In 2025, over 200 companies went public on U.S. exchanges, but fewer than 25% surpassed the S&P 500’s 18% return. Notably, Karman (NYSE: KRMN), Circle Internet Group (NYSE: CRCL), and Hinge Health (NYSE: HNGE) stood out with significant gains, offering sharp contrasts to the overall market performance.
Karman, which had its IPO on February 13 at $22 per share, closed the year above $73, reflecting a return of over 230%. The company, a key supplier in the U.S. defense market, experienced revenue growth of 42% in the last quarter. Circle, which went public on June 5 at $31, saw its shares rise 150% to just above $79, fueled by a 66% revenue increase and a 108% growth in the circulation of its USD Coin. Meanwhile, Hinge Health’s IPO on May 22 at $32 led to a closure at $46.50, marking a 45% gain, supported by a 53% rise in revenue and a significant reduction in patient care hours.
Analysts expect continued upside for all three companies—Karman with a price target of $80.43, Circle at $141.18, and Hinge Health at nearly $60—indicating strong investment potential moving forward. The outlook remains positive as these companies navigate growth in their respective markets effectively.
