While August is historically a quiet month for initial public offerings, expect some recognizable names to make a public debut after the Labor Day weekend through the end of the year.
Through Aug. 21, the Renaissance IPO Index was up 11.7% year to date, compared with the S&P 500’s 9.2% gain. Globally, IPOs are performing even better, with the Renaissance International IPO Index up 31.8% year to date and the iShares MSCI ACWI ex US ETF (ticker: ACWX) up 22.1%. While no fixed dates are in place, brand names like SeatGeek, Canva, StubHub and Klarna are lined up and ready to go sometime this year, according to Renaissance Capital.
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The IPO outlook for the remainder of the year looks stronger than originally anticipated for several reasons, experts say. “Buyers continue to want to pay good multiples for companies where there are few existing opportunities that are already public,” says Jeff Bernstein, senior managing director, equity capital markets, at New York-based Riveron. “Namely, AI infrastructure, companies that have already demonstrated that AI can enhance their existing solutions, industries (such as insurance and health services) where it’s clear that AI can improve unit economics and profitability, crypto, robotics, and space and defense technology.”
Several winning IPO bets have raised the stakes and the opportunities for new publicly traded companies.
“The IPO market is healthy as we head into the fall,” notes Brianne Lynch, head of market insight at EquityZen in New York. “The venture-backed companies that have gone public this year have, on the whole, performed well, with many increasing their pricing ranges and trading up significantly in early trading.”
Retail investor interest has also been a key ingredient to the success of IPOs from companies like Circle Internet Group (CRCL) and Figma Inc. (FIG). “This speaks to investor demand for fast-growing, innovative companies, especially after a drought of IPOs the past few years,” Lynch says. “Meanwhile, it provides a vote of confidence for the deep pipeline of mature, private companies that have been waiting on the sidelines for an opportune time to go public.”
Which new IPO names stand out in the second half of 2025? Here’s an updated snapshot of some recent IPO winners and significant prospects:
| New/Upcoming IPO | Initial IPO Valuation/Estimated Valuation |
| CoreWeave Inc. (CRWV) | $23 billion |
| Chime Financial Inc. (CHYM) | $11.6 billion |
| Circle Internet Group (CRCL) | $6.9 billion |
| MNTN Inc. (MNTN) | $1.2 billion |
| Miami International Holdings Inc. (MIAX) | $2.5 billion |
| Figma Inc. (FIG) | $7.3 billion |
| NIQ Global Intelligence PLC (NIQ) | $6.2 billion |
| Canva | $32 billion (est.) |
| StubHub | $16.5 billion (est.) |
| SeatGeek | $1.4 billion (est.) |
CoreWeave Inc. (CRWV)
CoreWeave is a notable example of a recent IPO that has achieved significant success. The stock, which is trading around $95 per share, has seen its share price decline since June, after an impressive run following its March IPO. Yet analysts like this cloud computing specialist for the long haul.
“CoreWeave, a cloud infrastructure company focused on powering AI workloads, has seen its stock price surge by 260% since its debut,” says Deven Monga, vice president of sales at Ideals, a virtual data room provider that supports organizations through major financial milestones, including IPOs and M&A activity. “This reflects not only investor excitement about artificial intelligence as a theme, but also growing interest in the foundational infrastructure that supports it.”
A $7 billion cloud computing leasing partnership with Applied Digital Corp. (APLD) in early June has contributed significantly to that growth, as CoreWeave added several high-profile clients to its roster, including some 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.
Chime Financial Inc. (CHYM)
Chime, which went public on June 12 at an initial IPO price of $27 per share with an $11.6 billion initial valuation, has also seen its share price decline, losing 21.5% in the past month.
Yet again, the stock is favored for its mammoth valuation and its solid grip on low-six-figure-income banking consumers (Chime’s bread-and-butter financial demographic), which J.P. Morgan values at $40 billion.
Chime is another new IPO standout, Monga notes. “The neobank has attracted strong consumer loyalty in the fintech space,” he says. “Chime’s IPO exceeded expectations, rising nearly 60% on day one and validating investor confidence in digital banking. Along with more mature names like McGraw-Hill and NIQ, which have also gone public, Chime is proving there’s a strong appetite not only for high-growth tech but also for stable, cash-generating companies with decades of operational history.”
The company’s financial picture is in good shape, with revenues up 37.5% for the most recent three-month reporting period compared to the same period last year, demonstrating a robust customer base and focused market strength.
Circle Internet Group (CRCL)
Circle made news in mid-August by announcing a 10 million-share public offering at $130 per share, which should attract attention from investors who’ve seen CRCL’s share price rise 350% since its IPO back in May. The company is at the forefront of the stablecoin revolution, which Goldman Sachs recently described as a business that will be worth “trillions of dollars” in a few years.
Circle is all in on stablecoins, recently issuing a new blockchain called Arc, designed explicitly for the stablecoin market, and also recently introducing a new, instant cross-chain liquidity channel via its Circle Gateway. Wall Street has taken full notice, with John Todaro, a Needham analyst, reaffirming a “buy” rating on CRCL with a $250 target price. The stock is currently trading at $128 per share.
“Both Circle and Figma’s IPOs stand out for their record-breaking early trading performance, driven by demand from individual investors,” Lynch says. “While these stocks have come back down to earth, the early demand speaks to investor interest in fast-growing tech companies.”
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MNTN Inc. (MNTN)
This 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 $21 per share as of Aug. 26, giving early investors a healthy 25% 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.
Wall Street analysts are gradually supporting the stock, with Morgan Stanley analyst Matthew Cost issuing an Aug. 6 research note maintaining an “equal weight” stance on MNTN and setting a $25 price target. In late June, JMP Securities analyst Andrew Boone maintained his “outperform” rating on the stock, increasing his price target from $23 to $30 per share.
Miami International Holdings Inc. (MIAX)
Trading at $32 per share, Miami International’s shares are up 39% since their mid-August debut, when the company, which focuses on options, futures and derivatives trading via its MIAX exchanges, went public at $23 per share.
MIAX has attracted big-name investors like private-equity firm Warburg Pincus and Citadel Securities. The Princeton, New Jersey-based company’s CEO, Tom Gallagher, recently noted that MIAX expects to expand its market scope to financial futures and agricultural futures on top of its existing options trading channels.
Figma Inc. (FIG)
Figma shares have bounced around since the company’s July 31 IPO, when shares priced at $33 skyrocketed to $120 within 24 hours. FIG shares have since settled around $70 per share in late August. The San Francisco-based technology company specializes in artificial intelligence-powered design platforms that enable seamless collaboration across the entire product development lifecycle.
“Figma is a great company with elegant yet powerful technology, fantastic margins, customer retention metrics, an iconic founder, and where they have crossed the chasm from solutions for personal and small team use to enterprise success,” Bernstein says.
NIQ Global Intelligence PLC (NIQ)
Consumer intelligence company NIQ Global Intelligence, formerly aligned with Nielsen, went public on July 23 and promptly slumped about 6%, after raising about $1.1 billion and launching at the low end of its $20-to-$24 pricing range. The current 14-analyst consensus on TipRanks is a “strong buy” for NIQ shares, however, with a price target of $22.88 representing 40% potential upside.
“Companies like NIQ and privately held Circana are among a tiny handful of companies that own so much consumer, brand and retail data, and where AI can dramatically improve their value proposition to retailers and brands,” Bernstein says.
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:
Canva
The buzz surrounding Canva is that the Australian-based graphic design software company will be listed on the Nasdaq by 2026, but there has been 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.”
StubHub
Event ticket marketplace StubHub has restarted its plans for an IPO and has targeted a late-September debut, according to a report this month from CNBC. StubHub updated its IPO prospectus, or S-1 filing, on Aug. 11, after pausing its IPO in April to see how President Donald Trump’s “Liberation Day” tariffs would shake out in the markets and wider economy.
StubHub initially filed the prospectus in March, effectively announcing its intention to list on the New York Stock Exchange with the ticker “STUB.” The IPO roadshow could launch after Sept. 1 and the public listing could come later in the month, according to CNBC’s report.
Data provider Similarweb ranks StubHub No. 2 in the ticket e-commerce category based on monthly web visits and customer affinity. However, competition is fierce in that space, and StubHub’s IPO timing is high-stakes, no doubt.
SeatGeek
Speaking of StubHub’s competition, this online event ticket provider confidentially filed for an IPO in April 2023, but not much has come of it over the past few years. The Beverly Hills, California-based company buys and sells tickets for live events, including concerts and sporting events. In July 2025, SeatGeek web traffic increased by 12.6% over the prior month, with 19 million total visits on mobile and desktop devices over the prior three months, according to Similarweb. SeatGeek ranks No. 4 in the ticket e-commerce category on Similarweb, behind Ticketmaster, StubHub and Eventbrite.
StubHub and SeatGeek are IPOs that are highly anticipated by investors, given the stock-price success of comparable Live Nation Entertainment Inc. (LYV), owner of Ticketmaster. LYV has returned roughly 190% over the past five years and more than 70% over the past year.
Analysts have gauged the SeatGeek IPO as a possible late-2025 or early-2026 event.
More IPOs on the Horizon
Market experts say there’s no shortage of new IPOs in the pipeline, but they require some seasoning and stability before going public.
“More broadly, there are over 1,200 unicorn companies globally (companies valued at over $1 billion), many that have been private for over a decade and are likely eager for an exit,” Lynch says. “The subset of these companies that are exhibiting 30%-plus growth, profitability and have a strong brand are well positioned to go public.”
Still, plenty of shovel work needs to be completed before the bell rings on new IPOs.
“While companies file their S-1 to kick off the IPO process officially, there are several other steps companies often take behind the scenes,” Lynch notes. “These include making key hires with public market pedigree, raising capital from public market investors, forging strategic partnerships and hiring underwriters. Private companies that achieve these milestones may be quietly preparing for a future IPO.”
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10 New and Upcoming IPOs in 2025 originally appeared on usnews.com
Update 08/27/25: This story was published at an earlier date and has been updated with new information.
