IPO Market in 2025 Shows Strong Returns — All Eyes Now on Figma
After a string of successful tech IPOs in 2025, Figma enters the public market with high expectations and strong investor interest.
The U.S. tech IPO market has been quiet in 2025. But for the companies that have gone public, results have been strong. This trend could benefit Figma, which priced its IPO on Wednesday at $33 per share—slightly above expectations. Figma will trade on the New York Stock Exchange under the symbol FIG.
If the pattern holds, Figma could see its stock rise. Every one of the nine largest venture-backed IPOs this year has seen its stock increase since debut.
Circle’s Massive Jump
Leading the way is Circle Internet Group. The New York-based stablecoin company has become the standout performer of the year. Since going public in June, Circle’s stock has risen more than fivefold, pushing its valuation beyond $40 billion.
Circle’s success has encouraged other crypto-focused companies to enter the IPO pipeline. BitGo and Gemini have both filed confidential drafts, while Bullish filed publicly this month.
A strong crypto market also helped. Bitcoin recently approached a record high of $118,000, giving digital asset companies a major boost.
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CoreWeave, Chime, and Other Gains
CoreWeave, an AI infrastructure firm, is the most valuable IPO of the year. With a market cap near $52 billion, its shares have more than doubled since its April listing.
Chime, the digital banking platform, has also gained value. Though its current market cap is over $12 billion, that’s still below its previous peak of $25 billion.
Other mid-sized IPOs have delivered solid returns too. Metsera, a biotech company focused on metabolic diseases, has doubled since its January debut. MNTN, a targeted TV ad platform, saw its stock jump sharply after its IPO in May.
More Big IPOs on the Way
Despite these successes, the pace of IPO activity remains moderate. While it’s stronger than late 2024, the market hasn’t fully recovered. For a real rebound, more large and profitable IPOs need to follow.
That could happen soon. Figma’s upcoming IPO is highly anticipated. The company recently raised its price range, signaling strong investor demand and an expected valuation of up to $18.8 billion.
On Wednesday, another notable debut occurred. Ambiq Micro, which designs energy-efficient chips for AI computing, began trading on the NYSE. Its stock closed up 61% on day one.
What’s Next for the IPO Market
Going public remains a tough and lengthy process. Many eligible companies have stayed private, but with public valuations rising, some may rethink that decision. If current trends hold, more tech firms may decide that now is the right time to pursue an IPO.