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.

In 2022, blue chip stock Adobe agreed to buy Figma for $20 billion, but the acquisition was called off as regulators in the U.K. expressed antitrust concerns. Shortly after the deal fell through in late 2023, Figma reset its internal valuation to $10 billion.

Traders expressed confusion and frustration on Thursday as demand for Figma shares appeared to far exceed supply. Figma’s initial public offering this week was a boon for investors. Well, some investors.