IPOs To Watch In 2025
There’s reason to be cautiously optimistic about Initial Public Offerings (IPOs) in 2025. Over 100 US IPOs have been raised, totaling around $15.6 billion. This gave the busiest start since 2021. Global proceeds hit $58.2B, up from $49.6B in H1 2024.
AI, fintech, crypto, and defense have led the resurgence, with standout IPOs like CoreWeave and Circle delivering large first-day gains (165–235%).
Macro volatility, such as tariffs and the wait-and-see on front-end rates, have kept Q2 filings subdued (only ~41 new ones globally).
Firms like PwC, Deloitte, and EY are optimistic, calling this a “selective reopening.” They estimate capital raised as around $45–50B with ~160 US debuts.
Overall, it’s a healthy and accelerating market that’s well above average, but still with cautious investor and issuer sentiment pending macro stability.
Standout New IPOs
- CoreWeave (Nasdaq: CRWV) – Raised $1.5 B in March; up ~235% at debut and currently 3x-4x IPO price, a leading AI/cloud standout.
- Circle Internet Group (CRCL) – Stablecoin/crypto-firm IPO in June; 168% surge on debut, still trading ~70% above that.
- Chime (CHYM) – Fintech neobank; massive pre-IPO interest that’s expected to catalyze the market.
- Venture Global LNG & SailPoint – Energy and cybersecurity, respectively. These are big-ticket US IPOs raising $1.75B and ~$1.38B.
There are also some regional, more niche successes:
- Anthem Biosciences in India – 2x subscription, which shows biotech appetite.
- Glen Industries on BSE SME – 62% first-day gain on heavy subscription.
- NTT DC REIT in Singapore – Largest since 2021 and had a stable debut, which shows that REIT demand is intact.
Industries to watch include companies operating at the AI infrastructure layer (foundational technologies), energy transition enablers, and biotech platforms leveraging new technologies for drug discovery and personalized medicine.
IPOs in the Pipeline (Unannounced or Confidential)
- Grayscale (crypto asset manager) – Confidential SEC filing has been reported for this $33B AUM fund. The timing depends heavily on crypto regulations.
- McGraw Hill (NYSE: MH) – $537M raise, aiming for a ~$4.2B valuation. Drivers include private equity-backed turnarounds.
- NIQ Global Intelligence – Targeting >$7B valuation with a ~$1.2B raise. It’s PE-backed and planned for H2 on the NYSE.
- India’s IPO wave – Firms like Tata Capital, Pine Labs, WeWork India, and LG Electronics India are planned for 2025.
Also on the radar are Stripe, Databricks, SymphonyAI, ElevenLabs, Waymo, Grammarly, Anduril, Perplexity AI. These are considered some of the premier pre-IPO names for 2025.