Lead: On Wednesday, September 10, 2025, Sweden’s payments firm Klarna debuted on the New York Stock Exchange, raising $1.4 billion in a share sale that largely benefited existing investors rather than providing fresh capital to the company. Shares were priced at $40, above the previously announced $35–$37 range, opened at $52 and traded around $46 mid-day. Of 34.3 million shares sold, only 5 million were newly issued by Klarna; the remainder came from current shareholders led by Sequoia Capital. The listing gave Klarna an initial market value near $15 billion.
Key Takeaways
- Klarna raised $1.4 billion in its NYSE debut on September 10, 2025, with an opening valuation roughly $15 billion.
- Shares priced at $40 (above the $35–$37 range), opened at $52 and settled near $46 mid-day on the first trading day.
- Of 34.3 million shares sold, only 5 million were primary shares issued by Klarna; the rest were secondary shares sold by existing investors.
- Sequoia Capital is the largest beneficiary, holding nearly 23% of Klarna and selling a significant portion in the offering.
- CEO Sebastian Siemiatkowski did not sell shares; his stake was valued at $1.02 billion at the $40 IPO price and represents about 7.5% ownership.
- Co-founder Victor Jacobsson sold 1.1 million shares but still retains more than 8% of the company; Niklas Adalberth holds just under 3 million shares.
- CoreWeave’s $1.5 billion June 2025 offering remains the largest IPO of 2025 to date, slightly above Klarna’s raise.
Background
Klarna was founded in 2005 in Stockholm with the aim of simplifying online payments and buy-now-pay-later services. Over two decades it expanded beyond Scandinavia into major markets, becoming one of Europe’s most valuable fintech startups and drawing sizable venture capital attention. Sequoia Capital invested early, with Michael Moritz writing the firm’s first check in 2010; Sequoia remains a dominant shareholder and has played a recurring role on Klarna’s board.
The company’s road to a public listing was long and occasionally turbulent, shaped by shifting consumer credit scrutiny, regulatory pressure on buy-now-pay-later models, and macroeconomic headwinds for high-growth tech companies. Klarna’s decision to list in New York reflects both the scale of its U.S. ambitions and the preference among many late-stage backers for the liquidity and valuation transparency that a U.S. public market can provide.
Main Event
On the day of the offering, Klarna sold a total of 34.3 million shares, priced at $40 each—above the marketed range of $35 to $37. Trading opened at $52, delivering an immediate pop before intra-day trading settled around $46. The company reported that only 5 million of those shares were newly issued primary shares; the rest were secondary shares sold by existing investors seeking partial liquidity.
Sequoia Capital emerged as the largest seller and the single biggest beneficiary, while other large holders included entities tied to Anders Holch Povlsen, Silver Lake, and BlackRock. Company filings and public disclosures indicate that, despite selling some stock, those investors continue to hold the majority of their stakes. The offering structure mirrors recent tech listings where early backers supply inventory to meet institutional demand and help establish a public market price.
Co-founder and CEO Sebastian Siemiatkowski did not sell any shares in the transaction; his stake was valued at about $1.02 billion at the $40 offering price, equal to roughly 7.5% of the company. Victor Jacobsson, who left Klarna in 2012, sold 1.1 million shares but remains a slightly larger shareholder with more than 8% ownership. Co-founder Niklas Adalberth still holds just under 3 million shares, according to company disclosures.
Analysis & Implications
Klarna’s choice to have existing investors supply the bulk of the float highlights a common late-stage IPO tactic: enabling liquidity for early backers while limiting dilution for the company. Selling secondary shares provides exit opportunities for venture investors without materially increasing the company’s outstanding share count. For investors, the arrangement can sharpen price discovery by offering larger allocations attractive to institutional buyers.
The initial pop to $52 and mid-day trade near $46 suggest robust early demand but also price volatility typical of high-profile listings. Market participants will watch subsequent trading days for whether the stock consolidates above the offering price or drifts lower—an outcome that will influence both investor sentiment toward Klarna and appetite for similar fintech listings. Regulatory scrutiny of buy-now-pay-later firms remains a risk factor that could shape valuation multiples over time.
Sequoia’s outsized position (nearly 23%) and its decision to sell a portion of its stake will attract attention from governance and market-watch communities. Large secondary sales can be interpreted two ways: as routine portfolio rebalancing by long-tenured investors, or as cautious profit-taking that signals less conviction at pre-IPO price levels. Given Sequoia’s history with Klarna and its continued board presence, the sale appears aimed at realizing returns while retaining influence.
| Company | IPO Raise | Notable Details |
|---|---|---|
| Klarna | $1.4 billion | 34.3M shares sold; 5M primary; opened at $52 |
| CoreWeave | $1.5 billion | Largest 2025 offering to date (June 2025) |
The table above places Klarna’s $1.4 billion result alongside CoreWeave’s $1.5 billion sale earlier in 2025. While the headline amounts are similar, the make-up of the float—primary versus secondary—matters for long-term capitalization and dilution. Analysts will parse follow-on activity, insider lockups and earnings updates to better assess sustainable market value.
Reactions & Quotes
“This moment feels surreal… Going public in New York is huge. It’s not just a milestone; it’s a statement.”
Sebastian Siemiatkowski, Klarna co-founder and CEO
Siemiatkowski framed the IPO as a validation of Klarna’s long-term mission and the company’s global ambitions, emphasizing the symbolic importance of a New York listing for a Stockholm-born fintech.
“They kick in shares to help the company meet IPO demand.”
Unnamed venture capitalist (quoted in TechCrunch)
That comment reflects a common practice among venture investors: providing secondary shares at IPO to boost allocation size and attract large institutional buyers who might otherwise forgo a small allotment.
Unconfirmed
- Exact dollar proceeds received by each selling investor have not been publicly itemized and remain subject to confirmation from filings and investor disclosures.
- Motivations of individual sellers—whether portfolio rebalancing, tax planning, or strategic divestment—are not fully confirmed by public statements.
- Short- and medium-term trading direction for Klarna shares after initial listing remains uncertain and will depend on market reactions to earnings and regulatory developments.
Bottom Line
Klarna’s $1.4 billion IPO is a milestone for a 20-year-old fintech that has navigated regulatory headwinds and investor skepticism to reach public markets in New York. The offering delivered liquidity primarily to existing shareholders—most prominently Sequoia Capital—while limiting dilution through a relatively small primary issuance. That structure reflected both investor demand dynamics and a desire to set a clear public market price.
Investors and observers should now focus on how Klarna translates its public status into sustained revenue growth and margin improvement amid competitive and regulatory pressures in the buy-now-pay-later space. The manner in which insiders manage remaining stakes, coupled with quarter-to-quarter performance and any new regulatory guidance, will be central to determining whether the initial pop is the start of a durable re-rating or a short-lived debut bump.
Sources
- TechCrunch — news outlet (original reporting on IPO details and investor comments)