Gemini caps its IPO at $425 million despite overwhelming demand

Gemini Space Station Inc. is cutting the base size of its initial public offering to $425 million, even as investor demand climbs well past expectations.

The company communicated the cap to investors ahead of pricing on Thursday, according to Bloomberg.

The IPO, backed by billionaire twins Cameron and Tyler Winklevoss, is more than 20 times oversubscribed, but Gemini isn’t budging on the size. It’s sticking to 16.7 million shares, as previously filed with the U.S. Securities and Exchange Commission.

The company is looking to price the offering at the top of its $24 to $26 range, or even higher, but has no plans to increase the number of shares even if it does. If the price goes above that range, the volume of shares will instead be reduced to avoid pushing further dilution onto current stakeholders.

Gemini adjusts IPO terms as Nasdaq, retail buyers enter mix

The decision to hold back on upsizing the IPO comes during a hot week for U.S. public listings. Three big deals, Klarna Group Plc, Figure Technology Solutions Inc., and LB Pharmaceuticals Inc., have all outperformed their price targets.

Klarna and Figure are both priced above their ranges. LB priced in the middle and still expanded its offer. Across the board, shares of companies going public in 2025 on U.S. exchanges are showing an average gain of 36.5%, excluding SPACs and closed-end funds.

Despite this, Gemini is playing it tight. The company said in updated plans earlier this week that Nasdaq Inc. will pump $50 million into the company through a private placement that runs alongside the IPO.

Gemini also bumped up the share allocation for retail investors, jumping from 10% to 30%. That means everyday traders on Robinhood, SoFi, and Webull are getting a larger piece of the offering than originally expected.

Cameron and Tyler owned nearly all of Gemini before this IPO. Even after the listing closes, they’re expected to keep 94.5% of voting power, based on the company’s filings. That grip on control is one reason Gemini doesn’t want to mess with more dilution.

The 16.7 million shares represent roughly 14% of total shares outstanding post-offering, including the Nasdaq placement. Trading is scheduled to begin on Friday on the Nasdaq Global Select Market under the ticker GEMI.

The IPO is being led by Goldman Sachs Group Inc., Citigroup Inc., Morgan Stanley, and Cantor Fitzgerald.

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