IPO

Gemini, the crypto exchange founded by the Winklevoss twins, has received a $50M strategic investment from Nasdaq ahead of its IPO this week. Nasdaq aims to provide custodial services for financial institutions engaging with crypto, leveraging Gemini’s infrastructure. Gemini will become a key distribution partner for Nasdaq Calypso. This move follows Nasdaq’s SEC filing for tokenized stock trading, demonstrating a broader embrace of digital assets by traditional finance and aiming to maximize Gemini’s valuation. Gemini held over $21 billion in assets as of July.

Unitree Robotics, a Chinese humanoid robot company, is preparing for a $7 billion IPO to solidify its global position. The company is already profitable, with revenue exceeding $140 million, and has attracted investment from major tech players. Unitree’s IPO aligns with China’s strategy to lead in AI and robotics, supported by favorable government policies. While other players like Agibot and Tesla compete, Unitree currently has a commercialization advantage with competitive pricing. Global humanoid robot shipments are expected to rise significantly, indicating vast market potential.

StubHub aims to raise up to $851 million in its IPO, valuing the company at potentially $9.2 billion, offering shares between $22 and $25 each. The IPO follows previous delays due to market volatility. StubHub will trade on the NYSE under the ticker “STUB.” The company’s Q1 revenue increased 10% to $397.6 million, with operating income at $26.8 million, but net loss widened to $35.9 million. Reacquired by co-founder Eric Baker in 2020, StubHub initially sought a $16.5 billion valuation.

Klarna, initially known for its BNPL model, is transitioning to a comprehensive digital bank ahead of its IPO. The IPO, expected to value Klarna at up to $14 billion, will test investor confidence in this pivot. Klarna faces the challenge of convincing investors of its neobank strategy, expanding banking services despite recent losses, while showing 20% YOY revenue growth. Its success hinges on demonstrating a path to profitability in a changing economic landscape, comparing itself with public peers like Affirm.

GSR IV Acquisition Corp. (GSRF) has closed its $230 million IPO, including the full exercise of the over-allotment option. The offering consisted of 23 million units at $10.00 each. Each unit includes one Class A ordinary share and one-seventh of a right, convertible into shares upon a business combination. Units trade on Nasdaq under “GSRFU,” with shares and rights to follow under “GSRF” and “GSRFR.” Polaris Advisory Partners and The Benchmark Company were joint bookrunners; the latter acting as qualified independent underwriter. GSRF is a blank check company seeking a merger target.

Figma’s stock plummeted nearly 20% after its first earnings report as a public company, despite revenue of $249.6 million, a 41% year-over-year increase. Analysts noted the report as a “non-event,” highlighting the stock’s volatility since its IPO. Figma’s value has dropped over 50% from its initial trading day, with a market cap now around $27 billion. Q3 revenue is projected at $263-$265 million, a 33% growth. The company’s net retention rate decreased slightly from 132% to 129%, requiring a clear strategy for sustained growth.

Figma (FIG) shares fell 14% after hours following its first earnings report as a public company. While revenue beat expectations at $249.6 million (up 41% YoY), the report presented a mixed picture. Q3 revenue is projected at $263-$265 million, surpassing estimates. Full-year adjusted operating income is forecasted between $88-$98 million, with revenue exceeding $1.02 billion. Figma is innovating with AI-powered tools and strategic acquisitions. Concerns about AI displacing designers were addressed, with the CEO emphasizing AI’s role in augmenting design. The company reported a 129% net retention rate.

Klarna, the BNPL giant, is preparing for its NYSE IPO under the ticker “KLAR,” potentially raising $1.27 billion at $35-$37 per share, valuing the company up to $14 billion. Existing shareholders will offer a significant stake alongside Klarna’s new share issuance. Goldman Sachs, JP Morgan, and Morgan Stanley are joint bookrunners. Klarna’s Q2 revenue grew 20% to $823 million, but net loss widened to $53 million. The IPO marks a significant step for the fintech firm aiming to become a comprehensive financial “super app.”

Silver Pegasus Acquisition Corp. (SPEGU) debuts on Nasdaq today after a $100 million IPO, priced at $10.00 per unit. Led by CEO Cesar Johnston, the semiconductor-focused SPAC aims to acquire a company in the industry. The offering consists of 10 million units, each containing one Class A ordinary share and one right. Trading under SPEGU, SPEG, and SPEGR, Silver Pegasus seeks to capitalize on semiconductor demand, acknowledging industry competition and regulatory challenges. Roth Capital Partners is the sole underwriter, with the IPO expected to close tomorrow.

Diginex (DGNX), a sustainability RegTech firm, grew revenue 57% to $2.0M but widened its net loss to $5.2M in FY2025. Critically, its balance sheet shifted from $23.0M net liabilities to $4.6M net assets after its January 2025 IPO. Post-filing, the company announced ambitious plans: a $2B all-stock acquisition of Resulticks Group, purchasing Matter DK ApS for $13M, pursuing a dual listing on Abu Dhabi Securities Exchange, and raising $250M targeting GCC investors. Strategic shifts included moving away from customization toward SaaS solutions despite core subscription growth challenges.