Figure IPO Kicks Off Today With $5.2 Billion Valuation to Launch Blockchain Lending Journey — Why You Should Be Excited

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Blockchain lender Figure Technologies is set to IPO Thursday under the ticker FIGR, with a valuation of about $5 billion amid surging investor interest. It’s shaping up to be one of the most exciting IPOs this week, showcasing how crypto can be applied in real-world use cases such as home equity loans — with significant room for growth ahead.

The New York–based company and certain existing investors sold 31.5 million shares at $25 each, above its previously increased range of $20–$22, raising $787.5 million. The IPO valued Figure at $5.29 billion. Billionaire investor Stanley Druckenmiller’s Duquesne Family Office indicated interest in purchasing up to $50 million worth of shares from the offering.

Founded in 2018, Figure leverages blockchain technology to connect lenders and borrowers in the home loan market. Its blockchain-based loan origination system (LOS) for consumer credit and digital assets focuses primarily on home equity loans. The platform reduces average loan processing time from 42 days to just 10, while blockchain tracking ensures transparency and efficiency. In 2024, Figure facilitated $5 billion in home equity lending, up 51% year over year, and has since expanded through partner-branded strategies that extend its technology beyond real estate.

The company’s filing outlines plans to branch into a broader range of credit products. Management argues that the combination of AI automation and blockchain transparency can eliminate inefficiencies in lending markets while delivering faster, more accessible credit. Figure is led by cofounder and CEO Mike Cagney, the former SoFi chief who resigned amid misconduct allegations.

Figure is also a stablecoin issuer. In February, it launched YLDS, an interest-bearing, transferable stablecoin. Outstanding YLDS has grown to about $4 million.

Unlike many IPOs, Figure is already profitable. In the first half of 2025, it generated $191 million in revenue, up 22% year over year, with net income of $29 million and diluted EPS of $0.15. Loan sales contributed $68 million, up 17%, while ecosystem and technology fees surged 250% to $44 million, making them the company’s second-largest revenue driver. This reflects growing adoption of its cloud-based loan application platform through partner-branded channels. Interest income also rose 66% to $32.6 million from loans and marketable securities, including assets underlying YLDS.

At a $5.3 billion valuation, Figure trades at about 14 times annualized revenue — not expensive given its growth trajectory. Investors may expect further upside as real-world blockchain applications gain traction. With Trump pushing for rate cuts to support housing, Figure’s core market could see additional momentum.