TradingKey - According to Bloomberg, at least five companies are now pricing their U.S. initial public offerings (IPOs) for the week starting September 8, with a total expected fundraising exceeding $3 billion, making it the busiest IPO week of 2025. Investors are closely watching the debut performance of high-profile names: Klarna, Gemini, and Figure.
From a seasonal perspective, September is traditionally a weak month for capital markets. On Tuesday, the first trading day after the U.S. market holiday, both U.S. equities and global bond markets faced significant sell-offs.
However, fueled by the “IPO frenzy” sparked by recent hot listings such as Circle, CoreWeave, and Figma, and with next week’s IPOs centered on the highly watched themes of cryptocurrency and fintech, investors are hoping to find the next doubling stock.
Additionally, September is often an ideal window for IPOs, as investors return from summer vacations and companies aim to complete listings before the holiday disruptions in November and December.
Bloomberg data shows that if all five companies currently pricing their IPOs next week achieve their maximum offering prices and raise over $3 billion combined, it would mark the largest weekly IPO volume in the U.S. in 2025.
So far, the largest IPO week of the year was the week of July 21, led by NIQ Global Intelligence with $2.5 billion, followed by SailPoint-led week of February 10 with $2.3 billion, while Figma’s IPO week at the end of July raised $1.8 billion, ranking only fourth.
With strong support from the Trump 2.0 administration for financial, tech, and crypto sectors, Klarna (KLAR), Gemini (GEMI), and Figure (FIGR) could be the stars of this blockbuster IPO week.
Klarna | Figure | Gemini | |
Label | Swedish "Buy Now, Pay Later" giant | Blockchain finance company | Cryptocurrency exchange |
IPO Date | September 10 | September 11 | September 12 |
Target Valuation | $14.0 billion | $4.13 billion | $2.22 billion |
Shares Offered | 34.3 million | 26.3 million | 16.67 million |
Price Range | $35–$37 | $18–$20 | $17–$19 |
Max Raise | $1.27 billion | $526 million | $317 million |
Profitability | Q2 net loss of $53M | H1 net profit of $29M | H1 net loss of $283M |
Investment Highlights | Diversification beyond BNPL | Crypto IPO theme; digital banking | Regulated exchange; famous founders; following Bullish and Circle IPO momentum |
Klarna: More Than Just Buy Now, Pay Later
In the buy-now-pay-later (BNPL) space, Swedish fintech Klarna competes in the U.S. market with Affirm and Block’s Afterpay. Klarna’s return to the IPO market is expected at a valuation of $14 billion, far below the $45.6 billion it was valued at during its 2021 IPO attempt.
Although the S&P 500 and Nasdaq have repeatedly hit record highs this year, Affirm, the BNPL leader, has seen its stock fall 35% year-to-date, highlighting the sector’s vulnerability to macroeconomic uncertainty.
Mizuho analysts noted that Klarna is pursuing a different strategy than Affirm — focusing more on installment purchases without interest, while Affirm’s revenue is largely driven by interest-bearing loans.
To offset profit losses from its U.S. expansion, Klarna is broadening its product portfolio. In June, it launched an unlimited mobile plan in the U.S., joining fintechs like Revolut entering the telecom space. Also in June, Klarna introduced the Klarna Card, a debit card, marking a diversification move toward digital banking.
Figure: Banking Goes Digital
Originally focused on consumer lending, Figure now primarily offers blockchain-based financial products on its proprietary chain Provenance, including home equity loans, asset securitization, Figure Connect (consumer credit market), Democratized Prime (on-chain lending), and the yield-bearing stablecoin YLDS.
Figure can fund home equity loans in 10 days, compared to the industry average of 42 days. Although its H1 net loss widened from $13 million a year ago to $29 million, analysts say investors in this space tend to be patient, supported by strong long-term growth potential.
IPO Boutique analysts said this long-term potential is even more evident as regulatory barriers begin to clear and crypto adoption continues to rise.
In the context of the Trump administration’s push for financial innovation, Figure’s digital banking future looks promising, combining regulatory compliance of traditional lending with the efficiency of blockchain technology.
Gemini: The Third Public Regulated Exchange
Cryptocurrency exchange Gemini was founded in 2014 by billionaire twins Cameron and Tyler Winklevoss, known for their early involvement in Facebook.
Gemini emphasizes compliance, asset security, and user experience. If successfully listed, it will become the third regulated crypto exchange to go public in the U.S., following Coinbase and Bullish.
Analysts believe that, after the IPOs of Circle and Bullish, and amid a strong overall market and a crypto bull run, this is an ideal time for crypto-related companies to go public.
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