The IPO market roared back to life in 2025, delivering approximately 340 offerings—the strongest year since the historic 2021 boom. AI infrastructure companies, a resurgent SPAC market, and improving investor sentiment combined to thaw a frozen market. With SpaceX's confirmed 2026 listing potentially raising over $30 billion, the stage is set for what could be the most active IPO environment in years.

2025 By the Numbers

Key IPO statistics for the year:

  • Total offerings: ~340 (up from ~240 in 2024)
  • SPAC listings: ~140 (nearly triple 2024's 57)
  • Traditional IPOs: ~200
  • Total capital raised: Approximately $85 billion
  • Average first-day pop: 18%

Top Performers

Several 2025 debuts delivered exceptional returns:

CoreWeave ($CRWV): The AI cloud infrastructure provider went public in April at $40 per share. The stock has surged approximately 185%, giving the company a market cap exceeding $50 billion. CoreWeave's pivot from crypto mining to AI cloud services exemplifies the transformative power of the AI boom.

Klarna: The buy-now-pay-later pioneer finally completed its long-awaited IPO, with the NYSE calling it one of the year's marquee technology listings.

Circle Internet Group: The stablecoin issuer capitalized on crypto's resurgence to complete a successful offering.

Sector Trends

AI dominated the 2025 IPO market:

  • Technology/AI: Represented one-third of deals and over half of proceeds
  • Cloud infrastructure: Data center and AI computing companies attracted premium valuations
  • Fintech: Strong interest despite regulatory scrutiny
  • Biotech: Remained challenged; funding environment still difficult

SPAC Revival

The SPAC market, left for dead after 2022's collapse, staged a surprising comeback:

  • 2024 SPAC IPOs: 57
  • 2025 SPAC IPOs: ~140
  • Key difference: 2025 SPACs featured more experienced sponsors and better-quality targets

The revival suggests investors have forgiven—but not forgotten—the SPAC bubble excesses, returning with more disciplined structures.

What Slowed the Market

Despite the strong year, several factors held back activity:

Government shutdown: The Q4 federal shutdown didn't just slow momentum—it abruptly halted deals as SEC staffing was affected and regulatory approvals stalled.

Volatility spikes: April's tariff-driven market turmoil forced several companies to postpone listings.

Investor selectivity: Unlike 2021's "buy everything" mentality, investors demanded profitability paths and reasonable valuations.

NYSE vs. Nasdaq

The NYSE claimed bragging rights for 2025:

  • Seven of the ten largest IPOs listed on NYSE
  • Nearly 70% of technology IPO proceeds chose NYSE
  • Marquee listings: Klarna, Figma, Circle

2026 Pipeline

The 2026 calendar is filling up with anticipated listings:

SpaceX: The headline event. If SpaceX raises $30+ billion at a $1.5 trillion valuation, it would be the largest IPO ever.

Stripe: The payments giant has been "about to IPO" for years. 2026 may finally be the year.

Databricks: The AI/data analytics platform could command a $50+ billion valuation.

Shein: The fast-fashion retailer has filed confidentially; timing depends on regulatory and political factors.

Reddit: After testing public markets in 2024, further offerings are possible.

$3 Trillion Opportunity

Industry estimates suggest the 2026 IPO market could exceed $3 trillion in proceeds if conditions remain favorable:

  • SpaceX alone: $30+ billion
  • Other mega-caps: Stripe, Databricks, others could add $50+ billion
  • Secondary offerings: Recent IPOs raising additional capital
  • International listings: Growing interest in U.S. exchanges

Investor Lessons from 2025

What we learned about IPO investing this year:

Quality matters: Companies with clear revenue paths and reasonable valuations outperformed.

AI premium: Anything connected to AI infrastructure commanded premium multiples.

SPAC caution: While the market revived, selectivity remained essential.

Timing is everything: Companies that navigated volatility windows successfully rewarded investors.

Risks for 2026

The IPO outlook faces potential headwinds:

  • Fed policy: Rate expectations could shift, affecting risk appetite
  • Economic slowdown: Recession fears would freeze the market
  • Political uncertainty: Policy changes under new administration
  • Valuation correction: Public market multiple compression could spill over

The Bottom Line

The 2025 IPO market's revival from 2022-2024's doldrums confirms that investor appetite for growth companies remains robust under the right conditions. With SpaceX's historic listing on the 2026 calendar and a deep pipeline of AI-powered companies waiting, the coming year could be transformational for public markets. However, the lessons of 2021's excess—when anything with a ticker symbol soared regardless of fundamentals—remain fresh. Investors approaching 2026 IPOs should maintain the selectivity that defined 2025's success stories.