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As of Q3 2025, the Initial Public Offering (IPO) market is witnessing a resurgence after a subdued first half, with companies like Circle Internet Group Inc. (NYSE: CRCL) and CoreWeave Inc. (NASDAQ: CRWV) exceeding expectations upon their debut. In the first half of 2025, only 84 IPOs were issued, a decline from over 100 in the same period last year, reflecting companies staying private for an average of nearly 11 years before going public.
The recent turnaround in IPOs is attributed to stronger investor demand, particularly in sectors like artificial intelligence and crypto. In June alone, nine IPOs raised over $50 million, signaling a renewed appetite for new issues. Notable upcoming IPOs include Figma Inc. (NYSE: FIG), which had an opening price of $33 and surged over 200% on its first day, and MNTN Inc. (NYSE: MNTN), which reported $68.46 million in revenue, a 25% year-over-year increase.
Figma’s revenue for Q1 2025 was over $228 million, while MNTN leverages its advertising technology for Connected TVs. Analysts are optimistic about both companies, with Figma’s market cap surpassing $67 billion and MNTN receiving a consensus price target suggesting nearly 20% upside from current prices.
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