The hype train has left the station, and Figma's share price is rocketing higher. Here is what might come next.

Unicorns may be mythical beasts, but multibillion-dollar start-ups are alive and well and running wild on Wall Street. Design software firm Figma is the latest company to make a splashy debut. It surged 250% from its initial-public-offering price when it began trading on July 31 and continued to rise a day later.

The price for design software developer Figma surged more than 250% on Thursday to close at over $117 per share after raising over $1.2 billion in an IPO, well over three times the $30-$32 range the company estimated in SEC filings earlier this week—making its 33-year-old CEO Dylan Field a billionaire.