At the midpoint of 2025, initial public offerings are in acceleration mode, with a slew of stocks newly trading in the past month and several potential big-name IPO targets on the way.
In the second quarter of 2025 alone, 44 new U.S. IPOs were launched, generating over $7 billion in value, with 15 of those new issues raising more than $100 million each, according to Renaissance Capital. Highfliers include fintech companies Circle Internet Group (ticker: CRCL) and Chime Financial Inc. (CHYM) as well as adtech firm MNTN Inc. (MNTN).
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After what Renaissance called an “April freefall” sparked by tariff worries, its IPO market index popped by 20% in the second quarter of 2025, easily beating the 11% gains recorded by the S&P 500. Circle’s $1.1 billion offering topped proceeds for the quarter, with the most impressive first-day surge for a billion-dollar IPO ever, according to Renaissance.
“2025’s IPO market looks solid so far,” says Randy Baron, lead portfolio manager at Pinnacle Associates. “We think if interest rates get cut further, as they have earlier this year in both the U.K. and E.U., the amount of 2025 IPOs could be the highest since COVID.”
Here’s an IPO snapshot as of July 15, including recent IPOs as well as a look ahead at some potential IPO candidates:
| New/Upcoming IPO | Initial IPO Valuation/Estimated Valuation |
| CoreWeave Inc. (CRWV) | $23 billion |
| Chime Financial Inc. (CHYM) | $11 billion |
| Circle Internet Group (CRCL) | $6.9 billion |
| MNTN Inc. (MNTN) | $1.2 billion |
| eToro Group Ltd. (ETOR) | $4.2 billion |
| SeatGeek | $1.4 billion |
| Canva | $32 billion |
| Revolut Group Holdings Ltd. | $45 billion |
CoreWeave Inc. (CRWV)
AI cloud computing specialist CoreWeave is still riding high after its March 28 public trading debut, returning about 230% since the IPO, with an introductory share price of $40 and an updated market cap of $69.5 billion. CRWV closed at $140.59 on July 15.
An early June $7 billion cloud computing leasing partnership with Applied Digital Corp. (APLD) contributed significantly to that growth, as CoreWeave added to its roster of high-profile clients, including several of the Magnificent Seven tech giants. Additionally, in mid-July, CoreWeave’s share price popped by 9% after it announced a $6 billion investment in a new AI-focused data center campus in Pennsylvania.
“CoreWeave has been a standout IPO performer this year, with its stock price more than tripling, as ‘AI as a service’ begins to gain momentum,” Baron says. “We’ve been following the space for some time, though our focus has been on comparable Nebius, which is earlier in the neo-cloud buildout lifecycle but also well positioned. Both CoreWeave and NBIS are building data centers that are AI-(focused) and, thus, GPU-focused.”
Chime Financial Inc. (CHYM)
Chime went public on June 12 at an initial IPO price of $27 per share with an $11 billion initial valuation.
The San Francisco-based digital banking company overperformed its estimated initial share price range of between $24 and $26 on its first day, although the stock is down 12.5% over the past month.
The fintech firm, which provides digital bank accounts through partners backed by the Federal Deposit Insurance Corp., has the support of high-profile investment firms. J.P. Morgan, for example, recently issued an “overweight” rating on the stock, with a $40 price target. Company analysts say CHYM has “cracked the code of scaling financial services as a non-bank.” J.P. Morgan pegs the market for low-six-figure-income banking consumers (Chime’s bread-and-butter financial demographic) at $40 billion.
Circle Internet Group (CRCL)
Circle came out of its IPO swinging, earning its first billion-plus in robust trading not only on its initial day of trading but also in aftermarket activity.
Investors who got in early may still be popping champagne corks, with a 531% return since the IPO, moving from $31 per share to $195 per share as of July 15. That’s after the stock rose to $263 per share through June 23. Circle’s astronomical growth has Wall Street in a quandary, especially as Congress convenes this week to hash out cryptocurrency and stablecoin limits, a subject near and dear to the hearts of CRCL and legions of its crypto-favoring investors.
Take Mizuho analyst Dan Dolev, who launched coverage on the stock with an “underperform” rating and a $85 price target, significantly lower than CRCL’s trading range. In a recent research note, Dolev stated that the company’s 2027 revenues could be up to 30% lower than the consensus analyst estimate of $4.5 billion.
Still, market watchers like what they see in the crypto market and Circle. “It was a successful IPO with stablecoin growth potential, a notable entry,” says John Murillo, chief business officer at B2Broker, a forex and crypto fintech liquidity and tech provider.
MNTN Inc. (MNTN)
This newly minted Austin, Texas-based company, helmed by film star and businessman Ryan Reynolds, specializes in cloud-based, performance-based TV marketing and advertising, and went public on May 22. The company’s share price opened trading at $16 and stands at $23.35 per share as of July 15, giving early investors a healthy 46% return.
MNTN aims to be a standard bearer in the new digital age of TV broadcast advertising, offering corporate customers online ad platforms for business-to-consumer, business-to-business, small business and companies further up the enterprise scale.
Analysts are treading cautiously on the stock, with seven of nine Wall Street analysts issuing a “buy” recommendation on MNTN shares, targeting a price of $26, which would yield a solid 20% return for investors who stick with the stock.
[See: 10 of the Best Stocks to Buy This Year.]
eToro Group Ltd. (ETOR)
This Israel-based online software trading firm soared 29% on its first day on the Nasdaq after raising $310 million, exceeding its initial target. ETOR launched at $52 per share, where it has remained relatively stable, closing at $53.86 per share as of July 15. The stock has lost 12% over the past week, but eToro’s business appears promising with 40 million global users. Dolev recently assigned a “buy” label to the stock, accompanied by an $80 target price. A June “buy” call on ETOR from Goldman Sachs at a $76 price target suggests analysts remain bullish on the stock.
Notably, Cathie Wood’s ARK Investment Management acquired 140,000 shares of ETOR during its May IPO and added 49,922 more shares in June, continuing Wood’s campaign to invest in fintech service stocks with long-term growth potential.
Upcoming IPOs to Watch
With more IPOs on the march but major economic and market concerns at play, what will be the biggest public-debut stories in the second half of 2025? Here’s a snapshot:
SeatGeek
This online event ticket provider confidentially filed for an IPO in April 2023, but not much has come of it over the past two years. The Beverly Hills, California-based company buys and sells tickets for live events, including concerts and sporting events. As of mid-2025, the SeatGeek app has achieved 46 million downloads, and the platform offers approximately 66 million tickets daily.
SeatGeek is an IPO that investors are waiting for, given the stock-price success of comparable Live Nation Entertainment Inc. (LYV), which has returned roughly 190% over the past five years and more than 50% over the past year. “We think the SeatGeek IPO will be a late-2025 or early-2026 event,” Baron says.
Canva
The buzz surrounding Canva is that the Australian-based graphic design software company will trade on the Nasdaq by 2026, but there’s no official announcement yet. While the financial numbers have fluctuated, Canva’s most recent valuation figure was $32 billion as of late 2024. The company has $2.6 billion in annual revenue and has claimed seven consecutive years of consistent profitability, which should resonate with IPO investors.
“Canva has generated a few sizable secondary opportunities, which have allowed them to prolong their time in the private markets, and has been a beneficiary of AI proliferation and adoption,” says Mark Klein, chairman and president of New York-based SuRo Capital. “(Canva) represents an exciting potential IPO we believe could provide an interesting opportunity in the public markets.”
Revolut Group Holdings Ltd.
This U.K.-based mobile banking company, which partners with financial institutions that use its banking services tech, is valued at $45 billion; however, that figure could increase to $60 billion if a group of company investors successfully makes their case for a new secondary share sale. Revolut reported $1.4 billion in profit before taxes for 2024, up from $545 million in 2023. There has been no response from company management regarding the expanded valuation proposal, but it indicates investors’ intense interest in a Revolut IPO, which is likely to take place in 2025, according to recent media reports.
The company is on an upward financial trajectory, increasing its mobile app users from 10 million to 50 million between 2019 and 2024, and plans to expand into mortgages and consumer lending. Not yet 10 years old, Revolut is currently one of the most valuable privately held technology firms in Europe. The company recently reported $4 billion in revenue for 2024, representing a 72% increase from $2.2 billion in 2023. The company also added 15 million new users in 2024 alone, and its total worldwide customer base is 60 million as of June 2025.
The company may be waiting for a decent private valuation before filing for its IPO. It also bought some time with a $500 million liquidity deal with company employees, engineered by Morgan Stanley.
A Rising IPO Market
Market trackers report increased activity behind the scenes, particularly in the secondary markets.
“There’s been a clear rise in company-sponsored tender offers from late-stage private players like Databricks, Stripe and Anduril,” says Scott Chou, co-founder of ESO Fund in Los Altos, California. “These are often used to give employees and early investors some liquidity while companies wait for the right window to go public.”
That trend, paired with growing institutional participation, “is a strong indicator that more companies are positioning themselves for IPOs in 2026, if not late 2025,” Chou says.
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8 New and Upcoming IPOs in 2025 originally appeared on usnews.com
Update 07/16/25: This story was previously published at an earlier date and has been updated with new information.
