US stocks welcome the hottest IPO week of the year! The largest Fintech IPO Klarna, crypto giants Gemini and Figure are about to land.

The U.S. IPO market has been bustling recently, with three star companies in the fintech and cryptocurrency sectors—$Gemini Space Station(GEMI.US), $Figure Tech Solutions - CL(FIGR.US), and $Klarna(KLAR.US)—pushing forward their IPO processes in full swing. Meanwhile, Via Transportation, Inc., a representative company in the smart transportation sector, has officially joined the application lineup, becoming another focal point in the market this week.

Behind this wave of IPOs is the combined effect of policy incentives and market maturity. In the first half of 2025, the U.S. crypto market welcomed multiple key positive developments: the Trump administration showed support for the crypto industry, promoting stablecoin-related legislation and creating a more favorable regulatory environment for businesses. Additionally, with U.S. regulators approving spot Bitcoin ETFs and Coinbase being included in the S&P 500 index, crypto assets are gradually integrating into the mainstream financial system.

Swedish fintech giant Klarna recently announced plans to raise up to $1.27 billion through a U.S. IPO, which the market views as one of the most significant fintech IPOs of 2025. The simultaneous IPO race of these three companies reflects a new trend of the fintech industry collectively embracing public capital markets. The industry is closely watching: Who will be the next Circle, replicating its post-IPO success?

Gemini (Cryptocurrency Exchange)

Company Overview: Founded in 2014 by twin brothers Cameron and Tyler Winklevoss, Gemini is one of the most well-known cryptocurrency exchanges in the U.S. Its business spans cryptocurrency trading, USD stablecoin issuance, crypto asset custody, staking services, and crypto reward credit cards.

Key Business Highlights: After a decade of development, Gemini has grown into a large platform managing over $18 billion in assets. Through a diversified product portfolio, it has built a comprehensive ecosystem of crypto financial services, extending beyond trading and custody to stablecoin issuance and blockchain-based consumer finance.

Financial Performance: Gemini remains unprofitable. In the first half of 2025, the company reported total revenue of $68.6 million but a net loss of $283 million. Its revenue is highly dependent on trading volume fluctuations, with trading fees accounting for 65.5% of total revenue.

Gemini's IPO plan indicates it aims to issue 16.6667 million shares at $17–$19 per share, raising up to $317 million at a valuation of approximately $2.2 billion. If successful, it would become the third publicly traded digital asset exchange in the U.S., following Coinbase and Bullish.

Figure Technology Solutions (RWA Pioneer)

Company Overview: Founded in 2018 by former SoFi CEO Mike Cagney, Figure is a blockchain-based lending company. Its proprietary Provenance blockchain platform significantly simplifies and accelerates loan processes.

Key Business Highlights: Figure's business model focuses on using blockchain to streamline lending, trading, and investment processes. Its ecosystem revolves around the Provenance Blockchain, a distributed proof-of-stake network where Figure holds 20% of the utility token HASH.

Financial Data: Figure performed strongly in the first half of 2025, with revenue growing 22.4% to $190.6 million and net profit reaching $29 million, a turnaround from a $13 million net loss in the first half of 2024.

Figure plans to raise up to $526.3 million in its IPO, with a price range of $18–$20 per share. At the upper end, its market cap would be $3.37 billion, with an expected listing date of September 11.

Klarna (Buy Now, Pay Later & Digital Banking)

Company Overview: Klarna, a Swedish fintech company founded in 2005 and headquartered in Stockholm, is best known for its "Buy Now, Pay Later" (BNPL) service, which allows consumers to split payments for purchases.

Key Business Highlights: Klarna gained prominence with its BNPL service, which saw rapid adoption during the pandemic-driven e-commerce boom. As of the latest data, it has 111 million active users globally (up 31% YoY) and 790,000 merchant partners.

Financial Performance: According to its prospectus, Klarna's revenue has grown steadily over the past three years. From 2022 to 2024, net losses were $1.035 billion, $244 million, and $21 million, respectively. The 2024 turnaround may be attributed to AI adoption.

Klarna aims to raise up to $1.27 billion, offering 34.3 million shares at $35–$37 per share. At the upper end, its post-IPO market cap would be approximately $14 billion.

Market Watch: Can the Fintech IPO Boom Continue?

The IPOs of Gemini, Figure, and Klarna will test market appetite for crypto assets and fintech. The current IPO market is strong, with robust investor demand. The three companies represent different fintech sectors—crypto trading, blockchain applications, and BNPL digital banking—each with distinct business models.

Sustainability of the regulatory environment is a key focus. The Trump administration's pro-crypto stance has created favorable conditions, but policy risks remain. Gemini has faced regulatory friction, including a 2023 SEC lawsuit over alleged unregistered securities sales. Klarna's BNPL sector also faces scrutiny.

Business model sustainability is equally critical. Circle's IPO success was largely built on interest income (99% of revenue), making it vulnerable to rate cuts. Gemini faces similar challenges due to its reliance on trading volume. Klarna's revenue comes mostly from merchant fees and late interest, making it sensitive to macro factors like inflation.

Market liquidity will impact IPO performance. Recent strong debuts have restored confidence, but it remains to be seen whether the market can absorb multiple large IPOs simultaneously.