US IPO market sees resurgence in 2025 led by tech deals

• CoreWeave's IPO priced at $40 per share in March, while Figma went public at $33 per share in July following its failed $20 billion Adobe acquisition
• SpaceX is targeting a mid-to-late 2026 IPO that could raise over $30 billion at a $1.5 trillion valuation, with secondary market trades currently valuing it at $800 billion
• Buy-now-pay-later firm Klarna raised funds at a $14.6 billion valuation in its September IPO, recovering from previous market volatility delays

The US IPO market surged in 2025 with 336 offerings through mid-December, marking a 55% increase from 216 in the same period of 2024. Technology companies led the resurgence, supported by higher liquidity, selective monetary easing, and strong Q3 equity performance.

Key 2025 IPOs:

• CoreWeave: AI cloud computing firm priced at $40/share (March 28)
• Circle Internet Group: USDC stablecoin issuer priced at $31/share (June)
• Chime Financial: Neobank debuted at $27/share on Nasdaq (June 11)
• Figma: Design software company went public at $33/share (July 31) after failed $20B Adobe acquisition
• Klarna: Swedish BNPL fintech completed long-delayed IPO in September, pricing 34.3 million shares

2026 IPO Pipeline:

Major listings expected include:

• SpaceX: Targeting mid-to-late 2026, potentially raising $30B+ at $1.5T valuation (currently valued at $800B or $421/share in secondary markets)
• Stripe: Payment processor aiming for $60-90B valuation after processing $1.4T in 2024
• Databricks: AI data platform targeting early-to-mid 2026 at $130B+ valuation, with $2.8B ARR
• Revolut: UK fintech valued at $75B planning US or London listing
• Kraken: Crypto exchange valued at $20B targeting H1 2026
• Canva: Design platform valued at $42B with 170M users, aiming for late 2026

The continued momentum reflects strong investor appetite for technology, AI, fintech, and space sector opportunities, with clearer regulations supporting crypto-related listings.