Figure Technologies Upsizes IPO to $20–$22 as Stablecoin Demand Fuels Nasdaq Debut

Figure Technologies is leaning into renewed enthusiasm for digital-asset infrastructure, lifting the terms of its U.S. IPO to 31.5 million shares at $20–$22 and targeting a valuation near $4.66 billion. The revised deal would raise up to roughly $693 million and marks a clear vote of confidence in a stablecoin issuer positioned at the intersection of crypto rails and consumer lending. The company, founded in 2018 by Mike Cagney, expects to trade on the Nasdaq under the ticker FIGR later this week, with Goldman Sachs, Jefferies, and BofA Securities leading the syndicate.

Under the hood, Figure has turned profitability back on. For the first half of 2025 it generated approximately $29 million in earnings, flipping from a year-earlier loss of about $13 million. Management highlights a blockchain-native platform that automates identity, collateral and settlement workflows across lending and trading, enabling home-equity loans funded in ~10 days—a speed advantage that has become a core part of the pitch to public-market investors. The offering also has a potential anchor: Stanley Druckenmiller’s Duquesne Family Office has indicated interest in taking up to $50 million of stock, signaling institutional buy-in alongside retail interest.

Context matters for price discovery. Crypto-linked listings have gained traction as policy rhetoric has warmed and as recent IPOs—spanning exchanges and stablecoin peers—helped establish valuation markers. That backdrop has widened the investor base for issuers whose growth depends on transaction activity, tokenization use cases, or efficiency gains from on-chain settlement. The upsized FIGR book points to selective risk-on behavior: investors are rewarding firms with improving unit economics, clear monetization pathways, and real operating leverage—traits Figure has emphasized in its roadshow.

What could go wrong? Volatility is the ever-present wildcard in crypto-adjacent equities, and headline risk—from regulatory shifts to liquidity shocks in digital-asset markets—can spill into trading conditions. Yet the decision to raise both size and range suggests the order book is building with price-sensitive demand. If pricing lands toward the high end, Figure’s debut will offer a timely read on where public markets are willing to finance stablecoin infrastructure, and whether profitability plus scale can command a multiple that rivals fintech comparables.

For portfolio managers, the deal offers a litmus test for Nasdaq IPO appetite after a stop-start year for issuance. A strong first print could open a window for late-2025 financings across payments, brokerage infrastructure and blockchain-enabled credit, while a soft open would reinforce the market’s bias for cash-generative names. Either way, Figure Technologies’ IPO is set to be a focal point for investors tracking the convergence of stablecoins, tokenized credit, and public-market funding in the quarters ahead.