The initial public offering market continues to ascend, with 60 IPOs hitting the market in the third quarter of 2025, according to Renaissance Capital.
All told, new issues raised $14.6 billion for the quarter, making Q3 2025 the biggest three-month IPO period in four years. Larger IPOs are having their day in the sun, with 23 new issues raising over $100 million each in the third quarter, hitting another four-year high. For the quarter, the Renaissance IPO Index rose 17%, significantly outperforming the S&P 500, with notable IPOs from Figma Inc. (ticker: FIG) and StubHub Holdings Inc. (STUB), among others.
“There clearly is significant pent-up demand for companies to go public,” says Will Fahey, private company D&O product leader at Marsh, an insurance broker and risk advisory firm.
[Sign up for stock news with our Invested newsletter.]
One factor contributing to demand is that private equity firms have been holding on to investments for longer than they or their investors would like. “The lack of timely ‘exits’ from their portfolio is a significant pain point with investors,” Fahey says. “If market conditions are stable enough for companies to confidently feel that forces won’t derail their IPO out of their control, then we should continue to see increasingly robust IPO activity for the remainder of 2025, continuing into 2026.”
Klarna Group PLC (KLAR) is a great example of a newly minted IPO making waves right now. Company shares skyrocketed 30% in a highly anticipated Sept. 10 rollout, valuing the Sweden-based company at $19.65 billion.
What IPOs are imminent, and how are other recent IPOs faring in the financial markets? These names stand out as the page flips to the fourth quarter of 2025:
| New/Upcoming IPO | Initial/Estimated IPO Valuation |
| Circle Internet Group Inc. (CRCL) | $6.9 billion |
| CoreWeave Inc. (CRWV) | $23 billion |
| Figma Inc. (FIG) | $19.3 billion |
| Chime Financial Inc. (CHYM) | $11.6 billion |
| Wealthfront (WLTH) | Up to $250 million (est) |
| Canva | $42 billion (est) |
| Medline | $50 billion (est) |
| SeatGeek | $1.2 billion (est) |
Upcoming IPOs
Wealthfront (WLTH)
This digital financial services platform is the latest fintech riser to file for an IPO, with a Sept. 29 SEC filing date and an estimated valuation up to $250 million. Founded in 2008 by Andy Rachleff and Dan Carroll, the company has accumulated about $90 billion in platform assets and has 1.3 million customers. Wealthfront specializes in automated money management, offering online bank accounts, trading tools and low-cost loans for its user base.
The company is on the upswing financially, earning $339 million in revenue for 12-month period ended July 31, a 26% increase from the same period last year. Don’t expect Wealthfront to delay its IPO, as many new issuers do after filing an IPO with the SEC. “Wealthfront made it clear they aim to IPO in the near term,” says Scott Chou, co-founder at ESO Fund.
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. Canva’s most recent valuation figure was $42 billion, a 30% increase from its prior valuation in 2024, during a late-summer employee stock sale involving investors such as Fidelity and JPMorgan Asset Management. The company has $3.3 billion in annual revenue as of the end of August and has claimed seven consecutive years of consistent profitability, which should resonate with IPO investors.
“Canva has billions in recurring revenue and a global user base, so when it files, it’ll likely be one of the larger tech IPOs in recent memory,” Chou says. “They recently allowed employees to sell in a tender offer valuing the company higher than Figma’s current public market valuation.”
Medline
This Northfield, Illinois-based medical equipment and hospital products supplier could file an IPO as early as late October, at an estimated valuation up to $50 billion. If, as expected, Medline files its IPO soon, the stock could hit the market by late November. That IPO is projected to raise about $5 billion in public shares, making Medline the biggest IPO cash producer to date in 2025.
Medline brings considerable financial firepower to the stock market, offering 335,000 health care products, ranging from surgical garments to stethoscopes, and has been doing so since 1966, when Jim and Jon Mills formed the current version of the company. When Medline goes public, it can expect to follow in the footsteps of Heartflow Inc. (HTFL), a medical imaging and diagnostics business, which raised a healthy $364 million in its first day of trading in early August and raised about 11% in its first month.
SeatGeek
SeatGeek, a Beverly Hills, California-based online ticket provider, filed for an IPO in April 2023, with an estimated $1.2 billion valuation. However, the company is keeping its powder dry until it selects the best IPO trading date. 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 previous three months, according to Similarweb. SeatGeek ranks No. 4 in the ticket e-commerce category on Similarweb, behind Ticketmaster, StubHub and Eventbrite as of August.
SeatGeek, like its competitor StubHub, which officially went public on Sept. 17, is an IPO that’s highly anticipated by investors, given the stock-price success of comparable Live Nation Entertainment Inc. (LYV), owner of Ticketmaster.
Analysts have gauged the SeatGeek IPO as a possible late-2025 or early-2026 event. “SeatGeek has also been considering an IPO for a while,” Chou says. “With live events likely stronger than ever, they’d have a decent shot if they pick their timing carefully. They initially planned to exit via a SPAC in 2021, but it fell through.”
[Read: 7 Up and Coming Stocks to Buy]
Recent IPOs of Note
Circle Internet Group Inc. (CRCL)
Circle is one IPO that definitely stood out within the fintech market. “Since their IPO in June, they have already more than quadrupled their IPO price, while having shown double-digit percentages over the last quarter,” notes Ricky Lai, general partner at Portage, a global investment platform focused on fintech and financial services companies. “We’ve built a thesis around the stablecoin space more broadly, having invested in players such as Conduit in this category.”
Circle is all in on stablecoins, recently issuing a new blockchain called Arc, designed explicitly for the stablecoin market, and also recently introduced a new instant cross-chain liquidity channel via its Circle Gateway. 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 a good example of an IPO that has received a boost from big-name buyers. Consider David Abrams of Abrams Capital Management, who recently purchased 275,000 shares of the company’s stock, and Citadel’s Ken Griffin, who now owns over 718,000 shares of CRCL stock.
CoreWeave Inc. (CRWV)
Cloud computing company CoreWeave has rebounded in September, posting a 19% return through the month, which should calm anxious CRWV investors who have seen their shares fall by over 23% in the past three months.
The stock, which is trading at $122 per share, shows all the signs of a solid company in a thriving sector that’s in it 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. “This virtual data room provider 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.”
Like Circle, CoreWeave has earned the trust of major hedge fund investors, with Philippe Laffont of Coatue Management recently acquiring 3.3 million shares of the stock, making CRWV the most significant component of the Coatue portfolio, at 8%.
One note of caution, for at least the short term: CoreWeave does business with the U.S. government, and revenues could be stalled if a government shutdown occurs, especially if it lasts longer than a few weeks.
Figma Inc. (FIG)
Figma was a big hit right out of the IPO box, making significant gains on its first publicly traded day this summer. Since then, Figma has been a big swing and a miss, losing a chunk of its initial gains.
Still, market watchers like Figma shares for the long run. “Like Circle, Figma’s IPOs stand out for its record-breaking early trading performance, driven by demand from individual investors,” says Brianne Lynch, business development and partnerships leader at Equity Zen. “While the stock has come back down to earth, the early demand speaks to investor interest in fast-growing tech companies.”
Figma is making a profit, with revenues up 41% in its most recent reporting quarter, and its low-cost software (program plans start at $20 per month, compared to $60 per month for its main competitors) resonates with budget-conscious customers. Free cash flow is another sign of financial health, with adjusted cash flow of $60.6 million in its most recent quarter.
Chime Financial Inc. (CHYM)
San Francisco-based Chime, which went public on June 12 at an IPO price of $27 per share with an $11 billion initial valuation, has also seen its share price decline, with the stock losing 35% in the past three months.
Yet investors shouldn’t fret too much, as Chime’s share decline was part of a broader late summer sell-off for technology stocks as recessionary clouds roll in. The stock has received solid analyst support, with Arete issuing a “buy” recommendation on the stock, as did Evercore ISI and Cannacord, which added a $40 price target for CHYM.
The company’s financial picture is solid, 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.
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.
“We believe the IPO outlook for 2025 and the near term remains healthy,” Lai says. “Within the fintech market that we focus on, Chime, eToro and Circle have all successfully IPO’d in the first half of 2025.”
Lai notes that he’s also seeing “a robust set of companies that have announced their IPO plans,” like Klarna, or have “matured to the scale where their paths to IPO are broadly anticipated,” like Revolut and Airwallex.
Alex Tsepaev, chief strategy officer at B2PRIME Group, a global financial services provider, adds more promising companies that are not yet launched to the list of new IPOs to watch. “We highlight Stripe, with large secondary sales; Databricks, with a $1 billion private raise at a $100 billion valuation; and Shein, nearly listed at HKEX,” he says. “Together with industrial and infrastructure issuers preparing U.S. filings, these names show the window is broadening beyond tech.”
“If conditions hold in 2026, the IPO cycle could regain the balance of volume, quality and performance last seen four years ago,” he adds.
More from U.S. News
10 Best Value Stocks to Buy Now
7 Best Defense Stocks to Buy Now
7 Best Semiconductor Stocks to Buy in 2025
8 New and Upcoming IPOs in 2025 originally appeared on usnews.com
Update 09/30/25: This story was published at an earlier date and has been updated with new information.
