The US initial public offering (IPO) market experienced a notable resurgence in 2025, with 336 offerings through mid-December, a 55% increase from 216 during the same period in 2024. Technology-led deals drove much of the activity, while consumer, industrials, and real estate sectors also contributed.
Despite macroeconomic uncertainty, higher liquidity, selective monetary easing, and strong equity performance, particularly in Q3, supported the market. Here’s a look at some of the standout IPOs of 2025:
CoreWeave
AI cloud computing firm CoreWeave completed its IPO on March 28, pricing it at $40 per share, below the $47 to $55 range, and selling 37.5 million Class A shares to raise $1.5 billion at a $23 billion valuation.
Shares began trading on Nasdaq under the ticker 'CRWV.' By late 2025, CoreWeave’s market cap reached $34.4 billion, fueled by revenue growth and a $55.6 billion backlog from clients, including Meta and OpenAI.
Circle Internet Group
Issuer of the USDC stablecoin, Circle completed its highly anticipated IPO in June 2025 after a previous SPAC attempt failed.
The company priced its upsized offering at $31 per share on June 3, selling 34 million Class A shares (14.8 million from Circle, 19.2 million from selling shareholders) to raise $1.05 billion, with the full greenshoe exercised to bring proceeds to $1.2 billion. CRCL surged on its NYSE debut, peaking at $103.75, up 235% intraday, and closing around $83, nearly tripling the IPO price.
Chime Financial
US neobank Chime completed its Nasdaq debut on June 11, pricing it at $27 per share, above the $24 to $26 range. It sold 32 million Class A shares to raise $864 million at an $11.6 billion fully diluted valuation.
Figma
San Francisco-based collaborative design software company Figma went public on July 31, following the collapse of its $20 billion acquisition by Adobe in 2023 due to regulatory hurdles. The IPO, priced at $33 per share, was above the $30 to $32 range.
Shares debuted on the NYSE under ‘FIG’, surging 250% on the first day.
Klarna
Swedish buy-now-pay-later fintech Klarna completed its long-awaited US IPO in September 2025 after earlier delays caused by market volatility.
The company priced 34.3 million shares at $35 to $37 per share on September 9, raising up to $1.27 billion at a $14 billion valuation.
Shares listed on the NYSE under ‘KLAR’ on September 10 and jumped 30% on debut, valuing Klarna at nearly $20 billion.
Looking Ahead: IPOs Expected in 2026
2026 promises another wave of high-profile IPOs, particularly in AI, fintech, space, and telecom.
Some of the most anticipated listings include:
- SpaceX: Targeting a mid-to-late 2026 debut, potentially raising over $30 billion with a $1.5 trillion valuation. Secondary sales currently value the company at $800 billion or $421 per share, funding Starship flights, orbital AI data centers, and lunar bases via projected Starlink revenue of $22 to 24 billion.
- Stripe: The payments giant processed $1.4 trillion in 2024 and is aiming for a 2026 IPO at a $60 billion to $90 billion valuation, leveraging continued e-commerce growth.
- Databricks: The AI data platform unicorn targets an IPO in early-to-mid 2026 with ambitions exceeding $130 billion, building on $2.8 billion ARR and strong demand for its lakehouse solutions.
- Revolut: The UK fintech, estimated at $75 billion, plans a US or London IPO in 2026 following profitability, expanding banking and crypto services across 40+ markets.
- Kraken: The crypto exchange, valued at $20 billion, is eyeing an IPO in the first half of 2026 amid clearer regulations, leveraging its US relaunch and institutional trading growth post-FTX.
- Canva: The design platform, valued at $42 billion with 170 million users, aims for a late 2026 IPO, driven by AI adoption and enterprise growth.