Figure executives, including cofounders Mike Cagney and June Ou, and CEO Michael Tannenbaum, at the Nasdaq opening bell ceremony on Thursday morning.2025 Nasdaq, inc / Vanja SavicHome equity lender Figure Technology Solutions began trading on the Nasdaq stock exchange on Thursday, becoming the latest crypto and blockchain firm to launch into public markets. It opened at nearly $36 per share, more than 40% above its IPO price, before settling back to around $32.Figure’s Wall Street debut comes after the New ...

Core Insights - Upstart is projected to generate over $1 billion in annual revenue for the first time in its history, with a revenue increase of 106% year-over-year in Q2 2025 [1][9][10] - The company utilizes an AI-powered algorithm that assesses over 2,500 data points to evaluate creditworthiness, which is seen as a more accurate method compared to traditional FICO scoring [2][5] - Upstart's loan originations reached a three-year high of $2.8 billion in Q2 2025, with a significant increase in the number of loans originated [3][6] Financial Performance - Upstart's revenue for Q2 2025 was $257 million, exceeding management's forecast of $225 million, marking the fourth consecutive quarter of revenue growth acceleration [9] - The company reported a net income of $6 million in Q2 2025, its first profitable quarter since Q2 2022, and is on track for a profitable year with a forecasted net income of around $35 million for 2025 [11] - Management has raised its full-year revenue guidance for 2025 by $45 million to $1.055 billion, indicating strong performance and growth potential [10] Market Opportunity - Upstart is exploring expansion into industrial loans, small business loans, and credit cards, with a potential market of $25 trillion in annual loan originations [8] - The company believes that AI will replace all human assessment methods in the next decade, positioning Upstart to capture a significant market share [8] - The stock's price-to-sales (P/S) ratio has decreased to 7.7, making it more attractive compared to its historical average, with potential for further appreciation as the company grows [13][14][16]

Core Insights - SoFi has experienced significant growth, tripling in value over the past year and achieving a record of 800,000 new members in the most recent quarter [1][2] Group 1: Market Opportunities - SoFi's loan platform is generating substantial capital-light fee income, and the company stands to benefit from recent student loan limitations in tax and spending legislation [2] - The U.S. housing market presents a $35 trillion opportunity, with homeowners currently holding an all-time high in home equity [5][7] - SoFi's home loan originations reached $518 million in the first quarter, marking a 476% increase from just $90 million in the first quarter of 2023 [9][10] Group 2: Home Loan Growth - Despite a challenging environment for home loans, SoFi has shown impressive growth in its home loan segment [11] - The potential for further growth is linked to mortgage rate reductions, which could stimulate refinancing and home equity lending [12][14] - SoFi offers competitive home equity lines of credit (HELOCs), allowing borrowing up to 90% of home equity, which could attract more customers as home equity levels are high [13]