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Track every IPO in 2025 — upcoming filings, pricing, first-day performance, and 90-day returns. Updated continuously.
| Metric | 2025 (YTD) | 2024 Full Year | 2021 Peak |
|---|---|---|---|
| IPO Count (all) | ~100+ | ~180 | ~400+ |
| Tech IPO Count | ~40 | ~60 | ~200+ |
| Total Capital Raised | ~$15B | ~$30B | ~$150B+ |
| Avg First-Day Pop | ~12% | ~18% | ~25% |
| % Priced Above Range | ~30% | ~25% | ~55% |
The 2025 IPO market is a selective recovery — not the broad reopening many expected. High-quality companies with strong revenue, profitability, or clear AI narratives are pricing well. Unprofitable, slower-growth companies still face valuation headwinds. The window has opened for the best companies but remains largely closed for the average unicorn waiting to go public.
The most-watched 2025 IPO candidates include Klarna (fintech, previously $45B now targeting $15–20B), Chime (neobank), Cerebras Systems (AI chips), and several defense tech companies. Many expected 2025 IPOs have been pushed to 2026 due to tariff uncertainty and market volatility. CoreWeave successfully IPO'd in 2025 at ~$23B.
The 2025 IPO drought relative to 2021 reflects several factors: (1) valuations from 2021–2022 funding rounds are hard to justify in current public markets; (2) many unprofitable unicorns need more time to reach profitability before facing public scrutiny; (3) tariff uncertainty and macro volatility have kept windows narrow; (4) the secondary market and continued VC funding have reduced urgency for many companies to go public.