Hit or miss? How 2025's biggest US IPOs have performed

Andersen

31/12/2025 17:25

** 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 https://www.reuters.com/graphics/US-IPO/CHART/gdpzjjbwwpw/chart_eikon.jpg

 (Reporting by Arasu Kannagi Basil in Bengaluru)

 ((ArasuKannagi.Basil@thomsonreuters.com;))