It’s a funny thing about initial public offerings.
Historically, executives at fledgling IPOs believe the best time to launch a new public offering is when economies are stable and the financial markets are tranquil at best or moderately choppy at worst.
Yet now, at the midpoint of 2025, IPOs are hitting the market in huge numbers, despite widespread angst over tariff troubles, trade wars and Ukraine’s drones taking out a third of Russia’s cruise missile carriers in key defense strongholds.
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IPO execs aren’t sweating any market-moving events, though, with 141 IPOs so far this year on U.S. stock exchanges. U.S. IPO activity is up 85.5% through early June from the same time in 2024, when 76 IPOs had launched, according to Stock Analysis.
New IPOs Making Waves
CoreWeave Inc. (ticker: CRWV)
A handful of prominent new listings have kept IPOs in the limelight, a trend that won’t end anytime soon. CoreWeave, an AI cloud-computing firm, raised $1.5 billion with a valuation of $23 billion in the biggest IPO so far this year, though it had initially sought much more. CRWV has exploded since its lackluster debut, and it’s up 276.2% year to date as of June 3.
“Amid rising demand for AI data centers, which Goldman Sachs predicts will reach 95% occupancy by 2026, its $1.5B IPO stands out as the biggest U.S. tech listing since 2021,” says Adam Nasli, head analyst at BrokerChooser, an online brokerage comparison platform. On June 2, the company inked a $7 billion cloud computing leasing partnership with Applied Digital Corp. (APLD), adding to its roster of high-profile clients including several of the Magnificent Seven tech giants.
MNTN Inc. (MNTN)
Austin, Texas-based MNTN Inc. (MNTN), helmed by film star and businessman Ryan Reynolds, specializes in cloud-based, performance-based TV marketing and advertising. On May 22, the company went public, raising $187.2 million at $14 to $16 per share with a $1.6 billion valuation. MNTN stock ended its opening day at $25 per share and is holding strong two weeks later. Company revenues rose from $43.8 million to $64.5 million from the first quarter of 2024 to Q1 2025, which is good news not only for Reynolds and the rest of the MNTN C-suite but also for big investors like BlackRock Inc. (BLK), which held a pre-IPO 5.6% stake in the company.
“MNTN priced well,” says Nicolas Lin, chairman and interim CEO of investment technology firm Aether Holdings (ATHR). “The model benefits from the shift to performance ad spend on connected TV, and customer growth (+89% year over year) supports traction. It’s still early, but the reaction was strong, partly because the market hasn’t seen much from this segment recently.”
eToro Group Ltd. (ETOR)
Exceeding expectations in its May 14 debut was eToro Group, which soared 29% on its first day on the Nasdaq after raising $310 million, more than anticipated. Hoping to follow suit, Chime Financial Inc. (see more on CHYM below) launched its roadshow on June 2 and is expected to trade publicly as soon as June 5, though it could be later.
“The pricing of Chime and the eToro IPO are encouraging signals that investor appetite is returning for high-quality, scaled fintech companies,” said Devon Kirk, general partner and co-head of Portage Capital Solutions. “In these cases, in particular, we’re seeing a healthier alignment between public market expectations and private company performance, which bodes well for the IPO market for the rest of the year.”
Role of Interest Rates and Financials in IPOs
Another big shift favoring IPOs is in interest rate trends, where IPO investors apparently like what they see. “With the Fed likely done hiking, investors are starting to look at growth again, but they’re doing it carefully,” says Lin.
Still, nobody’s backing pre-revenue ideas like in 2021. “You need a business with real revenue and some sense of cost control,” Lin says. “There’s also hesitation around anything with geopolitical overhang. Klarna and Shein both hit pause, partly because no one wants to go public with headline risk. So the window is open, but it’s selective.”
5 Upcoming IPOs to Watch
With more IPOs on the march but major economic and market concerns in play, what are the biggest public-debut stories in mid-2025? Here’s a snapshot:
| UPCOMING IPO | ESTIMATED VALUATION |
| Chime Financial Inc. (CHYM) | $11 billion |
| Circle Internet Group Inc. (CRCL) | $7.2 billion |
| Medline Industries LP | $50 billion |
| Klarna Bank AB | $15 billion |
| Revolut Group Holdings Ltd. | $45 billion |
Chime Financial Inc. (CHYM)
IPO valuation estimate: $11 billion
Chime filed for its IPO on May 13 with an estimated valuation of $11 billion, less than half of its once high-flying $25 billion valuation figure back in 2021. The IPO is estimated to launch between June 5 and June 15, when it will reportedly offer 32 million shares of its Class A stock.
The San Francisco-based digital banking company estimates its initial share price will range between $24 and $26 on day one. Chime rings a lot of the right bells for big investors. The company reported $1.3 billion in 2023 revenues and $1.7 billion in 2024. In 2025, Chime has already recorded $518 million in revenues in the first quarter, which puts it on track to outperform for the year.
Analysts are taking note. “Chime is interesting on the consumer side,” Lin says. “They’ve grown consistently without the capital inefficiency we’ve seen in other neobanks.”
Circle Internet Group Inc. (CRCL)
IPO valuation estimate: $7.2 billion
This emerging stablecoin stalwart just announced its intention to offer 32 million shares in its upcoming IPO at $27 to $28 per share. That would price the company at about $7.2 billion and bring in about $800 million in the IPO.
The original plan was to offer 24 million shares, according to Reuters, so the step-up is an indication of investor interest. In a previous SEC filing, Circle, the issuer of the USDC stablecoin, had called for only a $24 to $26 share price, aiming for about $600 million.
The company was founded in 2013 in the Harvard Square office of venture capital firm General Catalyst, and has since relocated to New York City. The company makes money on its one-to-one relationship with the U.S. dollar, as its stablecoin model invests assets in short-term U.S. Treasurys and pockets the interest when an investor’s coin position is sold at the current value of the U.S. dollar. The company has attracted $61 billion to its digital-dollar coin, much of that inflow from abroad, where it’s not always easy to invest in U.S. currency.
Medline Industries LP
IPO valuation estimate: $50 billion
Medline, the largest privately held U.S. medical supply manufacturer, aims to raise about $5 billion in a 2025 IPO with an estimated $50 billion valuation. The Chicago-based company provides medical and surgical products, supply chain and logistical services to health care customers. The company has 43,000 employees worldwide, operates in over 100 countries, and doubled revenue from $11.7 billion in 2019 to $23 billion in 2023.
“Medline is a name to watch because of its size and longevity,” Nasli says. “Its diversified product portfolio, from surgical gloves to pharmaceuticals, and dominance in the … U.S. medical supply market highlight strong growth fundamentals, making it an attractive option for stability-focused investors.” Some big private equity names, including Blackstone Inc. (BX), back the company’s upcoming IPO.
Klarna Bank AB
IPO valuation estimate: $15 billion
This “buy now, pay later” leader has lost some of its luster but still promises to be a big-name IPO before the clock runs out on 2025. The Stockholm, Sweden-based company hit the pause button on its IPO in April, just as it was about to roll out its roadshow, citing tariff worries and market instability.
It’s good news/bad news for Klarna on the financial front. The company recently hit the 100 million-customer mark, but net losses for the first quarter of 2025 were $99 million, up from $47 million in losses in the first quarter of 2024. Second-quarter numbers look rosier, with Klarna reporting a 27% revenue boost for the first half of 2025. While the company expects its IPO valuation to land at $15 billion, more than doubling its $6.7 billion estimate in 2022, Klarna looks like a company that’s satisfied to bide its time and wait for the consumer economy to heat up and market volatility to cool down.
Revolut Group Holdings Ltd.
IPO valuation estimate: $45 billion
This U.K.-based mobile banking company, which partners with financial institutions that use its banking services technology, is valued at $45 billion, although that figure could climb to $60 billion if a group of company investors makes their case for a new secondary share sale. Revolut reported $1 billion in profit before taxes for 2024, up from $545 million in 2023. There’s been no response from company management on the expanded valuation proposal, but it shows investors’ intense interest in a Revolut IPO.
Meanwhile, company management has been busy building out a commercial real estate arm and a private lending operation, and murmurs about a U.S. banking license (Revolut only has a European Union banking license) are growing louder. 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 revenues in 2024, representing a 72% boost from $2.2 billion in 2023. The company also added 15 million new users, with its total worldwide customer base standing at 52.5 billion.
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. Those scenarios could set the IPO back to late 2025 or early 2026.
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8 New and Upcoming IPOs in 2025 originally appeared on usnews.com
Update 06/04/25: This story was previously published at an earlier date and has been updated with new information.
