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EQUITY (Tables) | 9 Months Ended
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Sep. 30, 2025
Equity [Abstract] |
Schedule of Equity Instruments | The following table summarizes the Company’s equity instruments at September 30, 2025 and December 31, 2024:
| September 30, 2025
Authorized Shares |  | Issued and Outstanding(A)
| Shares |  | Warrants |  | Options |  | RSUs |  |
Class A Common Stock, $0.0001 par value per share |  | 1,000,000,000 |  |  | 174,853,649 |  |  | 456,909 |  |  | 27,470,601 |  |  | 6,189,477 |  |  |
Class B Common Stock, $0.0001 par value per share |  | 200,000,000 |  |  | 37,893,047 |  |  | — |  |  | 7,760,846 |  |  | 5,334,903 |  |  |
Blockchain Common Stock, $0.0001 par value per share |  | 500,000,000 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |
Preferred Stock, $0.0001 par value per share |  | 100,000,000 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |
Total |  | 1,800,000,000 |  |  | 212,746,696 |  |  | 456,909 |  |  | 35,231,447 |  |  | 11,524,380 |  |  |
| December 31, 2024
Authorized Shares |  | Issued and Outstanding(A)
| Shares |  | Warrants |  | Options |  | RSUs |  |
Common Stock, $0.00001 par value per share |  | 240,820,153 |  |  | 69,300,284 |  |  | — |  |  | 32,030,416 |  |  | 44,973,456 |  |  |
Convertible Preferred Stock, $0.00001 par value per share |  | 115,983,447 |  |  | 111,900,495 |  |  | 1,381,486 |  |  | — |  |  | — |  |  |
Total |  | 356,803,600 |  |  | 181,200,779 |  |  | 1,381,486 |  |  | 32,030,416 |  |  | 44,973,456 |  |  |
(A) Includes the equity instruments of the 2018 Equity Incentive Plan, the 2024 Equity Incentive Plan, and the 2025 Equity Incentive Plan. The following table includes information regarding each series of convertible preferred stock as of December 31, 2024:
|  | December 31, 2024 |  | Per Share
|  | Number of Shares Outstanding |  | Liquidation Preference |  | Liquidation Price |  | Dividend Rate |  | Conversion Price
Series Seed |  | 16,100,540 |  |  | $ | 16,947 |  |  | $ | 1.05 |  |  | $ | 0.08 |  |  | $ | 1.05 |
Series A |  | 32,860,461 |  |  | 41,759 |  |  | 1.27 |  |  | 0.10 |  |  | 1.27 |
Series B |  | 29,448,787 |  |  | 73,519 |  |  | 2.50 |  |  | 0.20 |  |  | 2.50 |
Series C |  | 11,238,629 |  |  | 85,000 |  |  | 7.56 |  |  | 0.61 |  |  | 7.56 |
Series C-1 |  | 504,081 |  |  | 3,050 |  |  | 6.05 |  |  | 0.48 |  |  | 6.05 |
Series C-2 |  | 1,983,287 |  |  | 15,000 |  |  | 7.56 |  |  | 0.61 |  |  | 7.56 |
Series D |  | 12,439,325 |  |  | 219,999 |  |  | 17.69 |  |  | 1.41 |  |  | 17.69 |
Series E |  | 7,325,385 |  |  | 73,292 |  |  | 10.01 |  |  | 0.80 |  |  | 10.01 |
Total |  | 111,900,495 |  |  | $ | 528,566 |  |  |  |  |  |  |
Schedule of Information Regarding Series of Convertible Preferred Stock | The following table summarizes the Company’s equity instruments at September 30, 2025 and December 31, 2024:
| September 30, 2025
Authorized Shares |  | Issued and Outstanding(A)
| Shares |  | Warrants |  | Options |  | RSUs |  |
Class A Common Stock, $0.0001 par value per share |  | 1,000,000,000 |  |  | 174,853,649 |  |  | 456,909 |  |  | 27,470,601 |  |  | 6,189,477 |  |  |
Class B Common Stock, $0.0001 par value per share |  | 200,000,000 |  |  | 37,893,047 |  |  | — |  |  | 7,760,846 |  |  | 5,334,903 |  |  |
Blockchain Common Stock, $0.0001 par value per share |  | 500,000,000 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |
Preferred Stock, $0.0001 par value per share |  | 100,000,000 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |
Total |  | 1,800,000,000 |  |  | 212,746,696 |  |  | 456,909 |  |  | 35,231,447 |  |  | 11,524,380 |  |  |
| December 31, 2024
Authorized Shares |  | Issued and Outstanding(A)
| Shares |  | Warrants |  | Options |  | RSUs |  |
Common Stock, $0.00001 par value per share |  | 240,820,153 |  |  | 69,300,284 |  |  | — |  |  | 32,030,416 |  |  | 44,973,456 |  |  |
Convertible Preferred Stock, $0.00001 par value per share |  | 115,983,447 |  |  | 111,900,495 |  |  | 1,381,486 |  |  | — |  |  | — |  |  |
Total |  | 356,803,600 |  |  | 181,200,779 |  |  | 1,381,486 |  |  | 32,030,416 |  |  | 44,973,456 |  |  |
(A) Includes the equity instruments of the 2018 Equity Incentive Plan, the 2024 Equity Incentive Plan, and the 2025 Equity Incentive Plan. The following table includes information regarding each series of convertible preferred stock as of December 31, 2024:
|  | December 31, 2024 |  | Per Share
|  | Number of Shares Outstanding |  | Liquidation Preference |  | Liquidation Price |  | Dividend Rate |  | Conversion Price
Series Seed |  | 16,100,540 |  |  | $ | 16,947 |  |  | $ | 1.05 |  |  | $ | 0.08 |  |  | $ | 1.05 |
Series A |  | 32,860,461 |  |  | 41,759 |  |  | 1.27 |  |  | 0.10 |  |  | 1.27 |
Series B |  | 29,448,787 |  |  | 73,519 |  |  | 2.50 |  |  | 0.20 |  |  | 2.50 |
Series C |  | 11,238,629 |  |  | 85,000 |  |  | 7.56 |  |  | 0.61 |  |  | 7.56 |
Series C-1 |  | 504,081 |  |  | 3,050 |  |  | 6.05 |  |  | 0.48 |  |  | 6.05 |
Series C-2 |  | 1,983,287 |  |  | 15,000 |  |  | 7.56 |  |  | 0.61 |  |  | 7.56 |
Series D |  | 12,439,325 |  |  | 219,999 |  |  | 17.69 |  |  | 1.41 |  |  | 17.69 |
Series E |  | 7,325,385 |  |  | 73,292 |  |  | 10.01 |  |  | 0.80 |  |  | 10.01 |
Total |  | 111,900,495 |  |  | $ | 528,566 |  |  |  |  |  |  |
Summary of Stock-Based Compensation Expense | The following table presents the amount of stock-based compensation expense related to equity-based compensation recognized in the Condensed Consolidated Statements of Operations:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
General and administrative |  | $ | 16,850 |  |  | $ | 3,844 |  |  | $ | 20,370 |  |  | $ | 31,874 |
Sales and marketing |  | 165 |  |  | 89 |  |  | 347 |  |  | 54 |
Technology and product development |  | 2,822 |  |  | 3,064 |  |  | 9,560 |  |  | 6,311 |
Operations and processing |  | 91 |  |  | 107 |  |  | 316 |  |  | 306 |
Total equity-based compensation expense |  | $ | 19,928 |  |  | $ | 7,104 |  |  | $ | 30,593 |  |  | $ | 38,545 |
Schedule of Unrecognized Compensation Expense | At September 30, 2025, the Company has not yet recognized compensation expense for the following awards:
|  | Weighted Average Recognition Period (Years) |  | Shares |  | Unrecognized Compensation Expense
Vesting Condition |  |  | Options |  | RSUs |  |  |  | Total |  | Options |  | RSUs
Time-based(A) |  | 3.6 |  | 11,134,713 |  |  | — |  |  |  |  | 11,134,713 |  |  | $ | 67,382 |  |  | $ | — |
Multiple(A)(B) |  | 3.3 |  | — |  |  | 10,222,338 |  |  |  |  | 10,222,338 |  |  | — |  |  | 148,163 |
Total |  |  |  | 11,134,713 |  |  | 10,222,338 |  |  |  |  | 21,357,051 |  |  | $ | 67,382 |  |  | $ | 148,163 |
(A) All awards vest over a period of two to four years, and most awards have a one year cliff vesting feature with quarterly vesting thereafter. (B) Awards include a service period vesting condition, as noted above, as well as market based and liquidity-based vesting conditions. The liquidity event for awards which have that feature has been satisfied in connection with the IPO as of September 30, 2025.
Schedule of Noncontrolling Interests | The following amounts relate to equity interests held by the third-party investors in a real estate investment trust subsidiary, Figure REIT, Inc. (“Figure REIT”) and the Figure Markets Offshore Opportunity Investment Fund L.P. (“Offshore Solana Fund”) both of which the Company consolidates, but does not wholly-own. The noncontrolling interests in the net income (loss) is computed as follows:
| Three Months Ended September 30,
| 2025 |  | 2024
| Net Income (Loss) |  | Noncontrolling Interest as a Percent of Total(A) |  | Noncontrolling Interest in Income (Loss) of Consolidated Subsidiaries |  | Net Income |  | Noncontrolling Interest as a Percent of Total(A) |  | Noncontrolling Interest in Income (Loss) of Consolidated Subsidiaries(B)
Figure REIT | $ | 321 |  |  | 44.9 | % |  | $ | 147 |  |  | $ | 170 |  |  | 44.6 | % |  | $ | 76 |
Offshore Solana Fund | 3,559 |  |  | 2.8 |  |  | 99 |  |  | 411 |  |  | 2.8 |  |  | 12 |
Total / weighted average | $ | 3,880 |  |  | 6.3 | % |  | $ | 246 |  |  | $ | 581 |  |  | 15.0 | % |  | $ | 88 |
| Nine Months Ended September 30,
| 2025 |  | 2024
| Net Income (Loss) |  | Noncontrolling Interest as a Percent of Total(A) |  | Noncontrolling Interest in Income (Loss) of Consolidated Subsidiaries |  | Net Income |  | Noncontrolling Interest as a Percent of Total(A) |  | Noncontrolling Interest in Income (Loss) of Consolidated Subsidiaries(B)
Figure REIT | $ | 1,193 |  |  | 44.9 | % |  | $ | 536 |  |  | $ | 4,802 |  |  | 44.6 | % |  | $ | 2,143 |
Offshore Solana Fund | (1,084) |  |  | 2.8 |  |  | (31) |  |  | 5,162 |  |  | 2.8 |  |  | 145 |
Total / weighted average | $ | 109 |  |  | 24.9 | % |  | $ | 505 |  |  | $ | 9,964 |  |  | 22.9 | % |  | $ | 2,288 |
(A) Represents the weighted average percentage of total noncontrolling shareholders’ net income (loss) in consolidated subsidiaries. (B) Balances may not cross-foot due to rounding for presentation purposes in the Noncontrolling Interest as a Percent of Total shown. The noncontrolling interests in the equity of consolidated subsidiaries is computed as follows:
| September 30, 2025 |  | December 31, 2024
| Total Consolidated Equity |  | Noncontrolling Ownership Interest as a Percent of Total |  | Noncontrolling Interest in Equity of Consolidated Subsidiaries |  | Total Consolidated Equity |  | Noncontrolling Ownership Interest as a Percent of Total |  | Noncontrolling Interest in Equity of Consolidated Subsidiaries
Figure REIT | $ | 18,678 |  |  | 44.9 | % |  | $ | 8,394 |  |  | $ | 18,261 |  |  | 44.6 | % |  | $ | 7,769 |
Offshore Solana Fund | 12,148 |  |  | 2.8 |  |  | 342 |  |  | 17,807 |  |  | 2.8 |  |  | 508 |
Total / weighted average | $ | 30,826 |  |  | 28.3 | % |  | $ | 8,736 |  |  | $ | 36,068 |  |  | 24.0 | % |  | $ | 8,277 |

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