TLDR

🟢 MARKET RECAP → The S&P 500 (VOO) closed at another fresh record as traders dismiss August inflation data getting in the way of a rate cut next week.

🚀 FIGURE IPO SOARS → Figure (FIGR) raised $787.5 million priced at $25, delivered home equity loans in 10 days via blockchain, and saw shares jump ~24% to a $6.5 billion valuation on its first day of trading.

🍕 GEMINI GIVES RETAIL INVESTORS A SLICE → Gemini (GEMI) is setting aside 30% of IPO shares for retail, raising its price range to $24–$26 for $433 million in proceeds, while warning of deepening losses.

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MARKETS

Market Snapshot

Today’s S&P 500 Heatmap

Notable Earnings This Week

Chart of The Day: August 2025 Inflation In One Chart

IPO

Figure IPO Soars

📈 Massive raise above expectations. Figure Technology (FIGR) rose 24% Thursday as it pulled in $787.5 million in its U.S. IPO, selling 31.5 million shares at $25 each, exceeding its prior target range of $20–$22. The deal values the company at around $5.29 billion.

⏱ Speed matters. Founded in 2018, Figure says it can fund home-equity loans in just 10 days—far faster than the industry standard of about 42 days. It uses its Provenance blockchain platform to streamline lending between borrowers, home equity lenders, and investors.

🚀 Shares pop at debut. Trading under the ticker FIGR, Figure’s stock soared ~24% on its first day after listing, pushing its market value over $6.5 billion. Backed by leading underwriters Goldman Sachs, Jefferies, and BofA Securities.

IPO

Gemini Gives Retail a Big Slice

🪙 Retail gets a big slice. The Winklevoss twins’ Gemini (GEMI) will reserve up to 30% of its IPO shares for everyday traders through apps like Robinhood (HOOD), Webull, and Moomoo. The catch: participants must agree not to flip shares right after listing.

💰 IPO upsizing. Gemini boosted its IPO price range to $24–$26 per share, targeting proceeds of around $433 million. The higher pricing reflects strong demand despite ongoing crypto market volatility.

📉 Losses on display. In filings, Gemini disclosed widening losses and shrinking revenue in the first half of 2025. The retail-friendly offering comes with fine print: growth ambitions, but financial red flags.

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