Consider the upcoming IPO for Figure Technology Solutions (FIGR), a profitable fintech company using blockchain for lending, targeting a price of $22 to $25 per share. For higher-risk exposure to the institutional crypto market, watch for the Bullish (BLSH) IPO, which plans to list shares between $28 and $31. While you cannot invest directly in private leader OpenAI, its rapid growth creates opportunities in the broader AI 'picks and shovels' theme. This involves investing in companies that provide the essential hardware, software, and infrastructure powering the AI industry. Keep an eye on high-growth private companies like AI chipmaker Grok and sales platform Clay as strong candidates for future public offerings.

OpenAI (Private Company)

• A tender offer is being prepared that could value the company at $500 billion, a significant increase from its $300 billion valuation earlier in 2025. This allows early investors and employees to sell up to $1.5 billion in shares.
• The company's annual recurring revenue (ARR) is projected to reach $20 billion by December 2025, placing the new valuation at a 25x forward revenue multiple.
• Strategic Government Partnerships:
  • Offering its ChatGPT Enterprise product to U.S. federal agencies for just $1 for the next year.
  • Secured a contract worth up to $200 million from the U.S. Department of Defense.
  • Plans to open its first office in Washington, D.C., signaling a deeper push into government and regulatory engagement.
• New Product Launches:
  • Released two open-weight AI models (GPT-OSS 120 and GPT-OSS 20), its first open models in over five years. This makes powerful AI more accessible to developers and researchers.
  • Launched GPT-5, a new default model for all free ChatGPT users (over 700 million weekly), combining advanced reasoning with fast responses.

Takeaways

• OpenAI is not a publicly traded company, so direct investment is not possible for the general public. However, its immense growth and influence make it a central force in the tech economy.
• Ecosystem Investing: The key takeaway is to look for publicly traded companies that are direct partners or beneficiaries of OpenAI's growth. This includes companies providing computing power (like NVIDIA or cloud providers) and companies building applications on top of OpenAI's models.
• The move into government contracts provides a stable, large-scale revenue stream, de-risking the business from being purely consumer or enterprise-focused.
• The launch of open-weight models could spur innovation across the industry, potentially benefiting companies that help developers deploy these models, such as Grok (mentioned below).

Bullish (BLSH)

• The crypto exchange is planning a U.S. IPO, seeking to raise $629 million.
• It plans to offer 20.3 million shares at a price range of $28 to $31 per share.
• The target valuation for the IPO is $4.23 billion. This is its second attempt at going public after a failed SPAC merger in 2021 that valued it at $9 billion.
• Financials: The company reported a $349 million loss for the quarter ending March 31, 2025, a sharp reversal from a $105 million profit in the prior year, mainly due to a drop in the value of its crypto holdings.
• Strategy: Bullish plans to convert a significant portion of the IPO proceeds into U.S. dollar-denominated stablecoins. The IPO is being underwritten by major banks including JPMorgan, Jeffries, and Citigroup.

Takeaways

• Direct Investment Opportunity: Bullish plans to list on the New York Stock Exchange under the ticker BLSH. This offers investors direct exposure to the institutional crypto trading market.
• High-Risk, High-Reward: The investment comes with significant risks. The company's profitability is highly dependent on the volatile crypto market, as shown by its recent large loss. The previous failed attempt to go public is also a red flag.
• Potential Upside: The IPO is timed during a rally in crypto-related stocks. If the crypto market continues its upward trend and institutional adoption grows, Bullish could perform well. The involvement of top-tier underwriters adds a degree of credibility.

Figure Technology Solutions (FIGR)

• A non-bank consumer lender that uses blockchain for faster loan processing.
• The company has confidentially filed for a U.S. IPO, aiming for a valuation of up to $3.3 billion.
• It plans to raise $500 million by offering 20 million shares at a price range of $22 to $25 each.
• Financials: Reported $355 million in Annual Recurring Revenue (ARR) for Q1 2025, up 35% year-over-year. It also reported $121 million in EBITDA (a measure of profitability).
• The company plans to list on the New York Stock Exchange under the ticker FIGR, with JPMorgan and Goldman Sachs as lead underwriters.

Takeaways

• Direct Investment Opportunity: This IPO offers a chance to invest in a company at the intersection of fintech and blockchain technology.
• Strong Fundamentals: Unlike many high-growth tech companies, Figure has demonstrated both strong revenue growth (35% ARR growth) and profitability (positive EBITDA). This may make it a more attractive and potentially less volatile investment compared to other tech IPOs.
• Unique Business Model: Its use of blockchain for home equity lines of credit and other loans is a key differentiator that could lead to significant efficiency gains. Investors should consider this a "fintech 2.0" play.

Pre-IPO & High-Growth Private Companies to Watch

This section covers private companies mentioned in the podcast that are showing significant growth. While you cannot buy their stock directly on an exchange, they are important to monitor as they are prime candidates for future IPOs and indicate key investment trends.

Grok

• An AI semiconductor company that provides an "inference platform" for running AI models at scale.
• Key Partnership: Grok's platform is now being used to run OpenAI's new GPT-OSS open-weight models, giving developers instant, large-scale access. This is a major endorsement from the industry leader.
• The company is currently raising a new funding round at a $6 billion valuation.

Takeaways

• Grok is a "picks and shovels" play on the AI revolution. It provides the essential infrastructure needed for AI applications to run, meaning its success is tied to the growth of the entire AI industry.
• Its close collaboration with OpenAI makes it a critical player. Investors interested in the AI hardware and infrastructure space should keep a close eye on Grok for a potential future IPO.

n8n

• An AI automation and workflow company.
• Explosive Growth: The company is raising a new funding round that values it at $2.3 billion (pre-money), a massive jump from its $350 million valuation just four months prior.
• Financials: Annual recurring revenue surpassed $40 million as of Q2 2025, serving over 50,000 users including major enterprises like Siemens.

Takeaways

• The dramatic increase in valuation highlights intense investor interest in the AI-powered automation space.
• n8n is a company to watch closely. Its rapid growth and strong enterprise customer base make it a strong candidate for a future IPO as it aims to capture a piece of the $150 billion global automation market.

Clay

• An AI sales agent and automation company.
• Impressive Funding & Valuation: Raised $100 million in a Series C round at a $3.1 billion valuation. Its valuation has grown rapidly over the last six months.
• Blue-Chip Customers: Its customer list includes some of the biggest names in tech, such as OpenAI, Anthropic, Canva, and Intercom.
• Revenue Growth: Expects to end the year with $100 million in revenue, a 3x increase from 2024.

Takeaways

• Clay is another "picks and shovels" investment theme. It provides essential tools that other high-growth AI and tech companies rely on for their sales operations.
• Having customers like OpenAI and Anthropic is a powerful validation of its technology. With its rapid revenue growth and high-profile backers (Capital G, Sequoia), Clay is a top-tier private company to monitor for a future public offering.

Other Companies to Note

• Eleven Labs: An AI audio generation company expanding into AI music. It has secured deals with major music groups, mitigating copyright risks, and has a secondary market valuation of $4.6 billion. A leader in the generative media space to watch.
• Brex: A fintech company focused on business banking. It recently secured a license to expand into the European Union, a major growth catalyst. Its last private valuation was $12.3 billion in 2022. This expansion could renew talks of a future IPO.
• AG Dillon & Co. Pre-IPO Funds: The podcast sponsor offers funds for accredited investors to gain exposure to private companies like Anduril, XAI, Grok, Lambda Labs, and Together AI. This is a potential avenue for qualified investors to access these opportunities before they go public.