The Week of IPOs: Klarna, Gemini, Figure and More – What You Need to Know​​

1. Klarna Group

$Klarna Group plc(KLAR)$ has filed for a U.S. IPO on the NYSE, planning to offer 34.3M shares (5.6M new, 28.8M from existing holders) at $35–37 per share, targeting up to $1.27B. Underwriters include Goldman Sachs, Morgan Stanley, and Citi.

• Valuation: Peaked at $45.6B in 2021, fell to $6.7B in 2022, now aiming for ~$14B.

• Business: Founded in 2005 by Sebastian Siemiatkowski, Klarna is a leading BNPL fintech, offering payments, shopping insights, and banking services. As of 2024, it serves 111M active users, 790K merchants, across 26 countries. BNPL market is expected to grow 15% CAGR (2024–2029).

• Products:

  1. Pay in Full – core checkout service

  2. Pay Later – buy now, pay later, 99% interest-free in 2024

  3. Fair Financing – 3–48 month installment plans

  4. Other – Klarna App, Klarna Card, browser extensions, ads ($180M ad revenue in 2024), subscriptions, savings ($9.5B deposits).

• Tech: Uses AI to cut credit losses from 0.66% (2022) to 0.47% (2024). Developing AI shopping assistants and chatbots (launch 2025).

• Financials:

  • Revenue: $1.90B (2022), $2.28B (2023), $2.81B (2024), $1.52B (H1 2025)

  • Net loss: -$1.04B, -$244M, -$21M, -$152M (H1 2025).
    Losses tied to credit provisions and expansion costs.

2. Figure Technology Solutions

$Figure Technology Solutions (FT Intermediate)(FIGR)$ , a blockchain-based fintech founded in 2018 by Mike Cagney, has filed for a Nasdaq IPO, offering 26.3M shares (21.5M new, 4.9M existing) at $18–20, aiming for up to $526M. Underwriters: Goldman, Jefferies, BofA, SocGen, KBW, Mizuho.

• Business: Leader in blockchain-based lending and tokenized credit, especially in non-bank HELOCs (ranked #1) and 75% market share in tokenized private credit (as of Aug 2025).

• Products:

  1. HELOC – core product, incl. crypto-backed loans, automated underwriting, remote notary

  2. Figure Connect – launched June 2024, loan marketplace

  3. Figure Exchange – launched Mar 2024, crypto trading

  4. Others – YLDS stablecoin (Feb 2025), Democratized Prime (Jun 2025), LOS system, DART registry (on Provenance blockchain).

• Innovation: Median loan funding time cut to 10 days vs industry 42 days. Developing a regulated interest-bearing stablecoin (expected approval 2025).

• Financials:

  • Revenue: $210M (2023), $341M (2024), $191M (H1 2025)

  • Net profit: -$48M, +$17M, +$29M.

3. Gemini Space Station

$Gemini Space Station, Inc.(GEMI)$ (crypto exchange founded in 2014 by the Winklevoss twins) filed an S-1 on Aug 15 to list on Nasdaq Global Select Market, offering 16.7M shares at $17–19, raising up to $316.7M. Underwriters: Goldman, Citi, Morgan Stanley.

• Business: Aims to bridge traditional finance with crypto. Operates in 60+ countries, with 549K monthly trading users and 10K institutions. Assets under custody: $21B (as of Jul 2025); lifetime volume $285B.

• Products:

  1. Core Exchange – spot trading, custody, BTC/ETH/stablecoins

  2. Derivatives, staking, OTC

  3. Institutional custody via Gemini Trust (regulated in NY)

  4. Others – GUSD stablecoin, Gemini Credit Card, Nifty Gateway (NFT).

• Financials:

  • Revenue: $98M (2023), $142M (2024), $68.6M (H1 2025)

  • Net loss: -$320M, -$159M, -$283M.
    Revenue mix: 65.5% trading fees, but institutional share rose to 87%, compressing blended fee rate from 0.31% → 0.18%. Losses driven by payroll, compliance, and falling fees.

• IPO significance: Compliance-focused exchange testing public markets.

  • Strengths: Regulatory licenses, custody trust, diversified products.

  • Risks: Widening losses, dual-class shares, litigation exposure, intense competition.

4. Via Transportation

$Visa(V)$ , a U.S. public transit tech platform, filed an IPO on Sep 12 for an NYSE listing under ticker VIA, offering 10.7M shares at $40–44, raising up to $471M (valuation ~$3.5B). Lead underwriters: Goldman, Morgan Stanley, Allen & Co, Wells Fargo.

• Business: Founded in 2012, NY-based, providing tech for transit agencies: planning, dispatch, compliance, analytics. Operates in 30+ countries, with 689 clients (90%+ revenue from governments). Market penetration only ~1% of $545B TAM.

• Products:

  1. Planning & routing platform

  2. Compliance & data tools

  3. Passenger booking & payments

  4. Fleet procurement & call center services

• Financials:

  • Revenue: $249M (2023), $338M (2024), $206M (H1 2025, +26.4% YoY)

  • Net loss: -$117M, -$90.6M, -$37.5M (H1 2025). Losses narrowing due to better efficiency.

5. Legence Corp

$Legence Corp.(LGN)$ , a Blackstone-owned building systems services provider, filed for a Nasdaq IPO (ticker LGN) on Sep 10, offering 26M shares at $25–29, raising up to $754M (valuation $2.7–2.95B).

• Business: Founded 1963, San Jose-based. Provides HVAC, process piping, and MEP services for high-tech facilities (data centers, life sciences, healthcare, education).

• Growth: 40% of backlog tied to data centers (AI infra demand). Client base: 60%+ Nasdaq-100 firms. Acquired 28 regional contractors under Blackstone to offer integrated design-build-operate services.

• Products: HVAC for mission-critical sites, cleanroom systems, energy efficiency (AI-based tools save clients 15–20%, renewal rate 85%).

• Market: $1.8T global engineering services market, CAGR 6%. Positioned as one of the few full-cycle data center service providers.

• Financials:

  • Revenue: $2.1B (2024, +30%), $1.1B (H1 2025, +11%)

  • Backlog: $2.8B (Jun 2025, +29%)

  • Net loss: -$26.5M (H1 2025, losses widened 201%) due to M&A and R&D costs.

6. Black Rock Coffee Bar

$Black Rock Coffee Bar, Inc.(BRCB)$ , a U.S. boutique coffee chain, filed an S-1 on Aug 18 to list on Nasdaq (ticker BRCB), offering 14.7M shares at $16–18, targeting $265M. Underwriters: JPM, Jefferies, Morgan Stanley, Baird, Stifel, William Blair, Raymond James.

• Business: Founded 2008 in Oregon, operates 158 stores (as of Jun 2025) across 7 states (vs 71 in 2020). Largest fully company-owned coffee retailer in the U.S. Plans to open 30 stores in 2025 and reach 1,000 by 2035.

• Products:

  1. Specialty coffee drinks – Nitro Cold Brew, Caramel Blondie, customizable lattes

  2. Energy drinks – Iced & Frozen Fuel series

  3. All-day breakfast – burritos, sandwiches, egg bites coming

  4. Other – K-cups, cold brew packs, roasted beans, baked goods

• Strategy: Focused on customer experience, digital loyalty, community engagement. Testing tech-enabled loyalty and ordering for rollout in 2025.

• Financials:

  • Revenue: $133M (2023), $161M (2024), $95M (H1 2025)

  • Net income: not disclosed (2023), -$7M (2024), -$2M (H1 2025).