Figure Technology Solutions is the latest tech company to benefit from investors' newfound (and apparently insatiable) appetite for initial public offerings. Shares surged more than 24% in their market debut, valuing the company at nearly $6.6 billion.

Figure, a company that uses blockchain technology to help generate home equity lines of credit, also known as Heloc, said that its IPO was priced at $25 a share late Wednesday.

The stock began trading on the Nasdaq on Thursday under the ticker symbol FIGR and opened at $36 a share, a 44% increase from the offering price. Shares cooled slightly as the trading session wore on, ending the day around $31.

At the $25 offering price -- which was above the expected range of $20 to $22 a share -- Figure raised $787.5 million.

Figure joins a growing list of unicorns taking advantage of the record run on Wall Street for the stock market, and tech stocks in particular.

Buy-now, pay-later lending company Klarna Group made its stock market debut Wednesday and rose nearly 15% from its IPO price. Stablecoin provider Circle Internet Group, design software firm Figma, and cryptocurrency exchange Bullish have also enjoyed solid debuts in recent months. Next up? Gemini Space Station, the crypto firm run by Cameron and Tyler Winklevoss. It will begin trading Friday.

"We are seeing optimism return to the IPO markets and it's broader than just the AI theme," said Michael Bayer, an adjunct lecturer of finance at Babson College and executive vice president and CFO of Wasabi Technologies, a data storage firm. "It feels like there is a substantial backlog of really high quality tech companies."

Figure might also benefit from the hype around digital assets. The company uses its Figure Connect blockchain-enabled platform to match buyers and sellers of home-equity loans. Figure also runs a digital asset exchange that lets customers trade Bitcoin, Ethereum, and other top digital assets.

It's a lucrative business. While several other recent IPOs aren't yet making money, Figure reported revenue of $340.9 million last year, up nearly 63% from 2023, and net income of $19.9 million versus a loss of $52.4 million a year earlier. Revenue grew another 22% in the first half of 2025, to $190.6 million, and Figure posted a profit of $29.4 million in that span.

Figure CEO Michael Tannenbaum said in an interview with Barron's that mortgage companies, banks, credit unions and tech firms are using Figure's blockchain technology to generate loans.

"We're helping to add a lot of liquidity into these consumer markets," Tannenbaum said, adding that the company is "excited about the opportunities that growth could unlock."

One early Figure investor told Barron's the company has a lot of potential to keep growing at rapid clip.

"Figure can drive efficiencies through the blockchain. They will likely continue to build organically and do acquisitions," said Don Butler, a managing director with Thomvest Ventures. "We're most optimistic about them bringing other underlying products on the platform."

He thinks traditional mortgages and other consumer loans would be good additions to Figure's product offerings.

Butler said his firm first invested in Figure back in May 2018, shortly after the company's co-founder and executive chairman, Mike Cagney. had left fintech SoFi to start up Figure. Thomvest was an early backer in SoFi, too.

Like many lenders, Figure generates sales from a mix of fees (primarily to originate and service loans) as well as from interest income and the sale of Heloc loans. That stability in its revenue stream might be one of the reasons Figure has already attracted a top-notch investor.

Stanley Druckenmiller's Duquesne Family Office has indicated that it will buy up to $50 million of Figure at the offering price. Tannenbaum told Barron's that "Stan and Duquesne are amazing investors" who are interested in the "democratized and decentralized aspect of us as a lender."

Several other newly public companies are finding there's interest from traditional Wall Street powerhouses.

Nasdaq is investing $50 million in Gemini, while asset management giant Wellington intends to purchase $100 million worth of shares in Via Transportation, a public transit software company that, like Gemini, is also expected begin trading on Friday.