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.

Figma secured a valuation of $19.34 billion, just shy of the $20 billion it was set to fetch in a scrapped acquisition by Adobe in 2023.