Design-software company Figma’s stock rocketed 250% above its initial public offering price, and was headed for the largest ever first-day gain, after an IPO had raised more than $500 million.

The San Francisco-based design software company filed for an initial public offering (IPO) with the US Securities and Exchange Commission (SEC) to raise up to $1 billion and secure a valuation of roughly $16.5 billion on a fully diluted basis.

The company is well on its way to generating $1 billion of revenue in 2025 with steady profits a possibility too.