Overview

• Figure priced its offering at $25 and sold 31.5 million shares for $787.5 million, implying about a $5.3 billion valuation, with Goldman Sachs, Jefferies and BofA Securities leading.
• Shares opened near $36 and closed at $31.11, up 24% from the IPO price, giving the company an estimated market capitalization of about $6.6 billion.
• The company focuses on home‑equity lending on blockchain rails, reporting over $16 billion in loans originated and roughly $11.7 billion represented on‑chain, with funding times around 10 days versus an industry average of 42.
• SEC filings show first‑half 2025 revenue of about $190–191 million and net income of roughly $29 million, marking a profit turnaround ahead of the listing.
• The deal was upsized from an earlier 26 million‑share plan and above a prior $20–$22 range, and Duquesne Family Office indicated interest in up to $50 million, while the SEC earlier approved Figure’s interest‑bearing stablecoin.