• Figure Technologies has increased its IPO price range to $20–$22 per share from $18–$20, signaling robust investor appetite for its blockchain-based lending platform.
  • The fintech firm is now targeting a valuation of up to $4.3 billion and aims to raise approximately $526 million in its upcoming Nasdaq debut.
  • The move comes as the company posted a net income of $29 million for the first half of 2025, a significant swing from a $13 million loss in the prior-year period.

Figure Technologies Inc. has increased the proposed price range for its initial public offering, according to people familiar with the matter, a move that points to stronger-than-expected demand for one of the most-watched fintech listings this year.

The San Francisco-based company, which uses blockchain to streamline home equity lending, is now targeting a range of $20 to $22 per share, up from its initial filing of $18 to $20. At the top end of the new range, Figure would raise roughly $526 million and achieve a valuation of approximately $4.3 billion. The underwriters, led by Goldman Sachs, Jefferies, and BofA Securities, have not yet set a final price.

This upward revision reflects a surge of investor confidence in Figure’s business model and its recent financial performance. The company has facilitated over $16 billion in home equity lines of credit (HELOCs) across the U.S. and reported revenue of $190.6 million for the first six months of 2025, a solid increase from $156 million a year earlier. More notably, it swung to a profit, reporting net income of $29 million compared to a loss of $13 million for the same period in 2024.

Founded in 2018 by former SoFi CEO Mike Cagney, Figure has positioned itself at the intersection of traditional finance and disruptive technology. Its proprietary platform leverages blockchain to significantly shorten the loan origination process, a claim that has drawn both intrigue and scrutiny from industry analysts. The company is currently led by CEO Michael Tannenbaum, who took over the role in 2024.

The successful pricing of this offering is being closely watched as a barometer for public market appetite for blockchain-centric financial services. It arrives amidst a wave of fintech and crypto-related public listings, including those from firms like Circle and Gemini, as the sector looks to capitalize on a sustained bull market.

A representative for Figure Technologies declined to comment, citing the quiet period restrictions surrounding the IPO process. The company’s shares are expected to begin trading on the Nasdaq under the ticker symbol "FIG" in the coming days, pending final market conditions.