Hit or miss? How 2025's biggest US IPOs have performed
U.S. IPO market staged strong recovery in 2025 after three years of sluggish activity in backdrop of pent-up demand for new listings and declining interest rates
IPO volumes hit their highest since 2021 despite volatility from tariffs, longest-ever U.S. government shutdown, and AI jitters curtailing issuance
Stablecoin giant Circle and data center operator CoreWeave top performers among largest 10 U.S. IPOs in 2025
Strong debuts of medical supplies giant Medline MDLN.O and tax advisory firm Andersen Group ANDG.N earlier this month closed off 2025 IPO market on high
Renaissance IPO Index .FTIPOUSA seesawed in volatile year, underperforming benchmark S&P 500 index .SPX
Wall Street is expecting stronger IPO pickup in 2026, with high-profile firms such as Elon Musk's SpaceX preparing for possible stock market flotation
Renaissance Capital, provider of IPO-focused research and ETFs, estimates between 200 and 230 Wall Street IPOs in 2026 to raise as much as $60 billion
Company | Deal Value ($ million) | Return from IPO as of December 30 |
Medline | 7,204 | 44.6% |
Venture Global VG.N | 1,750 | -72% |
Klarna Group KLAR.N | 1,578 | -27.4% |
CoreWeave CRWV.O | 1,570 | 84.8% |
Figma FIG.N | 1,402 | 14% |
SailPoint SAIL.O | 1,380 | -9.5% |
Bullish BLSH.N | 1,277 | 6.3% |
Circle CRCL.N | 1,212 | 157.7% |
Source: Dealogic, Reuters calculations
IPO index performance YTD vs market benchmark 
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