The IPO market for new technology listings picked up in 2025. So far this year, at least 23 U.S.-based companies have listed above $1 billion in value, compared to nine in 2024, per an analysis of Crunchbase data.
Total valuations at the IPO price for these billion-dollar listings have reached $125 billion so far — more than doubling year over year.
“Coming into 2025, folks were optimistic about the IPO market,” said Aman Singh, a corporate partner at legal advisory firm Fenwick & West who worked on the CoreWeave and Figma IPOs on the issuer side and on Navan as counsel for the underwriters.
There were a number of high-profile IPOs in 2025 before the government shutdown chilled the market, said Singh, who expects Q1 to be busier due to the hold up.
If interest rates continue to come down, he predicts a pretty good IPO market in 2026. “It is a fairly conducive macroeconomic environment,” Singh said.
In this market, “a profitable company — particularly one that either is an AI play or has a good story of how AI will be a tailwind for their business — are good candidates for a 2026 IPO,” he said.
2025 listings
Among the larger and most high-profile companies to list this year were New Jersey-based AI data center CoreWeave, San Francisco-based design platform Figma, San Francisco-based digital bank Chime, and Sweden-based buy now, pay later fintech giant Klarna.
Among these four leading companies, CoreWeave was the best performing stock as of Dec. 16, 2025, having gained over 60% from its listing price.
Crypto valuations up
Leading sectors for the 23 U.S.-based billion-dollar listings were biotech and healthcare with six companies, blockchain and crypto with four companies, fintech with three companies, and insurance and aerospace each with two companies.
The sectors overall that performed well were cryptocurrency and blockchain companies with New York-based stablecoin provider Circle, San Francisco-based cryptocurrency exchange Bullish, and San Francisco-based blockchain lending firm Figure all up from their listing prices, while New York-based crypto exchange platform Gemini lagged behind.
These 23 companies’ listing prices totaled $125 billion. That was well above the past three years, but below values seen in 2019 and 2020 before the IPO market took off in 2021.
Singh predicts in the back half of 2026 we will see some bigger listings. While there is this trend of staying private for longer, “you can’t match public market liquidity.”
“There’s still some uncertainty on valuations. As we see more of the tech IPOs go out, I think the valuations will stabilize, people will get a better sense of investor demand, and so hopefully we’ll see a more certain valuation environment,” he said.
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Illustration: Dom Guzman
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