The technology sector is experiencing a notable revival in initial public offerings (IPOs) in 2025, signalling a shift in market sentiment following years of subdued activity.
The broader IPO landscape has been revitalised, thanks to improved economic conditions, stabilising inflation and a more predictable regulatory environment. These factors have provided a solid foundation for investor confidence, particularly in high-growth areas like artificial intelligence (AI), fintech and blockchain.
This week alone, three major tech companies have filed for IPOs, underscoring the renewed appetite for market listings. Figma, BitGo and Avalara are the latest companies choosing the moment to go public, further signalling that the market is ready for innovation-driven growth as the tech sector pursues a strong second half of the year.
Recent IPO filings reflect growing confidence
Figma, a cloud-based design software company and Canva competitor, is targeting a valuation of US$13.65 billion in its IPO, aiming to raise up to $1.03 billion. The company has seen impressive growth, reporting a 46% revenue increase and tripling its net income in early 2025. Figma’s collaborative design tools, which are widely used by major enterprises like ServiceNow and SAP, have positioned it as a leader in the fast-growing design software market. The company plans to list on the New York Stock Exchange under the ticker symbol "FIG."
In the fintech and cryptocurrency space, BitGo, a crypto custody provider, has confidentially filed for an IPO. BitGo’s move comes at a time when the cryptocurrency market has surged to a $4 trillion valuation, driven by increased institutional adoption and regulatory clarity. The company, which specialises in secure digital asset storage, aims to tap into the growing demand for blockchain and cryptocurrency-related services. BitGo’s IPO reflects the expanding role of fintech in institutional markets, with the firm likely to become a key player in the crypto space once listed.
Meanwhile, Avalara, a leading tax automation platform, is preparing to return to the public markets after being taken private in 2022. Known for its cloud-based tax compliance services, Avalara serves global brands such as Adidas, Crocs, and Reebok. Its IPO will allow the company to capitalise on the ongoing demand for software-as-a-service (SaaS) solutions, particularly those that streamline complex business operations like tax compliance.
Broader IPO landscape in 2025
The surge in IPO filings for tech companies is part of a broader rebound in the market. Global IPO activity in 2025 has already raised $61.4 billion, a 17% increase compared to the same period last year.
The United States has led the way, with 109 IPOs in the first half of the year, a significant recovery from the slower pace seen in previous years. These figures highlight a clear shift in market conditions, with sectors like AI, fintech and blockchain driving investor interest.
In addition to Figma, BitGo, and Avalara, several other tech companies have gone public earlier in the year, including CoreWeave, a cloud infrastructure provider, which raised $1.5 billion in its IPO. Circle Internet Group, a crypto finance company, made its successful debut on the New York Stock Exchange in June.
These early IPOs, combined with the recent filings, suggest that investor appetite for tech stocks remains robust, with high-growth sectors continuing to dominate the IPO landscape.
Outlook for the rest of 2025
As the IPO market continues to recover, 2025 is shaping up to be a strong year for tech listings. Companies in AI, fintech, and blockchain are well-positioned to take advantage of favourable market conditions and investor appetite for innovative technologies.
With strong financial results and growing demand for cloud-based services, the tech sector is expected to lead the way in the IPO market throughout the year. However, investors will need to remain cautious about valuations, particularly in high-growth sectors, as the market continues to evolve.