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A bar chart that shows Figure's valuation growth from seed to IPO. Prices rose from $1.05 in the 2018 Series Seed round to $25 at the 2025 IPO. The valuation increased steadily, with notable jumps in 2019 Series C at $7.56 and 2021 Series D at $17.69. The company has never had a down round.

Figure's share price since seed

All of Figure's private market investors are in the green on its IPO, but some got a significant discount.

The big picture: Investors in a 2024 spinoff got shares at levels not seen since some of Figure's earliest rounds.

Figure has notably never taken a down round.

Catch up quick: Figure spun out its crypto yield and custody platform last year into something called Figure Markets, amid Biden-era regulatory uncertainty around crypto, and raised $60 million for the new business at $2.02 per share.

Lead investors were Jump Crypto, Lightspeed Faction, and Pantera Capital. Distributed Global, Ribbit Capital, and CMT Digital joined.

Then, just a year later, the two companies remarried.

Zoom in: "When the environment changed, we merged it back because the businesses were meant to be together," Figure Technologies CEO Michael Tannenbaum tells Axios Pro's Ryan Lawler.

Figure Markets lead investors thus paid just $2.02 per share for original Figure — a price between the company's Series A ($1.27) and Series B ($2.50) rounds. But the annualized ROI is better, given the time difference.

By the numbers: Figure priced its IPO at $25 per share and closed its first day of trading at $31.72.

Unexpected winners in Figure's IPO

Investors in a 2024 spinoff got shares at levels not seen since some of Figure's earliest rounds.

Illustration of someone holding a phone surrounded by money and dollar imagery. 

All of Figure&#x27;s private market investors are in the green on its IPO, but some got a significant discount.The big picture: Investors in a 2024 spinoff got shares at levels not seen since some of Figure&#x27;s earliest rounds.

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Unexpected winners in Figure's IPO

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