Figma Inc.’s US initial public offering is approaching 40 times oversubscribed, according to people familiar with the matter, as the design and collaboration software company heads for what could be the year’s most in-demand listing.

Figma raises IPO price range, targeting an $18.8 billion valuation amid strong revenue growth and investor interest in AI-aligned tech stocks.

Figma raised the proposed price range for its U.S. initial public offering on Monday and is now aiming for a valuation of $18.8 billion, in the latest sign of strong investor appetite for high-growth technology stocks.