Unprecedented Momentum in 2025’s IPO Market: Circle and CoreWeave Leading the Charge
The 2025 IPO market is witnessing an unprecedented momentum, with the mantra “bigger is better” becoming the dominant theme. Major companies are capitalizing on the strong investor appetite, leading to a surge in market activity.
Circle and CoreWeave, two of the year’s most notable debuts, have experienced explosive growth. Shares of these companies have risen over 500% and 310% respectively since their market launches. Both companies now boast market capitalizations exceeding $45 billion.
According to Renaissance Capital, 100 U.S. companies with market caps of $50 million or more have priced IPOs this year. This represents a 42.9% increase from 2024. Furthermore, at least six companies with valuations over $1 billion have seen their share prices double since going public. Three of these companies have even experienced gains exceeding 500%.
The success of the IPO market in 2025 is being driven by companies riding major technological trends. This is particularly evident in the cryptocurrency and artificial intelligence sectors. Circle, a digital payments company, and CoreWeave, an AI infrastructure provider, exemplify how companies aligned with transformative technologies are being rewarded by public markets.
Meanwhile, the Hong Kong IPO market has also seen remarkable growth. New listings have raised $14 billion in the first half of 2025, compared to just $1.8 billion in the same period last year. This surge reflects Chinese companies’ strategic push to access international capital markets amid evolving global trade dynamics.