Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Bottom-Up

Figure Technology Solutions / Equity Bottom-Up

<ul>
  <li>
<a href="https://smartkarma.com/entities/figure-technology-solutions-inc">Figure Technology Solutions</a> is a high-growth fintech company aiming to disrupt the financial services industry by leveraging its proprietary Provenance Blockchain platform to enhance efficiency and transparency in lending and capital markets.</li>
  <li>The company has demonstrated a remarkable growth trajectory, transitioning from a net loss to significant profitability, driven by its innovative technology and an expanding suite of products including HELOCs, mortgage refinancing, and institutional services.</li>
  <li>Led by an experienced management team with a strong track record in the fintech sector, Figure's valuation reflects high growth expectations, but the company faces considerable risks from regulatory uncertainty, intense competition, and macroeconomic sensitivity.</li>
</ul><p><em>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.</em></p>


  
Figure Technology Solutions is a high-growth fintech company aiming to disrupt the financial services industry by leveraging its proprietary Provenance Blockchain platform to enhance efficiency and transparency in lending and capital markets.
  The company has demonstrated a remarkable growth trajectory, transitioning from a net loss to significant profitability, driven by its innovative technology and an expanding suite of products including HELOCs, mortgage refinancing, and institutional services.
  Led by an experienced management team with a strong track record in the fintech sector, Figure's valuation reflects high growth expectations, but the company faces considerable risks from regulatory uncertainty, intense competition, and macroeconomic sensitivity.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Figure Technology Solutions (FIGR US) - Aug 2026

US-EU Index Rebalances / Quantitative Researcher

Dimitris Ioannidis

Global Financial Data and Analytics Platform

ORTEX

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

Index Rebalance

Alliance Laundry Holdings / Index Rebalance

<ul>
<li>All eligible US IPOs that went public from 1 August to 31 October will get added to a major US index in December 2025.</li>
<li>The largest forecasted IPO additions in terms of market cap are <a href="https://www.smartkarma.com/entities/bullish-us-llc" target="_blank" data-smartkarma-citation="entities:45521:1" rel="noopener">Bullish US (BLSH US)</a>, <a href="https://www.smartkarma.com/entities/ft-intermediate-inc" target="_blank" data-smartkarma-citation="entities:45672:1" rel="noopener">FT Intermediate (FIGR US)</a> and <a href="https://www.smartkarma.com/entities/fermi-llc" target="_blank" data-smartkarma-citation="entities:45788:1" rel="noopener">Fermi (FRMI US)</a>.</li>
<li>The largest forecasted IPO additions in terms of passive fund impact include <a href="https://www.smartkarma.com/entities/legence-corp" target="_blank" data-smartkarma-citation="entities:45669:1" rel="noopener">Legence (LGN US)</a>, <a href="https://www.smartkarma.com/entities/via-transportation-inc" target="_blank" data-smartkarma-citation="entities:45670:1" rel="noopener">Via Transportation (VIA US)</a> and <a href="https://www.smartkarma.com/entities/avidia-bancorp-inc" target="_blank" data-smartkarma-citation="entities:46007:1" rel="noopener">Avidia Bancorp (AVBC US)</a>.</li>
</ul>


All eligible US IPOs that went public from 1 August to 31 October will get added to a major US index in December 2025.
The largest forecasted IPO additions in terms of market cap are Bullish US (BLSH US), FT Intermediate (FIGR US) and Fermi (FRMI US).
The largest forecasted IPO additions in terms of passive fund impact include Legence (LGN US), Via Transportation (VIA US) and Avidia Bancorp (AVBC US).


US: 19 IPOs Forecasted for Index Addition in December 2025

Figure Technology Solutions / Index Rebalance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ft-intermediate-inc" target="_blank" data-smartkarma-citation="entities:45672:1" rel="noopener">FT Intermediate (FIGR US)</a> went public on 11 September on Nasdaq and has since surged by ~60%, resulting in a company valuation of ~$8.5bn.</li>
<li>Inclusion in US indices is expected in December 2025, as the security meets eligibility criteria ahead of the lock-up expiry.</li>
<li>Inclusion in Global indices is expected in February and March 2026, with a slight risk that the float cap may fall short of the threshold, resulting in exclusion.</li>
</ul>



FT Intermediate (FIGR US) went public on 11 September on Nasdaq and has since surged by ~60%, resulting in a company valuation of ~$8.5bn.
Inclusion in US indices is expected in December 2025, as the security meets eligibility criteria ahead of the lock-up expiry.
Inclusion in Global indices is expected in February and March 2026, with a slight risk that the float cap may fall short of the threshold, resulting in exclusion.


Figure Technologies (FIGR US): Inclusion in Global & US Indices for Blockchain Company

<ul>
<li>
<a href="https://www.smartkarma.com/entities/coreweave-inc" target="_blank" data-smartkarma-citation="entities:44471:1" rel="noopener">CoreWeave (CRWV US)</a> and <a href="https://www.smartkarma.com/entities/chime-financial-inc" target="_blank" data-smartkarma-citation="entities:45194:1" rel="noopener">Chime (CHYM US)</a> are expected inclusions in All-World and SmallCap, respectively, following lock-up expiry which increases public voting rights above 5%.</li>
<li>
<a href="https://www.smartkarma.com/entities/figure-technology-solutions-inc" target="_blank" data-smartkarma-citation="entities:45672:1" rel="noopener">Figure Technology Solutions (FIGR US)</a> and <a href="https://www.smartkarma.com/entities/bullish-us-llc" target="_blank" data-smartkarma-citation="entities:45521:1" rel="noopener">Bullish US (BLSH US)</a> are close to the float cap threshold due to their low IPO floats, therefore their inclusion is uncertain.</li>
<li>
<a href="https://www.smartkarma.com/entities/solstice-advanced-materials" target="_blank" data-smartkarma-citation="entities:45953:1" rel="noopener">Solstice Advanced Materials (SOLS US)</a> is projected to migrate from All-World to SmallCap following its <a href="https://www.smartkarma.com/entities/honeywell-international-inc" target="_blank" data-smartkarma-citation="entities:16765:1" rel="noopener">Honeywell</a> spinoff in October 2025.</li>
</ul>



CoreWeave (CRWV US) and Chime (CHYM US) are expected inclusions in All-World and SmallCap, respectively, following lock-up expiry which increases public voting rights above 5%.

Figure Technology Solutions (FIGR US) and Bullish US (BLSH US) are close to the float cap threshold due to their low IPO floats, therefore their inclusion is uncertain.

Solstice Advanced Materials (SOLS US) is projected to migrate from All-World to SmallCap following its Honeywell spinoff in October 2025.


Global Index IPO Forecasts - Mar26: CoreWeave & Chime Among Candidates

US IPOs and Secondary Offerings, IPO Boutique

IPO Boutique

US IPOs and Secondary Offerings

For more than 20 years, we have been providing research, analysis, commentary and ratings on US Equity Capital Markets to institutional investors (US IPOs and Secondary Offerings). Our vast network of contacts across the Equity Capital Markets and attention-to-detail sets us apart from our competitors.

Since 2012, we have achieved a successful hit rating on 89% of Buy-rated IPOs. The collective “Buy” ratings averaged a first trade of 16.3% above issue.Our Neutral Rated Deals averaged just 2% above the issue price at first trade.

Our written research includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

In addition, we provide a high-touch premium desk access which includes analyst access, as well as real time insights on US IPOs as well as secondary offerings.

IPOs and Secondary Offerings

Equity Capital Markets

Figure Technology Solutions / Equity Capital Markets

<ul>
<li>Figure Technology Solutions priced 31.5M shares at $25.00, coming $3 above the upwardly revised $20–$22 range.</li>
<li>According to our sources, the deal was considered multiple-times oversubscribed -- north of 25-times oversubscribed. </li>
<li>With strong financials, a proven founder, and outsized demand, the name has near-term trading appeal — but consolidation around the low-to-mid 30s is likely as hype cools.</li>
</ul>


Figure Technology Solutions priced 31.5M shares at $25.00, coming $3 above the upwardly revised $20–$22 range.
According to our sources, the deal was considered multiple-times oversubscribed -- north of 25-times oversubscribed. 
With strong financials, a proven founder, and outsized demand, the name has near-term trading appeal — but consolidation around the low-to-mid 30s is likely as hype cools.


Figure Technology Solutions (FIGR): Figure Cracks the Block, IPO Pops 44% at Open

United States

Figure Technology Solutions, Inc. operates as a financial technology company. The Company develops blockchain-based technology platform built to enhance efficiency and transparency in financial services. Figure Technology Solutions serves customers in the United States.

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Figure Technology Solutions (FIGR US)

Primer: Figure Technology Solutions (FIGR US) - Aug 2026

Figure Technology Solutions is a high-growth fintech company aiming to disrupt the financial services industry by leveraging its proprietary...

αSK Primers

US: 19 IPOs Forecasted for Index Addition in December 2025

Eligible US IPOs that debuted Aug-Oct 2025 will be added to major US index in Dec 2025, with BLSH, FIGR and FRMI leading in market cap while LGN,...

Dimitris Ioannidis

Figure Technologies (FIGR US): Inclusion in Global & US Indices for Blockchain Company

FIGR is on track for inclusion in US indices in December 2025, Global indices in early 2026, and an upweight in June 2026 following the lock-up...

Dimitris Ioannidis

Global Index IPO Forecasts - Mar26: CoreWeave & Chime Among Candidates

CoreWeave and Chime are expected to be included in All‑World and SmallCap in March 2026, respectively, following their lock‑up expiries, which...

Dimitris Ioannidis

Figure Technology Solutions (FIGR): Figure Cracks the Block, IPO Pops 44% at Open

Figure Technology Solutions priced IPO shares at $25, oversubscribed 25 times, near-term trading appeal but likely to consolidate in low-to-mid...

IPO Boutique

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52-week Range

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Primer: Figure Technology Solutions (FIGR US) - Aug 2026

Figure Technology Solutions is a high-growth fintech company aiming to disrupt the financial services industry by leveraging its proprietary...

αSK Primers

US: 19 IPOs Forecasted for Index Addition in December 2025

​Eligible US IPOs that debuted Aug-Oct 2025 will be added to major US index in Dec 2025, with BLSH, FIGR and FRMI leading in market cap while LGN,...

Dimitris Ioannidis

Figure Technologies (FIGR US): Inclusion in Global & US Indices for Blockchain Company

FIGR is on track for inclusion in US indices in December 2025, Global indices in early 2026, and an upweight in June 2026 following the lock-up...

Dimitris Ioannidis

Global Index IPO Forecasts - Mar26: CoreWeave & Chime Among Candidates

CoreWeave and Chime are expected to be included in All‑World and SmallCap in March 2026, respectively, following their lock‑up expiries, which...

Dimitris Ioannidis

Figure Technology Solutions (FIGR): Figure Cracks the Block, IPO Pops 44% at Open

​Figure Technology Solutions priced IPO shares at $25, oversubscribed 25 times, near-term trading appeal but likely to consolidate in low-to-mid...

IPO Boutique

Eligible US IPOs that debuted Aug-Oct 2025 will be added to major US index in Dec 2025, with BLSH, FIGR and FRMI leading in market cap while LGN,...

Figure Technology Solutions priced IPO shares at $25, oversubscribed 25 times, near-term trading appeal but likely to consolidate in low-to-mid...