Overview

• Figure and certain investors plan to sell 26.3 million shares at $18–$20 each for proceeds of up to $526.3 million, implying a valuation near $4.13 billion.
• The offering comprises about 21.46 million new Class A shares and roughly 4.85–4.9 million from existing holders, plus a 30-day overallotment of about 3.9–3.95 million shares; at the high end, about $429 million would go to the company and roughly $97 million to selling stockholders.
• Co-founder Mike Cagney will retain roughly 69.2% of voting power through Class B shares that carry 10 votes each, leaving the company under founder control post-listing.
• For the six months ended June 30, 2025, the company reported about $190.6 million in revenue and roughly $29 million in net income, and says its blockchain-based platform has facilitated about $17 billion in home-equity loans.
• Shares are expected to list on the Nasdaq under the ticker FIGR with Goldman Sachs, Jefferies and BofA Securities leading the deal, and the SEC registration has been filed but is not yet effective.