The IPO market is heating up again, and blockchain-powered fintech player Figure Technology Solutions is stepping onto the stage. With its upcoming NASDAQ debut under the ticker FIGR, the company is aiming to convince investors that its technology-first approach to lending and financial services can reshape an industry still plagued by inefficiencies.
Figure Technology Solutions, which was originally filed under the name FT Intermediate but will change its name in connection with the offering, is planning to raise $500 million by selling 26.3 million shares at a range of $18 to $20. About 18% of the deal is secondary, with 4.9 million shares coming from existing stockholders. At the midpoint, Figure would raise about $500 million, with net proceeds to the company of approximately $376 million (or $447 million with overallotment).
At the midpoint valuation, the IPO filing shows 206.5 million shares outstanding post-offer, which at $19 per share implies a market cap of $3.9 billion and an enterprise value of roughly $3.6 billion once pro forma debt and cash are considered.
The IPO is led by Goldman Sachs, Jefferies, and BofA Securities, joined by Société Générale, Keefe, Bruyette & Woods, and Mizuho. The deal is expected to price during the week of September 8, 2025. Notably, Duquesne Family Office intends to purchase $50 million of stock in the offering, representing about 10% of the deal—a meaningful show of institutional support.
Founded in 2018 by fintech veteran Michael Cagney, Figure has built a vertically integrated suite of blockchain-based lending, trading, and investing platforms. The company began in the HELOC market, where it originates loans directly to borrowers but also powers a growing partner-branded model through banks, servicers, brokers, and credit unions. Its key offerings include a Loan Origination System (LOS), the DART lien and eNote registry, the Figure Connect marketplace, Figure Exchange for digital assets, and YLDS, an SEC-registered interest-bearing stablecoin.
Figure differentiates itself with speed and cost efficiency: while the HELOC industry averages 42 days for funding, Figure claims a median of just 10 days, and it estimates loan production costs of $730 per loan, compared to an industry average of $11,230 in 4Q24. As of June 30, 2025, the company had 168 active partners, with its top 10 driving 57% of origination volume. The Figure Connect marketplace, launched in June 2024, processed $1.3 billion in HELOCs in its first year, while adoption of DART grew from 2% of originations in 2024 to 80% in the first half of 2025.
Financial performance has turned a corner. The company booked $375 million in revenue for the 12 months ended June 30, 2025, up from $341 million in 2024 and $210 million in 2023. After losing money in 2023, Figure swung to profitability in 2024 and accelerated growth into 2025.
Risks remain. Figure’s operations depend heavily on the Provenance Blockchain and its native HASH token, which could face regulatory scrutiny if classified as a security. The company also highlights potential volatility in its YLDS stablecoin, customer concentration risk, and cybersecurity issues tied to blockchain infrastructure.
Investor sentiment appears constructive, with institutional interest already signaled and a measured price range that balances the company’s recent return to profitability with the uncertainties of a blockchain-heavy model. Figure Technology Solutions enters the market as a profitable, fast-growing fintech with an ambitious plan to expand its blockchain-based platforms, while investors will be weighing both the growth potential and the regulatory and competitive risks as the IPO approaches.