Startup Trends: 3 private companies aim to go public
The last trading day in July came with another tech company making a much-anticipated public debut. Figma, the enterprise design platform, started on the Nasdaq at $33 per share and more than tripled its value at market close. This feat made the software company the first in history to do so on an opening day, following a more than $500 million capital raise.1
As of August 6, 2025, the stock has shown some pullback to around $90 a share, still 172% above its opening-day price.2 The company was once courted by Adobe to acquire it in a $20 billion deal, but the offer later fell through. The company’s market cap as of early August was twice that.3
Figma’s IPO follows notable other tech companies debuting earlier in the year such as Voyager Technologies, Omada Health and Circle Internet Group in June, and Hinge Health in May.
This string of IPOs signals private companies’ continued appetite for public funding amid strong market momentum; Figma’s record-breaking first day on the Nasdaq is unlikely to quell this. In fact, three companies listed on Forge Global have indicated their aim to follow in Figma’s footsteps.
Figure Technologies, blockchain-powered fintech
Charlotte, NC-based Figure Technology Solutions announced in early August that it had confidentially filed its Form S-1 proposing an initial public offering before the end of the year.4
Founded in 2018, Figure was reportedly accelerating its preparation for a public listing through consultations with BlackRock, Softbank and Tiger Global.5
Figure, a blockchain-powered financial services platform, joins a string of other digital asset services firms in the first half of the year showing interest in a public listing. Gemini, a Dublin-based cryptocurrency exchange, reportedly filed its S-1 in June of 2025.6 In late July, Crypto custody firm BitGo announced its confidential S-1 filing.7
The firm announced in March of 2025 that its new lien registry services attracted partnerships with more than half of the top 20 independent mortgage banks.8
Figure’s Forge Price™ is $5.68 as of August 6, 2025, implying a valuation of $1.07 billion. Its investors include Blockchain Ventures, Ribbit Capital, Lakestar and Baseline Ventures.
Boxabl, scalable housing solutions
Las Vegas-based Boxabl is aiming for its public debut through a special purpose acquisition company (SPAC) merger with company FG Merger II.9
Founded in 2017, Boxabl develops modular homes to satisfy a growing housing marketing, making home building more affordable and environmentally efficient. By going public, Boxabl hopes to continue its growth trajectory and invest in research initiatives. The company’s ticker symbol will be “BXBL” in the $3.5 billion deal.
The housing firm’s Forge Price™ is $0.15 as of August 6, 2025, implying a valuation of $629 million. The private company’s notable investors include Bluefield Capital, Buildtech VC, Dalmore Group and Giant Ventures.
BitGo, a financial services firm
Just as Figma was about to launch its public listing, Palo Alto-based BitGo was in the process of confidentially filing its S-1 to list.10 It was unclear which exchange or when BitGo would be making its public offering.
Founded in 2013, BitGo is a digital asset financial services company that offers regulated custody, borrowing and lending, and core infrastructure to investors.
The confidential filing followed right after news of the crypto sector’s achieving its $4 trillion market value milestone.11 Like with Figure, BitGo is riding a wave of renewed optimism and investor interest for its sector.
BitGo’s latest valuation is $1.75 billion as of its latest Series C funding round in August of 2023. The private company’s notable investors include Blockchain Capital, Goldman Sachs Growth Equity, K2 Global and Jump Capital.
$3.36B
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