Klarna先买后付冲刺上市：IPO定价40美元，首日涨15%

做的是什么生意

Buy-now-pay-later credit and payments: Klarna lets shoppers split purchases into installments, serving over 100 million consumers and close to a million merchants, and now adds cards and deposit accounts.

启动资金：First institutional check came from Sequoia in 2010; Sequoia's total investment across rounds reached $500 million.

起因

Founded in Stockholm in 2005 by Sebastian Siemiatkowski, Niklas Adalberth and Victor Jacobsson. The bet: consumers would rather pay for online purchases after receiving them than pay upfront with a credit card. The founders were rejected and laughed at repeatedly in the early years; Sequoia's Michael Moritz wrote the first institutional check in 2010.

经过

Klarna grew to over 100 million consumers, roughly $100 billion in cumulative gross merchandise value and close to a million merchants. In 2021 SoftBank led a round valuing Klarna at $46 billion; the private valuation later collapsed toward $6.7 billion as rates rose. The company cut costs with AI, including a widely publicized customer-service assistant, and filed to go public in early 2025 — then delayed when April tariff-driven volatility jolted markets.

结果

Listed on the NYSE on September 10, 2025 at $40 per share, above its $35–$37 range. Shares opened at $52 and closed at $45.82, up 15%, valuing the company near $17.3 billion. The offering raised about $1.4 billion — mostly cash for existing investors selling 28.8 million shares; Klarna itself raised roughly $222 million. Sequoia, its largest holder at about 23%, realized around $2.65 billion in total returns.

可借鉴之处

私人估值可能脱离基本面：市场在IPO前把Klarna从460亿美元重新定价至67亿美元，迫使公司先实现盈利，新投资者才愿意买账。