The U.S. IPO market is surging in 2025, and the trend is unmistakable: size matters. Investors are rewarding large-cap companies going public with staggering gains, signaling strong demand for scale in the current economic environment.
Leading the charge are two high-profile debuts, Circle (CRCL) and CoreWeave (CRWV), which have capitalized on the booming crypto and AI sectors, News.Az reports, citing foreign media.
Since their IPOs, Circle shares have soared more than 500%, while CoreWeave has surged 310%, with both companies now boasting market capitalizations above $45 billion.
According to Renaissance Capital, a leading provider of IPO-focused research and exchange-traded funds (ETFs), 100 U.S. companies with market caps of at least $50 million have priced IPOs this year, a 42.9% increase from the same period in 2024.
Among these, at least six companies with valuations over $1 billion have seen their stock prices double since going public, and three have skyrocketed more than 500% from their IPO prices. The Renaissance IPO ETF gained 20% in Q2, fully erasing its 14% drop in Q1, showcasing growing investor confidence in newly public firms.
“The success of offerings like Circle, CoreWeave, and eToro Group (ETOR), which each raised over $600 million, is prompting other large-scale private firms to accelerate their IPO plans,” said Avery Marquez, director of investment strategies at Renaissance, in an interview with Yahoo Finance.
One such company is Figma (FIGM.PVT), which on July 1 filed to go public under the ticker “FIG.” While pricing details have not been announced, the design software platform was last valued at $12.5 billion in a recent tender offer, positioning it among the next wave of mega-IPOs.
Notably, the rally isn’t limited to tech giants. In medtech, Anbio Biotechnology (NNNN) has gained over 630% since its debut and now holds a $1.62 billion market cap. Meanwhile, Hong Kong-based Diginex Limited (DGNX), a developer of ESG reporting tools, is up a staggering 930%, now valued at $1 billion.
Though June IPO activity slowed slightly amid uncertainty around tariff policy and President Trump’s upcoming July 9 trade deal deadline, Renaissance expects the fall IPO window to heat up again, driven by growing investor appetite and the success of recent listings.
“It’s not just two or three companies that have done amazing, it’s really a broader group that has been well received and has maintained strong aftermarket interest,” Marquez said.
With momentum building and more blockbuster debuts on the horizon, 2025 is shaping up to be the year when going big on IPOs pays off big.
