Klarna and Figure Target US IPOs at $14B and $4.13B Valuations
Swedish buy-now-pay-later firm Klarna and US blockchain lender Figure have filed for US IPOs in New York. Klarna aims to price 34.3 million shares at $35–37, raising up to $1.27 billion and valuing the company near $14 billion. Figure plans to sell 26.3 million Nasdaq shares at $18–20, seeking $526 million at a $4.13 billion valuation under ticker “FIGR”. These filings follow strong debuts by stablecoin issuer Circle and crypto exchange Bullish, signalling revived investor interest in high-growth fintech and blockchain finance. Klarna recovered from a mid-2022 valuation dip to relaunch its US IPO plans amid steadier markets. Figure, co-founded by Mike Cagney in 2018, turned profitable in H1 2025 with a $29 million gain and cuts home equity loan approval times to 10 days using blockchain. The wave of listings, including Gemini’s $2.2 billion roadshow, highlights growing risk appetite and regulatory confidence. Investors must weigh consumer spending resilience and blockchain adoption pace, with market sentiment hinging on aftermarket performance and broader tech stock demand.
Bullish
These IPO filings are bullish for market sentiment. A wave of US IPOs from fintech and blockchain firms signals renewed investor risk appetite. Similar to Coinbase’s 2021 listing, successful offerings by Circle and Bullish earlier this year reinvigorated tech stock and crypto markets. In the short term, strong demand can lift equities and crypto prices as capital flows into growth sectors. In the long term, mainstream listings by blockchain lenders like Figure may enhance regulatory clarity and institutional adoption of digital assets, supporting sustained market growth. However, investor caution remains around consumer spending and regulatory shifts.