Klarna is heading for the stock market – but this time, it’s for real. After a false start or two, the Swedish “buy now, pay later” startup has formally filed for a US IPO and is aiming to raise $1 billion, at a valuation of between $15 billion and $20 billion. Now, that’s a far cry from the $45.6 billion peak it was eying in 2021, but it’s also a massive step up from the $6.7 billion low it hit just a year later. Still, with those kinds of ups and downs, you might have a few questions about this coming stock. For example, what are investors really buying into here? Is Klarna just a glorified checkout button, or is it quietly building a sticky, multiproduct platform for customers and retailers? And, more importantly, what’s this company actually worth?