Figure IPO Raises $788M, Valuing FIGR at $6.6B
Figure IPO by Figure Technology Solutions completed its Nasdaq listing on September 11, raising $788 million at $25 per share. The FIGR stock opened 44% higher at $36 and closed up 24% at $31.11, valuing the blockchain lender at $6.6 billion. Founded in 2018 by former SoFi CEO Mike Cagney, Figure uses its Provenance blockchain and AI credit assessment—powered by OpenAI and Google Gemini—to cut home equity loan approvals from 40 to 10 days.
In 2024, Figure generated $341 million in revenue and $20 million in net profit. First-half 2025 revenue rose 22% to $191 million, with net profit of $29 million. The Figure IPO was 25× oversubscribed, attracting investors like DCM, Ribbit Capital and Gemini Investments. As the latest crypto industry IPO after Circle and Bullish, the Figure IPO underscores growing demand for blockchain lending and real-world crypto finance solutions.
Bullish
The strong oversubscribed Figure IPO indicates robust investor interest in blockchain lending and real-world crypto finance solutions. The premium closing price and $6.6 billion valuation reflect confidence in Figure’s Provenance blockchain and AI-driven credit tools. In the short term, this likely boosts sentiment around crypto finance equities and related tokens, while long-term implications include greater institutional adoption of real-world blockchain applications. Overall, the news is bullish for the crypto finance sector.