 after pricing its initial public offering at $33 per share. The design software company's first trade at $85 valued it at roughly $50 billion, and the day ended with a market capitalisation close to $68 billion.

“It's going to be really important that companies think about not just what they're creating but how users are experiencing it,” says Figma CTO/

Figma's biggest outside investors — Index Ventures, Greylock, Kleiner Perkins and Sequoia — are holding about $24 billion in Figma shares after the design software company's NYSE debut. It's a much-needed IPO for Silicon Valley venture firms, which have been thirsting for returns after a historically slow stretch for IPOs.

Figma's IPO saw shares triple, driven by strong growth, product superiority, and investor excitement, but valuation has reached dizzying heights. The company boasts impressive revenue growth, huge cash reserves, and early profitability, but trades at around 50x annualized sales after the IPO surge. Key risks include sky-high valuation, reliance on key staff, dual-class shares, slower growth, and potential upcoming competition.

Figma (FIG 256.76%) stock soared on its opening day on Thursday. After pricing its initial public offering (IPO) at $33, the stock opened at $85 around 2:00 p.m.

It's been 13 years since Figma's founding, and three years since it was almost acquired by rival Adobe. Figma's stock exploded in the company's public debut Thursday, closing 250% above its IPO price.

CNBC's Andrew Ross Sorkin reports on Figma's first day of trading.

Figma's IPO is making a lot of money for a lot of people. That group also includes a nonprofit: The Marin Community Foundation, which sold shares worth $440 million.

Design software maker Figma's IPO on the NYSE is oversubscribed with share prices nearly triple the IPO's initial $33 per share price and a possible valuation of more than $50 billion.