Figure IPO Set to Launch: Can the First RWA Stock Spark a Broader IPO Revival?

TradingKey - Blockchain lending platform Figure Technologies is set to go public on the Nasdaq this Thursday, September 11, potentially earning the title of “the first RWA (Real-World Assets) stock” thanks to its blockchain-based loan services. Just days before its IPO, Figure increased both its share count and price range — but whether it can replicate the “Circle miracle” remains uncertain amid cooling IPO enthusiasm.

Under its listing plan, Figure Technologies Solutions will begin trading under the ticker FIGR in the U.S. market. Due to strong investor demand, Figure recently raised its offering size from 26.3 million to 31.5 million shares, and increased its price range from $18–$20 to $20–$22 per share.

Figure’s core business involves providing home equity loans using blockchain technology, and it is expanding into integrated brokerage services to offer institutional investors products like stock lending.

The company aims to raise $796 million, with the underwritten portion of 26.6 million shares expected to generate $585 million in proceeds. These funds will be used to strengthen its product lines, including:

• Optimizing its proprietary Provenance blockchain system
• Accelerating development of its investment platform
• Expanding adoption of its loan platform Figure Connect
• Enhancing infrastructure for its yield-bearing stablecoin YLDS

Despite high expectations for what is being called the busiest IPO week of 2025, the first major debut — Klarna — underwhelmed: its stock rose just 14.55% on its first day, falling far short of the doubling performances seen by Circle or Figma at their launches.

Barron’s noted that several recent IPOs surged initially but then fell sharply, sparking concerns about an IPO bubble — reminiscent of the dot-com era of 2000.

Some industry insiders point out that profitability is no longer a prerequisite among companies going public, as none have achieved sustained profitability. After years of IPO drought, investors are now highly enthusiastic about fast-growing, innovative firms — with much of the IPO momentum driven by retail investors.

Cautious analysts say they will wait for earnings reports and lock-up expirations before judging whether these stocks are truly worth holding.

On a more positive note, Figure is one of the few pre-IPO companies that is actually profitable. Unlike Klarna and other high-profile IPO candidates still in the red, Figure posted a net profit of $29 million in the first half of 2025.