Jake Conley · Breaking Business News Reporter
2 min read
In This Article:
For companies that have gone public in 2025, the market has sent a clear message: The big winners are the biggest companies.
Two of this year’s marquee debutants — Circle (CRCL) and CoreWeave (CRWV), which are riding the crypto and AI booms — boast market capitalizations of more than $45 billion and have seen shares rise over 500% and 310% as of July 3, respectively, since their market debuts.
Across all sectors, 100 US companies with a market cap of $50 million or more have priced an IPO this year, a 42.9% increase from the same time last year, according to Renaissance Capital, a provider of pre-IPO research and IPO-focused ETFs.
At least six of those with a market cap of more than $1 billion have seen their share price double since opening, and at least three of those companies have seen shares rise more than 500% from where their IPO priced. The Renaissance IPO ETF, which tracks the firm’s public offering index, notched a 20% gain in Q2, erasing Q1 losses of 14%.
Avery Marquez, director of investment strategies at Renaissance, told Yahoo Finance the success of offerings like Circle, CoreWeave, and eToro Group (ETOR) — which all raised more than $600 million on their IPOs — is pushing leadership at private firms operating at similar scale to move forward with the public offering process.
Just this week, Figma (FIGM.PVT) became the latest AI-adjacent player to file for a public offering, announcing in a July 1 securities filing that it will look to initiate an IPO and go public under the ticker “FIG.” Pricing has not yet been announced, but the company was last valued at $12.5 billion in a recent tender offer.
It’s not just AI and crypto stocks that have performed well, either. Medtech developer Anbio Biotechnology (NNNN) is up over 630% with a market cap of $1.62 billion since going public earlier this year, and Hong Kong-based Diginex Limited (DGNX), which develops ESG reporting solutions, is up 930% with a $1 billion market cap.
And while June and July traditionally see a strong volume of IPO activity, last month was quieter than usual — likely due to uncertainty around tariffs and President Trump’s looming July 9 deadline for trade deals, Renaissance told Yahoo Finance.
But the firm expects to see a stronger recovery in go-public deals once this fall, powered by the success high-profile issues have enjoyed since going public.
“It’s not just two or three companies that have done amazing — it’s really a broader group that has been well received, that has received sustained interest in the aftermarket,” Marquez said.
