Figure Technology Solutions priced its IPO above targets, raising \$787.5M at a \$5.3B valuation. The blockchain lender, with \$16B in loans and 2025 profitability, counts Stanley Druckenmiller’s Duquesne among backers. Ticker: FIGR on Nasdaq.

Figure Technology Solutions, a blockchain-focused lending and capital markets platform, completed an upsized initial public offering on Nasdaq under the ticker FIGR, raising $787.5 million at an implied valuation of about $5.3 billion. The deal was priced at $25 per share, which was above the top of the already-increased price range and involved 31.5 million shares, reflecting strong institutional demand for the offering. Figure, founded in 2018 by former SoFi CEO Mike Cagney and June Ou, uses blockchain infrastructure to originate and manage consumer and institutional loans, including home equity products, mortgage-related loans, and other credit lines. The company positions its technology as a way to digitize and automate loan origination, servicing, and capital markets functions on-chain, and it reports that more than 160 third-party lenders use its platform to originate loans. According to IPO materials, Figure had roughly $16 billion in cumulative loan volume and had recently reached profitability, with about $376 million in revenue and $36 million in net income over the 12 months ended June 30, 2025. The offering marks one of the larger U.S. fintech and blockchain-related IPOs in recent years and represents a return to public markets for Cagney following his tenure at SoFi. The company’s cap table includes prominent institutional investors, including funds associated with Stanley Druckenmiller’s Duquesne, alongside major underwriting banks such as Goldman Sachs, Jefferies, Bank of America, Société Générale, KBW, and Mizuho, which led the deal. The IPO gives public-market investors direct exposure to a blockchain-enabled lending and capital-markets infrastructure provider at a time when regulators and traditional financial institutions are scrutinizing and selectively adopting tokenization and on-chain settlement models.

✨ AI-generated background, compiled from web sources — not editorial content.

More coverage

• Figure Technology Solutions - IPOScoop (iposcoop.com)
• Figure Technology Solutions - Wikipedia (en.wikipedia.org)
• Figure's IPO: The Long Road to Beating a 2021 Valuation - ESO Fund (esofund.com)
• Form S-1 - SEC.gov (sec.gov)
• Figure Technologies IPO Overview & Pre-IPO History (nasdaqprivatemarket.com)

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