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Bullish Prices IPO Above Range, Raises $1.11 Billion

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Bullish, the cryptocurrency exchange backed by billionaire Peter Thiel and owner of media outlet CoinDesk, has priced its U.S. initial public offering (IPO) at $37 per share, above its earlier target of $32–$33. The offering raised $1.11 billion from 30 million shares, valuing Bullish at $5.41 billion.

The IPO comes as U.S. equity markets see a rebound after more than two years of a dry spell. Other high-profile recent offerings include stablecoin issuer Circle Internet, whose shares have surged over 400% since its IPO in June, and design software maker Figma, which jumped 250% in its market debut two weeks ago.

Bullish, led by former NYSE president Tom Farley, operates a crypto exchange offering spot trading, futures, and derivatives, and is expected to begin trading on the NYSE under the ticker “BLSH” on Wednesday. Institutional investors such as BlackRock and Cathie Wood’s Ark Investment Management have committed to buy up to $200 million in shares. JPMorgan, Jefferies, and Citigroup are the IPO’s lead underwriters.

The listing reflects growing investor confidence in crypto, bolstered by U.S. President Trump’s July law creating a regulatory framework for stablecoins—a move widely seen as legitimizing the crypto industry.

Ambiq Micro Files for U.S. IPO Amid Rising Demand for AI-Efficient Chips

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Ambiq Micro, a chip designer based in Austin, Texas, has filed for an initial public offering (IPO) in the United States, reporting a 16.1% increase in net sales for 2024. The company’s growth is being driven by rising demand for semiconductor technology fueled by the surge in generative artificial intelligence (AI) applications.

In its IPO filing, Ambiq Micro disclosed net sales of $76.1 million for 2024, up from $65.5 million the previous year, while narrowing its net loss to $39.7 million from $50.3 million in 2023. The company will list on the New York Stock Exchange under the ticker symbol “AMBQ.” BofA Securities and UBS are serving as the lead underwriters.

Despite strong sales growth and partnerships with major customers like Google and Huawei, the company faces risks due to high customer concentration, relying heavily on a small number of large clients, according to Lukas Muehlbauer, a research associate at IPOX.

Ambiq Micro specializes in ultra-low-power semiconductor solutions aimed at reducing power consumption challenges inherent in general-purpose and AI computing. This positions the company well in the growing market for “AI at the edge” devices, such as wearables, where energy efficiency is critical. Its chips reportedly reduce power use by 2 to 5 times compared to traditional designs, a significant advantage as AI computing typically demands substantial electricity.

The proceeds from the IPO are planned to support general corporate purposes, including working capital, sales and marketing, and product development. The broader IPO market is experiencing a revival, buoyed by strong investor interest in AI-focused technology firms expected to benefit from rapid growth driven by widespread adoption of generative AI.

Figma Reports Strong Revenue and Profit Growth Ahead of NYSE IPO

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Figma, the cloud-based design platform, revealed robust revenue and profit growth in its filing for an initial public offering (IPO) on the New York Stock Exchange, setting the stage for one of 2025’s most anticipated listings. This move comes more than a year after Adobe’s planned $20 billion acquisition of Figma was called off due to regulatory hurdles in Europe and the UK.

For the first quarter ending March 31, 2025, Figma reported revenue of $228.2 million, a significant increase from $156.2 million in the same period last year. Its net income also tripled to $44.9 million. The company’s valuation had reached $12.5 billion last year during a tender offer allowing early investors and employees to cash out partially.

Figma’s IPO had been expected after Adobe’s acquisition was blocked and mutually shelved in December 2023. CEO and co-founder Dylan Field emphasized the company’s commitment to AI development, acknowledging that investing heavily in this technology could affect near-term efficiency but is vital for long-term growth. Field indicated the company will take “big swings” on platform investments and potential mergers and acquisitions, even if such moves may not seem immediately rational.

The company plans to use a portion of the IPO proceeds to pay down borrowings under its revolving credit facility, which it has used to manage upcoming tax payments. Major investment banks Morgan Stanley, Goldman Sachs, Allen & Co, and J.P. Morgan are leading the underwriting of the offering. Figma’s shares are expected to trade under the ticker symbol “FIG.”