The record first-day rally in design-software company Figma Inc.’s stock earlier his week hammered home the point that investor demand for initial public offerings is red-hot. “There are a lot of private software company candidates that will look to go public over the next 12 months if the IPO market is as strong as it looks,

After Figma, Chime and others, the next big wave of tech IPOs could come in 2026.

The company 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.