Blockchain Lender Figure Surges Past IPO Target With $787.5M Raise
Figure Technology Solutions Inc., a blockchain-focused lending platform, pulled off a significant win on Wall Street, elevating $787.5 million in its preliminary public providing.
Key Takeaways:
- Figure raised $787.5 million in its IPO, pricing shares above the anticipated vary.
- The firm has facilitated over $16 billion in blockchain-based loans and turned worthwhile in 2025.
- Strong investor demand led Figure to extend each its IPO measurement and worth forward of itemizing.
The elevate exceeded expectations by pricing shares above the marketed vary, according to a Bloomberg report.
The San Francisco-based firm, alongside key backers together with Ribbit Capital, offered 31.5 million shares at $25 apiece, valuing the agency at roughly $5.3 billion.
Figure Boosts IPO Size and Price Amid Strong Investor Demand
Originally focusing on a decrease vary, Figure elevated each the share rely and worth simply days earlier than the itemizing, signaling robust investor demand.
Founded in 2018 by Mike Cagney, former CEO of SoFi Technologies, Figure has made a reputation for itself by deploying blockchain to streamline lending.
The firm is now led by Michael Tannenbaum, who took over as CEO in 2024. In a 2021 funding spherical, the corporate was valued at $3.2 billion.
The IPO comes throughout the busiest week of 2025 for US public listings, with digital finance gamers main the cost.
Klarna surged 15% after its debut earlier within the week, and Gemini Space Station, the crypto alternate led by the Winklevoss twins, is ready to cost its IPO Thursday.
Figure’s public debut was led by Goldman Sachs, Jefferies, and Bank of America. The inventory will commerce on the Nasdaq below the image FIGR.
The firm’s product lineup spans residence fairness strains of credit score (HELOCs), crypto-backed loans, and a digital asset alternate. To date, Figure says it has originated or facilitated over $16 billion in loans by blockchain rails.
Customer credit score scores for HELOCs provided by companions averaged 756 within the first half of 2025, barely above the 749 rating for Figure-branded loans, per firm filings.
Notably, Figure is embracing synthetic intelligence as a part of its underwriting and customer support stack. The agency makes use of OpenAI’s instruments to assist assess mortgage functions and has built-in a Gemini-powered chatbot on its platform.
The firm has turned worthwhile, reporting $29.1 million in internet earnings on $190.6 million in income for the primary six months of 2025, up from a $15.6 million loss on $156 million income a 12 months earlier.
Druckenmiller’s Duquesne Eyes $50M Stake in Figure IPO
High-profile buyers within the firm embrace Stanley Druckenmiller’s Duquesne Family Office, which expressed curiosity in buying as much as $50 million in shares, in addition to associates of DCM, Gemini Investments, and Morgan Creek.
Cagney will retain management of the corporate by Class B shares, which give him 10 votes per share and 68.6% of whole voting energy post-IPO.
The IPO push comes because the regulatory local weather shifts in favor of digital belongings. Since President Trump’s return to workplace in January, the SEC has dropped most circumstances towards crypto corporations.
The Trump administration has additionally superior its pro-crypto agenda with a sequence of coverage and regulatory strikes.
President Trump signed an govt order urging regulators to remove barriers that prevent 401(k) plans from together with different belongings akin to cryptocurrencies.
Trump additionally nominated economist Stephen Miran, a digital asset advocate, to the Federal Reserve Board of Governors, signaling continuity in his administration’s pro-crypto stance.
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