The year 2025 is drawing to a close, marking a tumultuous period: from Trump's return to the White House at the beginning of the year, the disruption of global markets by U.S. tariffs in April, to the Federal Reserve’s pivot towards an easing path, and the capital frenzy ignited by artificial intelligence...
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Although the US IPO market in 2025 has not seen the same level of frenzy as in 2021, it has regained momentum driven by a stabilized macroeconomic environment and the return of investor confidence. According to Renaissance Capital, as of December 18, there were 202 IPOs on US exchanges in the year, raising a total of $44 billion, marking a significant increase from 2024 and signaling a gradual recovery in market confidence.
This year's IPO market reflects two major trends: 'polarization' and 'sector focus.' On one hand, small- and mid-cap companies have performed modestly, while leading enterprises with core technological advantages and aligned with industry trends have become the focus of capital. On the other hand, companies in sectors such as AI computing power, blockchain finance, and healthcare supply chains have stood out.
Top 10 Increases in US IPOs in 2025
From the list of top-performing US IPOs this year, technology and healthcare companies account for 70% of the top ten performers since their listing. Anbio Biotechnology leads with an increase of 570.2%, $Karman Holdings (KRMN.US)$ 、 $Circle (CRCL.US)$ 、 $CoreWeave (CRWV.US)$ while other companies, including those mentioned above, have also achieved more than a doubling in value, becoming a bright spot in the market. The rise of these companies not only validates the power of industry trends but also outlines the core trajectory of industrial upgrading in a new era for investors.
In this year's US IPO market, several high-profile companies with unique business models and strategic positioning in their industries have experienced strong upward price movements. Among them, $Circle (CRCL.US)$ 、 $CoreWeave (CRWV.US)$ 、 $Figure Technology Solutions (FIGR.US)$ 、 $Medline (MDLN.US)$ four companies are particularly noteworthy as they represent the core development directions of different sectors such as cryptocurrency, AI, and healthcare. Their growth logic and business strategies offer valuable industry insights.
Circle
, as a core infrastructure provider in the cryptocurrency ecosystem, $Circle (CRCL.US)$ It went public on the New York Stock Exchange on June 5, and has surged 180.65% since its listing, becoming the most influential IPO event in the blockchain sector this year.
The company is renowned for issuing the USDC stablecoin, and its listing coincided with a bull market cycle in cryptocurrencies. Bitcoin soared to an all-time high of $126,000, pushing market expectations for 'the leading player in the stablecoin space + regulatory compliance' to their peak. Within three weeks of its IPO, the stock price rose nearly tenfold, making it one of the most dazzling new listings at the time.
Despite subsequent corrections in crypto assets causing the stock price to retreat by more than 70% from its peak, a return to business fundamentals reveals that Circle's core value has gradually emerged:
By 2025, the circulation of USDC has grown 108% year-on-year to $737 billion, with cumulative on-chain transaction volume surpassing $41 trillion. Its market share has increased to 29%, establishing it as a multi-chain interoperable value protocol.
The Circle Payments Network (CPN), which the company has built, has attracted formal integration from 29 financial institutions, with 500 institutions in the pipeline for access. Payment and settlement transaction volumes have grown 101-fold, gradually building a moat akin to a 'crypto version of SWIFT.'
In terms of financial data, both Q3 revenue and profitability significantly exceeded expectations, with revenue growing 66% year-on-year. The company’s revenue structure is shifting from interest-rate-sensitive reserve earnings toward network-fee-based platform income, continuously optimizing its commercial model and clarifying its long-term growth narrative.
CoreWeave
The 'hidden champion' in the AI computing power sector $CoreWeave (CRWV.US)$ It went public on March 28 and has risen 112.07% since then, outperforming even tech giants like the 'Magnificent Seven,' becoming a quintessential beneficiary of the AI wave. This data center operator, which transitioned from cryptocurrency mining, leverages a business model of 'procuring high-end chips—building data centers—leasing computing power,' precisely addressing the pain points of AI enterprises’ demand for computing resources.
In 2025, CoreWeave has been highly active, securing a $22 billion partnership with OpenAI, signing a $14 billion agreement with Meta, and finalizing a $6 billion arrangement with NVIDIA, with projected annual revenue reaching $5 billion. Despite not yet being profitable, carrying $14 billion in debt, and facing $34 billion in lease payment obligations, with revenue heavily concentrated (Microsoft contributing 70% of revenue), this precisely reflects the current core ecosystem of the AI industry—explosive growth in computing power demand has positioned companies capable of providing such resources as central players in the supply chain.
As a key investor in NVIDIA and the exclusive chip purchaser, CoreWeave has established a tightly-knit cooperative relationship characterized by “using NVIDIA’s funds to buy NVIDIA’s chips and then leasing them back to NVIDIA-affiliated enterprises,” becoming an indispensable part of the AI economic ecosystem. This is also the core rationale behind its consistently strong stock performance.
Figure
A leading enterprise in blockchain finance$Figure Technology Solutions (FIGR.US)$went public on September 11, with a gain of 80.84% since its listing. Its IPO is not only a milestone in the company’s development but also marks an important step for decentralized finance (DeFi) entering mainstream capital markets. In his open letter during the IPO, founder Mike Cagney clearly stated that Figure’s core objective is “to transform capital markets using blockchain.” By tokenizing illiquid assets, it enables real-time bilateral trading of assets, eliminating rent-seeking intermediaries.
Since its establishment, Figure has initiated over $15 billion in loans on-chain and completed more than $50 billion in on-chain transactions, making it the largest participant in the real-world asset (RWA) sector on public blockchains. It completed the industry’s first blockchain-native consumer loan securitization in 2020 and its first AAA-rated securitization in 2023, with both its technical capabilities and compliance being validated by the market.
Currently, 168 third parties have used its technology to initiate loans on-chain, including half of the top 20 retail mortgage institutions. With the advancement of the U.S. Treasury’s GENIUS Act, trillions of dollars could flow into U.S. Treasury bills via stablecoins, positioning DeFi to become a mainstream method for asset financing. Figure, leveraging its first-mover advantage in the RWA space, is well-positioned to fully benefit from the industry’s growth dividends.
Medline
The healthcare supply chain giant set to make a grand year-end debut$Medline (MDLN.US)$went public on December 17, with a gain of 45.45% since its listing. This IPO issued 216 million shares at $29 per share, raising approximately $6.26 billion. It became the largest IPO in the U.S. equity market in 2025 and the most significant listing event in the healthcare sector.
Founded in 1966, this enterprise is one of the world’s largest manufacturers and distributors of medical supplies, offering hundreds of thousands of product categories, including surgical instruments, protective gloves, and syringes. Its clientele spans hospitals, clinics, and other institutions across 125 countries globally. In the North American region, it forms part of the “Big Three” alongside Cardinal Health and others.
In 2025, Medline achieved dual growth in revenue and profit by optimizing supply chain management and cost control. Over the past nine months, its revenue reached USD 20.6 billion, with a net profit of USD 977 million. As a result, Fitch Ratings upgraded its rating to BBB-, paving the way for an IPO.
This public listing also represents a large-scale exit for private equity capital. In 2021, Blackstone, Carlyle, and others acquired a controlling stake in Medline for USD 34 billion, and four years later, they are pushing it back into the public market, with potential book gains exceeding 40%. Medline's appeal lies in its unique business model that combines 'manufacturing economies of scale' with 'high turnover rates in distribution.' In 2024, its gross margin reached 32%, higher than the industry average, with 90% of its revenue coming from long-term contracts, showcasing strong risk resistance. As the largest IPO this year, its market performance has become a key indicator for gauging investor confidence in 2026.
Outlook for the U.S. IPO Market in 2026
Looking ahead to 2026, the U.S. IPO market is expected to achieve further recovery amid structural opportunities. The focus will continue to revolve around technological innovation and high-growth sectors, while the listing of large benchmark companies may act as a significant catalyst for the market. From an industry trend perspective, AI computing power, blockchain finance, healthcare, and new energy will remain core areas for IPOs: the ongoing penetration of the AI sector will drive the listing needs of enterprises in subfields such as computing power infrastructure and AI applications; under the backdrop of gradually clarified regulations, blockchain finance is expected to see a wave of listings from RWA-related companies; innovative medical devices and digital health enterprises in the healthcare sector will continue to attract capital attention.
Notably, SpaceX, which has been highly anticipated by the market, is expected to advance its IPO process in 2026. The company is seeking to raise more than USD 30 billion, and based on this fundraising scale, its valuation would reach approximately USD 1.5 trillion. If the plan proceeds smoothly, this would become the largest public offering in history, not only reshaping the capital landscape of the global aerospace industry but also introducing an unprecedented tech giant to the public market.
As the absolute leader in the global commercial aerospace sector, SpaceX holds a technological monopoly in manned spaceflight, satellite internet, and interplanetary exploration. Its Starlink project has already rolled out services in numerous countries and regions worldwide, with its commercial value gradually becoming apparent. If SpaceX lists on the U.S. stock market, it will not only provide investors with a core opportunity to participate in the commercial aerospace wave but could also redefine the valuation framework of the aerospace industry, driving valuation recoveries across the entire commercial aerospace supply chain.
Additionally, Nasdaq Exchange has filed documents with the SEC to introduce 'around-the-clock trading' services in 2026, extending daily trading hours to 23 hours. If implemented, this move will enhance market liquidity and trading efficiency, particularly benefiting global investors in responding to market dynamics during non-trading hours, injecting new vitality into the IPO market.
Overall, in 2025, the U.S. IPO market completed 'quality asset screening' amid volatility, and 2026 is poised to welcome a new phase of 'quality asset expansion.' For investors, focusing on core companies in high-growth sectors and seizing the industrial chain opportunities brought by the listings of benchmark companies will be key to capturing opportunities in next year’s IPO market.
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