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Outbyte Driver Updater FREEFix the driver behind crashes, sound loss and screen glitchesFind Drivers →Outbyte PC Repair FREERepair Windows errors before they cause bigger problemsFix Now →Figure Technology Solutions priced its 2025 initial public offering at $25 per Class A share and listed on Nasdaq under the ticker FIGR. The IPO registration statement became effective on September 10, 2025, and the company reported that the offering closed two days later, on September 12. The listing brought co-founder Mike Cagney back to public markets, but it did not end his control of Figure: the prospectus projected that he and permitted transferees would retain about 69% of voting power after the offering.
What was Figure’s IPO price, and when did it go public?
Figure’s final IPO prospectus set the Class A share price at $25 and said the shares had been approved for Nasdaq listing under FIGR. The offering included both newly issued shares sold by Figure and shares sold by existing stockholders. Money from the selling stockholders’ portion went to those holders, not to Figure; the prospectus is the source for the exact share counts and proceeds.
The SEC declared the registration statement effective on September 10, 2025. Effectiveness allowed the offering to proceed; it was not the closing date. Figure later reported in its Form 10-Q that the IPO was completed on September 12, 2025. Figure’s final IPO prospectus and its second-quarter 2026 Form 10-Q document the terms and completion date.
How much voting control did Mike Cagney keep?
Figure’s prospectus described two common-stock classes with unequal voting rights: each Class A share carried one vote, while each Class B share carried ten. It projected that Cagney and permitted transferees would hold approximately 69% of the company’s voting power after the IPO. The prospectus therefore described Figure as a Nasdaq “controlled company.” The IPO made Figure publicly traded, but the dual-class structure left Cagney with majority voting control as projected in the filing. The final prospectus sets out the share-class terms and projected voting power.
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What business did Figure present to IPO investors?
Figure described itself as a financial technology company offering a technology-enabled loan origination system alongside Figure Connect, a distribution marketplace that provides access to capital-markets partners. Its 2026 Form 10-Q also describes digital-asset and credit infrastructure, including an interest-bearing stablecoin security and Democratized Prime. These are Figure’s descriptions of its products and business, not independent findings about their performance or market position.
In its September 2025 report on the filing, TechCrunch summarized company figures showing revenue of $191 million for the six months ended June 30, 2025, up 22.4% from the same period a year earlier. Figure reported a $29 million profit for that half-year, compared with a $13 million loss in the first half of 2024. These are historical six-month figures reported around the IPO—not annual results or a current run rate. TechCrunch’s filing-day report provides its contemporaneous summary.
How was the 2026 blockchain-stock transaction different?
Figure’s February 2026 transaction was a separate secondary public offering involving Blockchain Common Stock, not a continuation of the 2025 FIGR IPO. In its second-quarter 2026 filing, Figure said underwriters acquired existing Class A shares from selling holders and sold them to the company, which then issued Blockchain Stock to purchasers. Figure said it received no cash proceeds from the Blockchain Stock sale. In connection with the transaction, it also reported using approximately $10 million of cash to repurchase 312,500 Class A shares from underwriters at $32 per share.
A February 2026 amendment to a registration statement for the proposed Blockchain Common Stock offering discussed risks including Figure’s history of losses and the concentration of voting control with Cagney. That document concerns the later financing, so it should not be confused with the final prospectus for the 2025 Class A IPO. The February 2026 S-1 amendment covers that subsequent proposed offering.
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What the IPO does—and does not—show about FIGR shares
The IPO documents establish the offer price, listing plans, share structure and company-reported financial results for specified periods. They do not establish how FIGR shares performed after listing. A performance claim would require dated market-price data and a clearly defined start and end date; no such verified share-price series is included here.
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