Shares of Figma were trading as high as $107 within minutes after it began trading under the ticker FIG. The company and its early shareholders raised $1.2 billion in its IPO on Wednesday, with shares priced at $33. The stock began trading Thursday at $85 a share, and took off like a rocket from there.

The surge gave Figma a market cap of roughly $46 billion, eclipsing the $20 billion price that Adobe had planned to acquire the company for before the merger was abandoned in 2023 due to regulatory pushback. Adobe, with a market cap of around $152 billion, will now be Figma’s key public markets competitor as the upstart chases market share. Praveer Melwani, Figma’s CFO, told Fortune on Thursday morning that it will be business as usual for Figma moving forward, with possible acquisitions in the pipeline.

“Candidly, the way we’re running this—or the way the offering shaped up—it’s a majority secondary transaction with a small portion of primary that facilitates to pay the tax that’s owed on the RSU [restricted stock unit] settlement,” said Melwani, who became Figma’s first business operations head in 2017. “So, we’re net neutral from a cash impact on technology. The story stays the same. We have been acquisitive in the past—primarily small teams and talent.”

Figma’s securities filing for its public debut showed a growing, profitable business, with revenue up in Q1 2025, 46% year-over-year to $228.2 million and a net income for the quarter at $44.8 million.

Figma’s opening pop reflects not only optimism about Figma, but optimism about the venture-backed IPO landscape overall. Muted in recent years, tech IPOs have been in the midst of a slow but decisive recovery. Recently, VC-backed darlings like Circle, Chime, Hinge Health, and CoreWeave have all gone public, with varying degrees of success.

Figma itself is backed by a number of Silicon Valley stalwarts, including Index Ventures, Kleiner Perkins, Greylock, and Sequoia Capital, all of whom hold stakes worth north of $1 billion in the company. For Figma moving forward, the biggest question is how the company will adapt to and capitalize on AI. Greylock venture partner John Lilly told Fortune that Figma and Field are well-positioned.

“The way we’re going to be interacting with more systems and technology over time means interfaces have to be designed right,” said Lilly. “Figma is the way organizations design together, it’s sort of the operating system… As long as we keep investing and keep making sure that we’re on top of AI—integrating the best tools and creating some of them—then AI looks like a huge opportunity to me.”