All signs from the first half of 2025 point to a return of the IPO market — and not only is it back, it’s booming. Year to date, 174 companies have raised over $31 billion combined, the highest first-half total since 2021, with an 87% jump in activity from the same period in 2024.
Research sourced from the AlphaSense platform reveals venture-capital-backed IPOs dominated during this period, outperforming private equity-backed listings with an average 450% post-IPO surge compared with 18% for PE-backed. Two notable VC-backed companies, Circle Internet Group and CoreWeave, have delivered “blockbuster performances.”
Despite market uncertainty and ever-shifting tariff policies, IPO activity is gaining momentum across key sectors including technology, digital assets, fintech, and healthcare. With the assumption that markets continue to stabilize, analysts expect a resurgence to continue in H2 2025 as sponsors adjust to policy shifts.
Below, we review the top trending IPOs for the first half of 2025, and share projections from analysts and industry experts for the second half of the year.
Related Reading: AlphaSense Primers covering top IPOs this year
Top IPOs by Sector
Technology
CoreWeave (Nasdaq: CRWV) listed its common stock on Nasdaq and has raised $107.4 billion in enterprise value as of June 2025, making it the largest tech IPO since 2021, and one of the largest of the year. On its third day of trading, CRWV closed nearly 42% higher than its initial IPO price. CoreWeave’s cloud infrastructure platform provides computer power for blockchain and other initiatives, featuring a specialized cloud system powered by Nvidia GPUs.
SailPoint (Nasdaq: SAIL): Following a $1.38 billion raise, SailPoint made its debut in the public market earlier in the year. According to experts, the enterprise security software firm is “perfectly positioned” to capitalize on massive disruption among identity orchestration players.
Figma (NYSE: FIG): On July 1, nearly two years after its acquisition by Adobe fell apart, Figma filed paperwork for its IPO. Investors have since called the failed $20 billion acquisition a “blessing in disguise,” with Figma experiencing a period of “reinvigorated innovation.” Following regulatory review, the company intends to trade on the NYSE under the ticker FIG.
Fintech & Digital Assets
Chime Financial (Nasdaq: CHYM) made its debut on June 12, with shares surging 59% on opening day at $43/share, valuing the firm at $18.4 billion. Broker research from the AlphaSense platform suggests Chime is well positioned to further penetrate a large addressable market of ~200 million Americans making less than $100k per year.
Circle Internet Group (NYSE: CRCL), a cryptocurrency company and the issuer of USDC stablecoin, made a blockbuster debut in June. The company’s stock surged sixfold shortly after its IPO, propelling its market capitalization to $42 billion. The stock continued to soar following the U.S. Senate’s passage of the GENIUS act, regulatory legislation specific to stablecoins.
Galaxy Digital (Nasdaq: GLXY) formally listed on the U.S. stock exchange in May, having publicly traded in Canada since 2018. Galaxy’s CEO Mike Novogratz once called Trump’s election victory “the most important day for crypto,” as the administration has sought to create a friendlier regulatory environment for the digital ecosystem.
eToro (Nasdaq: ETOR), an online cryptocurrency and stock trading platform, also made its official debut in May. The day prior to listing, the firm increased its initial public offering to $620 million, and finished its first day of trading up nearly 29%.
Healthcare & Life Sciences
Hinge Health (NYSE: HNGE) raised $437 million following its May IPO, with shares climbing 17% after opening day. Analysts and industry experts alike are bullish on the firm’s growth potential. Experts point out that Hinge Health has the first-mover advantage in a large and underpenetrated market and is considered the clear leader in the musculoskeletal solution space due to its superior platform, expanded offerings, and strong channel partnerships.
Omada Health (Nasdaq: OMDA): On the heels of Hinge’s IPO announcement, health tech company Omada Health executed its own IPO in early June with an offering of nearly 8 million shares, with the stock closing up nearly 20% after initial trading. An expert correlates Omada’s IPO with high confidence in the firm’s outlook and expects the firm to keep its focus on metabolic disease, a space in which it offers differentiated advantages.
Metsera (Nasdaq: MTSR), a clinical-stage biotech in the obesity drug market, raised $275 million in its IPO debut at the start of the year. In an AlphaSense Expert Insights call, an endocrinologist says Metsera’s MET-233i asset has promising efficacy for weight loss and may address an unmet need for patients who cannot tolerate GLP-1s.
Caris Life Sciences (Nasdaq: CAI): Caris Life Sciences, a biotech cancer diagnostic firm, made its debut in mid June, raising more than $494 million. The stock closed up nearly 30% from its IPO price in the first week of trading. The IPO proceeds are expected to support Caris's expansion in precision medicine and potentially other therapeutic areas.
Energy & Industrials
Contemporary Amperex Technology (CATL) (HKEX): Boasting the world’s largest EV battery business, CATL raised $4.6 billion in its May debut on the Hong Kong Stock Exchange, making it the largest IPO of 2025 so far. Experts say the path to EV battery dominance hinges on who scales next‑generation chemistries first while keeping costs down — areas where CATL has an advantage right now.
Venture Global (NYSE: VG): Listed on the NYSE, this IPO is highlighted as the largest in terms of capital raised during the first half of 2025. Venture Global specializes in the development and construction of liquefied natural gas production with an innovative and disruptive approach that is both scalable and repeatable.
IPOs to Watch in H2 2025
Navan: In late June, Navan filed confidential paperwork with the SEC for an initial public offering. Currently valued at over $9 billion, the corporate travel and expense company previously filed IPO paperwork with the SEC back in 2022 when the company was known as TripActions.
Discord: A niche communication platform originally founded for gaming, the tech company met with investment banking teams in early spring for a potential IPO. The firm, valued at nearly $15 billion, replaced its CEO at the end of April ahead of a public offering. An expert believes Discord has achieved very high levels of growth and satisfaction among users and secures sizable revenue through ads and quests, adding another “feather in their cap” as a business.
Klarna: Like a handful of other companies this year, the “buy now, pay later” Swedish fintech company paused its IPO plans as a result of market volatility due to global tariffs. As a result, the company is now focused on broadening its product suite and “demonstrating sustainable growth and profitability.”
StubHub: While the ticket marketplace giant filed IPO paperwork in March 2025, it put a hold on definitive plans to go public until further notice, like Klarna. The firm is valued at nearly $16.5 billion.
Databricks: With a $62 billion valuation, Databricks is one of the most highly anticipated tech IPOs. At the firm’s recent Data & AI Summit, it reported that it expects to generate $3.7 billion in annualized revenue by July, with year-over-year growth of 50%.
Cerebras Systems: Cerebras is an AI company known for its Wafer-Scale Engine (WSE), the largest chip ever built, designed to handle massive AI computations. In September of last year, Cerebras filed paperwork with the SEC for an IPO with the intent to list on the Nasdaq exchange under the ticker symbol “CBRS.” Broker research points to AI-focused startups like Cerebras capitalizing on growth potential from AI advancements through an IPO.
Stripe: Following the announcement of an employee tender offer at the end of February, Stripe’s valuation climbed to nearly $91 billion, making it one of the largest privately owned fintech companies. Stripe’s payment processing platform is used by millions of businesses, ranging from large corporations to smaller-scale startups, to take credit card and digital payments online.
Shein: The international online fashion giant filed IPO paperwork with the Hong Kong exchange in early July, following failed motions with the SEC in November 2023 and a London listing. The company, valued at more than $66 billion, has encountered regulatory roadblocks in its listing pursuit.
Netskope: Netskope, a cybersecurity firm, is targeting an IPO in the second half of 2025. The firm is currently valued at $5 billion and anticipates a $500 million raise contingent on market conditions. Experts believe that Netskope’s growth trajectory of <$500 million in ARR and its cloud-native platform position it as a strong contender in the SASE market.
Medline Industries: Medline Industries is preparing for an initial public offering that is expected to raise over $5 billion, and value the company at close to $50 billion. Expert insights suggest Medline may prioritize strategic acquisitions and supply chain enhancements (e.g., expanding warehouse networks) to strengthen its competitive position in the medical supplies sector post-IPO.
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