2025 has been a strong year for IPOs in the United States. Amid the Federal Reserve's easing stance, many companies across various industries made their public debuts. Notable ones among them were AI infrastructure player Coreweave (CRWV), design major Figma (FIG), and stablecoin issuer Circle (CRCL). Investors were rewarded as well, with a model portfolio of all H1 2025 US IPOs returning 75.9% through June, far outpacing the S&P 500's ($SPX) 4.9% equivalent, fueled by large deals in AI and fintech.
And it seems one of the biggest was saved for the last.
