Figure raises $787.5M in IPO, starts trading as FIGR Thursday
Blockchain lender Figure Technology Solutions and existing investors sold 31.5 million shares at $25 apiece, above the raised marketing range, for $787.5 million in total IPO proceeds.
At the offer price, Figure’s equity is valued around $5.3 billion based on shares outstanding in the filing. The company upsized terms earlier this week, lifting the range to $20–22 from $18–20 and increasing the mix to 26.6M primary and 4.9M secondary shares. On those figures, gross proceeds are about $665M to Figure and $122.5M to selling holders. Shares begin trading on the Nasdaq on Thursday under the ticker FIGR. Goldman Sachs, Jefferies and Bank of America were joint bookrunners.
Founded in 2018 by Mike Cagney (ex‑SoFi CEO), Figure builds blockchain rails for consumer credit, starting with home‑equity lines of credit (HELOCs) and expanding into crypto‑backed loans and a digital‑asset exchange. The company says it has funded $16B+ of loans on‑chain. In 2024, Figure named Michael Tannenbaum as the chief executive. A 2021 venture round valued the firm at $3.2B.
For the six months ended June 30, 2025, revenue was $190.6M with $29.1M in net income, versus $156.0M revenue and a $15.6M net loss a year earlier. Customers for partner‑branded HELOCs had a weighted‑average FICO 756 (Figure‑branded: 749). Figure reports having financed loan origination and trading activity on‑chain across its platform.
Post‑IPO governance remains concentrated. Through Class B shares carrying 10 votes each, co‑founder Cagney is expected to control about 68.6% of the voting power. Investors include affiliates of DCM, Ribbit, Gemini Investments and Morgan Creek Capital. Duquesne Family Office (Stanley Druckenmiller) indicated interest in up to $50M of stock at the IPO price.
The listing lands in a crowded week for U.S. deals, with Klarna rallying on its first day after a $1.37B raise and Gemini slated to price on Thursday. Whether Figure’s blockchain angle broadens investor demand beyond fintech remains to be seen once the stock opens.
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