IPO Recap: Meet 2025’s Breakout Stars in U.S. Market
US IPO Market Landscape
In the First Half of 2025, the US IPO market shows activity rebounds due to pending rate cuts, also, the divergence in cases widen.
IPO activity has picked up significantly:
By the end of June, over 100 companies had completed IPOs, with a strong concentration from March to June. This marks a notable recovery after the subdued IPO environment of 2022–2023, indicating that the capital markets are reopening.
Fundraising and valuations are rebounding:
Some standout names such as $Circle Internet Corp.(CRCL)$ and $CoreWeave, Inc.(CRWV)$ raised over billions in single offerings. Their valuations surged, underscoring investor appetite for high-growth tech firms in AI and crypto sectors.
Wide divergence in performance:
Post-IPO performance varied greatly—CRCL soared +540%, and CRWV +298%, while ADVANCED BIOMED and TCTM plunged -94.0% and -93.3% respectively. This reflects continued selectiveness among investors, favoring quality and defensibility.
Key Takeaways: Rational Rebound, Survival of the Fittest
"AI + Fintech" dominates this IPO wave, combining innovation and clear monetization paths, and commanding valuation premiums.
Sectors like healthcare, social media, and cybersecurity reflect a “steady growth + data assets” thesis, drawing long-term capital with a slower bull trajectory.
Traditional cyclical industries and low-moat services saw muted IPO receptions, with many debuting below offer price due to weak future visibility.
In short, the IPO market is heating up structurally, but capital is increasingly concentrated. Investors “prefer expensive quality over cheap mediocrity.”
Top-Watched US IPOs / Recent Listings in 2025
$CoreWeave, Inc.(CRWV)$
Business & Latest Results: CoreWeave is an AI-focused hyperscaler providing customized cloud infrastructure for machine learning. Q1 2025 revenue and deployment showed strong growth. Often dubbed “NVIDIA’s favorite child.”
Sector: AI infrastructure is in a phase of explosive expansion; cloud GPU demand is booming.
IPO Performance: Priced at $40 on March 28, now ~$158 — up ~295%.
Investor Focus: Positioned well in deep learning training workloads; strong demand amid AI infrastructure boom.
$Circle Internet Corp.(CRCL)$
Business & Latest Results: Issuer of USDC stablecoin. IPO on June 5 led to rapid stock appreciation; now valued at over $60 billion.
Sector: Digital assets and stablecoins are gaining ground due to regulatory clarity and compliance momentum.
IPO Performance: Peaked at ~$300 (from $120 IPO price), currently ~$214, still up over 150%.
Investor Focus: Market expansion of USDC, bank partnerships (Fiserv), and regulatory tailwinds like the GENIUS Act. PayPal integrations also add to future revenue streams.
$Venture Global, Inc.(VG)$
Business & Latest Results: Leading US LNG exporter; IPO in January 2025 raised $1.75B.
Sector: LNG demand strong due to geopolitics, but near-term oversupply concerns weigh on sentiment.
IPO Performance: IPO at $25, now ~$16.8, down over 30%.
Investor Focus: Long-term positive on energy exports, but near-term risks like contract disputes create pressure.
$Reddit(RDDT)$
Business & Latest Results: Social platform with strong user growth and solid Q1 earnings.
Sector: Social media platforms remain resilient, especially Reddit with its hybrid revenue model (ads + subscriptions).
IPO Performance: Up ~280% since 2024 IPO, +18% further in 2025.
Investor Focus: Growing ad revenue, expanding community tools, and clearer path to profitability.
$Astera Labs, Inc.(ALAB)$
Business & Latest Results: Provides interconnect solutions for AI/data center infrastructure. Q1 growth strong; customers include hyperscalers like NVIDIA.
Sector: AI hardware and data pipelines are seeing high demand.
IPO Performance: Up ~120% post-IPO.
Investor Focus: Well-positioned in AI server architecture; products widely adopted by tier-1 customers.
$SailPoint Parent, LP(SAIL)$
Business & Latest Results: Identity governance and zero-trust security software. Raised over $1B in its February 2025 IPO; peers include Okta.
Sector: Cybersecurity and identity platforms benefit from remote work and regulatory compliance.
IPO Performance: IPO at ~$21, currently ~$23.6.
Investor Focus: Identity-as-a-Service (IDaaS) viewed as long-term growth vertical.
$Chime Financial, Inc.(CHYM)$
Business & Latest Results: Digital bank targeting younger users with fee-free services—often called “the US version of Ant Financial.” Valued at $11.6B at IPO. Q1 ARPU and active users grew sharply; gross margin at 88%, adj. EBITDA up 62% YoY.
Sector: Fintech and digital banking align with broader online finance trends.
IPO Performance: IPO at $27, peaked at $43 on debut.
Investor Focus: Key watchpoints include monetization model and sustainable profitability vs traditional banks.
$Tempus AI(TEM)$
Business & Latest Results: AI-driven precision medicine, focused on cancer diagnostics. Not yet profitable but gaining momentum. Held by both Nancy Pelosi and ARK’s Cathie Wood.
Sector: AI in medtech is a megatrend.
IPO Performance: Currently ~$68.3, stable post-listing.
Investor Focus: Clinical data asset expansion, regulatory approvals, and commercial execution are in focus.
$Smithfield Foods Inc.(SFD)$
Business & Latest Results: One of the world’s largest pork producers; subsidiary of China’s WH Group (Wan Zhou International). IPO impacted by meat price volatility.
Sector: Agri-products highly cyclical, affected by weather and trade policy.
IPO Performance: Currently ~$23.3, relatively flat.
Investor Focus: Cost fluctuations and export demand cycles dominate sentiment.
$Caris Life Sciences, Inc.(CAI)$
Business & Latest Results: AI-powered cancer diagnostics. Revenue up 50% YoY; Q1 net loss of $103M.
Sector: Precision oncology is expanding rapidly, with AI enhancing test accuracy and scale.
IPO Performance: IPO at $21, now ~$26.8 (+27%).
Investor Focus: Growth runway driven by test volume, AI integration, and reimbursement expansion.
$Chagee Holdings Limited(CHA)$
Business & Latest Results: Popular Chinese tea brand expanding internationally. One of the largest China concept IPOs this year.
Sector: Chain F&B rebounding post-COVID; tea-based beverages remain in favor.
IPO Performance: Currently ~$26, moderate fluctuations.
Investor Focus: Overseas expansion potential, SaaS-based retail model, and operational scalability.
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