Klarna (KLAR) Debuts on NYSE at $40 in 2025’s Largest U.S. IPO

Swedish fintech giant Klarna began trading on the New York Stock Exchange today at $40 per share, surpassing its anticipated $35-$37 range. The IPO raises $1.37 billion at a $15.1 billion valuation, with JPMorgan and Goldman Sachs leading the offering. Only $200 million of the proceeds will fund company operations, while $1.17 billion flows to existing shareholders cashing out portions of their stakes.

The BNPL pioneer's U.S. listing signals aggressive expansion into Affirm and PayPal's territory. Klarna already ranks as America's second-largest buy-now-pay-later provider, capitalizing on consumer preference for alternative lending over traditional bank credit. The MOVE comes as decentralized finance protocols increasingly challenge legacy financial infrastructure.