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Blockchain Lender Figure Raises $787.5 Million in U.S. IPO at $5.3 Billion Valuation

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Figure Technology, a blockchain-based lender and stablecoin issuer, raised $787.5 million in its U.S. initial public offering on Wednesday, marking one of the year’s largest debuts from the crypto sector as digital assets gain wider mainstream traction.

The New York-based company and its investors sold 31.5 million shares at $25 each, above the raised price range of $20–$22. The deal valued Figure at $5.29 billion. Originally slated to offer 26 million shares, the firm boosted the size of the sale on Tuesday amid strong demand.

Shares will begin trading Thursday on the Nasdaq under the ticker FIGR. Goldman Sachs, Jefferies, and BofA Securities acted as lead underwriters.

Figure’s Business

Founded in 2018, Figure uses blockchain technology to connect lenders and borrowers, particularly in the housing market. According to its filings, the company can fund home equity loans in just 10 days, compared to the industry average of 42 days.

The IPO also drew interest from major investors. Billionaire Stanley Druckenmiller’s Duquesne Family Office indicated plans to purchase up to $50 million worth of shares.

Crypto Momentum

The listing comes as the crypto sector surpasses $4 trillion in market value, boosted by regulatory wins under a pro-crypto White House, corporate adoption of digital assets, and strong inflows into crypto-linked ETFs.

Figure joins a wave of companies going public in what is shaping up to be one of the busiest weeks for U.S. IPOs in years. Swedish fintech Klarna jumped 30% in its New York debut earlier the same day, while Gemini, Via, and Black Rock Coffee are expected to price offerings next.

Nebius to Raise $3 Billion Following Landmark Microsoft Deal

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AI infrastructure company Nebius Group announced Wednesday it will raise $3 billion to accelerate growth in its artificial intelligence cloud business, just days after striking a $17.4 billion deal with Microsoft.

The funding package includes a $2 billion private offering of convertible senior notes and a $1 billion underwritten public offering of class A shares. Goldman Sachs will serve as the lead book-running manager, joined by Morgan Stanley, BofA Securities, and Citigroup.

Nebius said the funds will be used to expand its compute and hardware capacity, secure land from reliable providers, and grow its data center footprint.

The announcement follows Monday’s news that Nebius will provide Microsoft with GPU infrastructure capacity for five years, a contract worth up to $19.4 billion if additional services are included. The deal sent Nebius’ Nasdaq-listed shares soaring 49% to a record high on Tuesday, though they slipped 5.6% in pre-market trading Wednesday. Year to date, shares have climbed an impressive 245%.

Nebius was formed after splitting assets from Russian tech company Yandex. Its rise highlights the surging demand for data center capacity worldwide, driven by the explosive growth of generative AI technologies.

Pattern Targets $2.6 Billion Valuation in Upcoming U.S. IPO

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E-commerce accelerator Pattern announced Wednesday it is seeking a valuation of up to $2.64 billion in its planned U.S. initial public offering, underscoring renewed investor appetite for IPOs after recent market volatility.

IPO Details

  • Shares offered: 21.4 million by Pattern and existing shareholders.

  • Price range: $13 to $15 per share.

  • Capital raised: Up to $321 million if priced at the top.

  • Ticker: “PTRN” on Nasdaq.

Company Background

  • Founded in 2013 by David Wright and Melanie Alder (initially as iServe).

  • Acts as an e-commerce accelerator, helping brands scale on platforms including:

    • Amazon, Walmart, Target, eBay, TikTok Shop, Mercado Libre.

  • More than 90% of 2024 revenue came from Amazon product sales, making it one of the top global Amazon resellers.

  • Previously raised $225 million in 2021 at a $2 billion valuation, led by Knox Lane.

Market Context

  • The IPO market is rebounding, with successful debuts from Figma and Circle boosting confidence.

  • Global e-commerce revenue is projected to hit $8.3 trillion in 2025, with 4 billion users by 2030 (Statista).

  • Pattern’s growth strategy rides the wave of digital commerce acceleration and the shift toward online marketplaces.