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’s stock was clearly in hot demand. The company initially said last week it expected to sell its stock to investors for $25 to $28 per share. On Monday, it upped that range to $30 to $32 a share before pricing its offering at $33 a share Wednesday .

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