Investors and bankers are wondering why the software company didn’t price its shares higher to capitalize on fervent demand.

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