Bloomberg Tech — "Crypto-Based Lender Figure Joins IPO Frenzy"

Date: September 11, 2025
Hosts: Caroline Hyde (F), Ed Ludlow (D)
Notable Guests: Mike Cagney (Executive Chairman, Figure), Anna Rathbun (CEO, Grenadilla Advisory), Mark Gurman (Bloomberg), Amjad Massad (CEO, Replit), Aaron Levy (CEO, Box), Aisha Ghani (Bloomberg), Tim Stanwick (Bloomberg Crypto)

Overview

This episode of Bloomberg Tech dives deep into 2025’s hot IPO market, with a spotlight on the blockchain-based lender Figure and reflections on the wider fintech, tech, and AI landscape. Key topics include Figure’s innovative approach and IPO strategy, industry commentary on IPO trends (with a focus on fintechs like Klarna and Revolut), the latest on Apple, Adobe, and AI’s impact on programming and enterprise software. The episode features in-depth interviews with tech leaders and investors, offering insights into the evolving intersection of finance and technology.

Key Segments & Insights

1. IPO Momentum in Fintech and Tech (02:00–06:13)

• Klarna’s Successful IPO: Discussion includes the pop in share price and Sequoia’s $2.7 billion profit.
  • Aisha Ghani: “When Klarna popped yesterday, a lot of investors are quite happy...it was an extremely successful day. But we’re yet to see how things will pan out.” (03:27)
• Klarna is pitching itself as more than BNPL, aiming for a "super app" model and entering banking.
  • “Their largest market is in the US… Klarna is going into banking, and that’s the next big push.” (Aisha Ghani, 04:25)
• Revolut’s approach and its $75 billion staff share sale, with speculation that it might follow Klarna to public markets.

2. Investor Perspectives on Staying Private vs. Going Public (06:13–08:33)

• Anna Rathbun shares that IPO activity signals healthy markets but argues it’s wise for truly innovative tech firms to stay private longer to avoid a 1990s-style tech bubble.
  • “If you have those companies IPO too early, we may have something like the 1990s tech bubble… So I actually don’t mind companies staying private for longer.” (Anna Rathbun, 07:44)

3. Big Tech, Infrastructure, and Market Dynamics (08:33–11:38)

• Discussion of Oracle’s 1990s-level rally; focus shifts to how mega cap tech is building critical infrastructure, requiring massive capital and insulating them from smaller upstarts.
  • “Investors are pouring out their love for all these big companies that are building the infrastructure…” (Anna Rathbun, 08:56)
• Separation of hardware vs. software in AI investing—hardware’s hot, but software’s gains will depend on M&A and innovation.
• Micron cited as a bellwether for data center memory chips; the logic that AI’s demand lifts all boats.
  • “It’s the tide that lifts all boats type of mentality...as long as AI is nebulous, I think you can expect that.” (Anna Rathbun, 11:03)

4. Interview: Mike Cagney of Blockchain Lender Figure on IPO & Web3 Vision

Figure IPO Segment (14:03–20:12)

Motivation to Go Public & Founder Control (14:03–14:48)

• Cagney: Retaining founder DNA is “important for product direction and innovation.”
• “We started originating loans on blockchain in 2018... built a profitable, rapidly growing company in the last four years, which have been incredibly difficult from a regulatory standpoint.” (Mike Cagney, 14:48)
• Figure has done $17B in loan originations, $55B in transactions.

IPO Mechanisms & Focus on Tokenization (15:54–16:44)

• Goal: Move beyond private credit to tokenized equities native to blockchain (not DTCC securities).
  • “Equities is the next big area we want to lean in on...introduces the ability to control your stock for stock loan. And I think that’s a huge differentiator.” (Cagney, 16:08)

IPO Share Allocation—Retail and Institutional

• “We gave retail one of the largest allocations of the IPO...because of how important retail is to us.” (Cagney, 16:53)

Competition & Figure’s Moat (17:25–18:25)

• Moat: Proprietary liquidity in their Figure Connect marketplace and ability for originators to “directly access capital outside of the GSEs.”
  • “First time, we’re allowing originators to be able to directly access capital outside of the GSEs...That’s a huge moat.”
• Regulatory tailwinds: As stablecoin regulation arrives, banks may face deposit flight, which benefits crypto lenders.

Resilience to Crypto Cycles (18:30–19:11)

• “We’re somewhat immune from the volatility of the price of crypto and bitcoin ... we’re a little more insulated and exposed to traditional finance.”

Use of IPO Proceeds & M&A (19:20–20:12)

• No specific acquisitions now, but expects consolidation. “It’s really having that balance sheet to lean in and do some really disruptive work in blockchain and crypto over the next several years.” (Cagney, 19:20)

5. Apple iPhone 17 & the $2,000 Handset Era (21:21–24:44)

• Mark Gurman (Bloomberg):
  • Apple’s introducing a $2,000 iPhone 17 Pro Max (2TB storage).
  • “We are getting towards the era of $2,000 phones anyway.” (22:02)
  • Tariffs could drive prices even higher in the next cycle; 2026’s 20th-anniversary “Glass Wing” iPhone could push the envelope further.
  • Despite analyst downgrades (“left uninspired”), Gurman believes: “What really sells new iPhones is the design. The orange color, I like it...” (24:03)

6. Adobe AI and Earnings: Pressure to Deliver (24:44–27:17)

• Matt Day (Bloomberg): Adobe’s shares are down despite heavy investment in AI (e.g., Firefly), as investors are unconvinced about revenue impact.
  • “They’ve got to convince their buyers first off that this [AI] is worth shelling out extra for...” (25:44)
  • Increased competition from upstarts and pure-AI tools, demand for concrete revenue proof.

7. DeepMind’s Demis Hassabis on AI Drug Discovery (27:29–29:45)

• Segment preview for Bloomberg Tech Europe interview.
  • “AI is going to be one of the biggest technologies, if not the biggest, that humanity will ever invent.” (Demis Hassabis, 29:12)

8. AI Coding Boom: Replit’s $3B Valuation and Vibe Coding (30:19–37:44)

• Amjad Massad (Replit) on how AI tools are democratizing coding.
  • “With AI, you can conjure up software by merely speaking them...that’s really a magical feeling.” (30:56)
• Vibe Coding explained: Coding through natural language, a term popularized by Andrej Karpathy, now enabling both pros and non-devs.
  • “Anyone can program and that’s transformative... Not just software engineering. Everyone is automating their jobs.” (Massad, 31:47)
• Replit’s rapid revenue acceleration: From $3M to $9M with Agent release, now $250M ARR post-funding.

9. Box Unveils AI and Workflow Automation Tools (37:44–42:59)

• Aaron Levy (CEO, Box) on new AI agent tools for automating business processes (Box Automate, Extract, SHIELD Pro).
  • “We help companies manage their unstructured data...finally tap into that data.”
• Refutes broad pessimism about enterprise AI: With prebuilt solutions tailored to existing workflow/data, Box’s enterprise deployments outperform generic AI initiatives.
  • “We’re seeing a much higher success rate because within Box customers already have their data, they already have security...” (39:41)
• On tech leadership: “Only the paranoid survive...If you don’t adapt and move quickly, [your position] can be tenuous.” (Levy, 41:58)

Notable Quotes

• Mike Cagney (Figure):
  • “Founder-led companies outperform... It’s important to keep that founder DNA within the business.” (14:48)
  • “One of the things I really like about blockchain is it’s a great leveling force. It’s a democratization of financial services.” (16:53)
• Anna Rathbun:
  • “It’s okay for companies to stay private... If you have those companies IPO too early, we may have something like the 1990s tech bubble...” (07:44)
  • “Investors are pouring out their love for all these big companies that are building the infrastructure...” (08:56)
• Amjad Massad (Replit):
  • “With AI, you can conjure up software by merely speaking...it’s really a magical feeling and it’s transforming all sorts of jobs.” (30:56)
  • “Vibe coding initially was coined by Karpathy...our take is anyone can program and that’s transformative.” (31:47)
• Aaron Levy (Box):
  • “If you don’t adapt and move quickly...what would our company do if we started from scratch in 2025?” (41:58)
• Mark Gurman (Bloomberg, on the $2,000 iPhone):
  • “We are getting towards the era of $2,000 phones anyway... don’t discount Apple’s marketing around [new design].” (22:02, 24:03)

Timestamps – Important Segments

• 02:00 — IPO market momentum, Klarna IPO recap
• 06:13 — Anna Rathbun on private vs. public tech firms
• 14:03 — Figure’s Mike Cagney on IPO and blockchain finance
• 21:21 — Mark Gurman on Apple’s iPhone and $2,000 era
• 24:44 — Adobe AI struggles and earnings
• 27:29 — Preview: Demis Hassabis (DeepMind) on AI drug discovery
• 30:19 — Amjad Massad (Replit) on AI coding and Vibe coding trend
• 37:44 — Aaron Levy (Box) on enterprise AI, new automation tools

Conclusion

This episode provides a compelling snapshot of the 2025 tech and IPO landscape, with vivid insights from industry insiders on fintech’s coming-of-age, the continued consolidation of power in big tech infrastructure, and the ways AI is disrupting both developer tools (Replit) and enterprise software (Box). Figure’s IPO exemplifies Web3 innovation gaining mainstream capital, while guests like Anna Rathbun bring perspective on the delicate balance between private innovation and public liquidity. Apple and Adobe’s segments explore the high stakes for legacy tech giants in the fast-evolving AI arms race.

For further detail on any segment, see timestamps above for direct listening.