FIGR: Figure Stock Soars 25% on IPO Day, Hits $6.6B Valuation. Here’s What It Is and What It Does.

🚀 IPO Pop Puts Figure on the Map

• Figure Technology Solutions FFIGR hit the Nasdaq with a bang Thursday, jumping 25% on its first day of trading and landing a $6.6 billion market cap. Not bad for a fintech built on blockchain and mortgage lending.

• Priced at $25 a share, above the $20–$22 expected range, the company raised $787.5 million. Read that as a vote of confidence from investors hungry for new listings and good bargains.

• Shares opened at $36, a 44% pop, before settling closer to the $31 mark. In other words, still a big debut, but some of the sugar rush wore off by the closing bell. Could’ve been words: look at what happened with Klarna’s IPO a day earlier.

💻 Blockchain Meets Mortgages

• So what does it do? Figure runs a blockchain-enabled platform called Figure Connect that matches buyers and sellers of home-equity lines of credit (Heloc). It’s like a matchmaking service, but for your mortgage.

• Beyond Helocs, the company also operates a digital asset exchange that lets users trade Bitcoin

  

  BTCUSD, Ethereum

  

  ETHUSD, and other tokens. A fintech play with a crypto kicker.

• With the digital-assets hype machine in full swing, Figure’s dual pitch – serious fintech plus blockchain buzz – makes it stand out in a crowded tech-focused IPO field.

💰 Profitable, Unlike the Others

• What about the company’s performance? Revenue hit $340.9 million last year, up 63% from 2023, and the company swung from a $52.4 million loss to a $19.9 million profit. Not your typical money-burning, lossmaking tech IPO.

• The first half of 2025 kept the streak alive: $190.6 million in revenue, up 22% from last year, and net income of $29.4 million. Investors love growth, but they love profitable growth even more.

• While rivals are still bleeding cash, Figure’s figures are showing it can scale and make money. That alone could keep the stock in play beyond its flashy first day.