Loading 2025 IPO Class...
Track 94 US IPOs from 2020–2025 — post-IPO performance, win rates, power law returns, sector breakdown, and vintage analysis. Valuation at IPO is the variable that matters most.
| Company | IPO Price | Market Cap at IPO | Category | Key Backer |
|---|---|---|---|---|
| CoreWeave | $40 | ~$23B | AI cloud infra | Magnetar, NVIDIA |
| Hinge Health | $32 | ~$2.2B | Digital health | Tiger, Coatue |
| eToro | $52 | ~$4.3B | Retail trading | Softbank |
| StubHub | TBD | ~$16B (target) | Ticketing marketplace | GS, Madrone |
| Klarna | TBD | ~$15B (target) | BNPL / fintech | Sequoia, Softbank |
Notable 2025 IPOs include CoreWeave (AI cloud infrastructure, ~$23B market cap), Hinge Health (digital health, ~$2.2B), eToro (retail trading, ~$4.3B), and Cerebras Systems (AI chips, targeting $8B+). Several highly-anticipated IPOs including Klarna and StubHub filed S-1s in 2025 but delayed their listings due to market volatility from tariff uncertainty.
CoreWeave priced its IPO in March 2025 at $40/share, valuing the company at approximately $23B — below the $35B valuation it had targeted. The IPO was considered a partial success: it raised significant capital but priced below the high end of expectations. CoreWeave is the primary AI cloud infrastructure provider for Microsoft and other hyperscalers, with contracted revenue providing revenue visibility unusual for an IPO-stage company.
The 2025 IPO class signals a selective, quality-focused exit market — not a broad reopening. AI-infrastructure companies with contracted revenue (CoreWeave) and mature profitable businesses (eToro) are succeeding. Growth-stage unprofitable companies and consumer tech are still struggling to get IPO windows. The 2025 class is setting realistic benchmarks: expect public market valuations 20–40% below late-stage private rounds for most companies.