After years of dormancy, the U.S. tech IPO market has erupted back into activity, delivering some of the most electrifying debut performances seen in recent memory. Bullish, the crypto exchange backed by Peter Thiel, launched with a staggering 84% first-day gain. Figma, the collaborative design platform, witnessed its stock climb approximately 250% at opening. Circle Internet Group followed suite, doubling in value on Day One. CNBC aptly framed this resurgence as a “roaring” return—what can best be described as an IPO revival of immense scale.
These events signal not just isolated success stories but a broader renewal in market appetite for tech offerings, especially those tied to crypto and AI. With a growing roster of high-profile IPOs in the pipeline, from fintech innovators to AI chip makers, the market’s reawakening may be more than a short-lived burst—it could herald a new era for public tech fundraising.
IPO Momentum and Market Enthusiasm
Bullish’s debut capped off a flurry of high-performing tech IPOs that have shattered investor expectations. CoreWeave and Miami International also posted impressive openings, with CoreWeave leaping nearly 250% post-IPO and Miami surging 34% beyond its expected pricing range.
These show-stopping performances are creating a spillover effect, amplifying confidence in the IPO pipeline. According to Renaissance Capital, IPOs raising at least $100 million have seen a 19% median first-day gain in 2025—levels not seen since 2020 . The bullish sentiment extends across sectors, with crypto, fintech, aerospace, and AI all contributing to a richly varied IPO landscape.
Figma’s Debut: From Dorm Room to Digital Design Icon
Figma’s market debut on July 31 drew widespread attention. Priced at $33, the stock soared to around $100 on opening day and peaked near $115.50, reflecting a nearly threefold jump. The UI design platform went public with a valuation of around $56 billion, making it one of the largest venture-backed tech IPOs in years.
While enthusiasm remains high, the subsequent market correction illustrates the volatility classic of such high-flying debuts. Figma’s stock fell sharply afterward—closer to its IPO price—but remained well above the IPO level, representing roughly a 141% gain . Despite concerns about valuation and net losses, investors remain attracted to its 48% revenue growth and widespread adoption among Fortune 500 companies
Circle’s Meteoric Rise
Circle (ticker: CRCL) exemplifies the crypto IPO trend. It rocketed more than 400% from its opening price, becoming one of the best-performing tech IPOs of the year . Its success underscores investor enthusiasm for crypto firms, especially amid favorable regulatory signals like the passing of the Genius Act, which establishes a regulatory framework for stablecoins .
Why the IPO Window Reopened
Several converging factors have helped unlock this IPO revival. After years of macro uncertainty, high interest rates, and regulatory hesitancy, markets have begun to stabilize in 2025. Investor capital, especially for high-growth tech sectors, is once again available. CNBC reports that the IPO freeze of previous years is thaws—hence the metaphorical “years of Prohibition” ending .
Regulatory clarity—especially around crypto—and demand for innovation in AI, design, and digital infrastructure have made tech companies more attractive to public markets. The successful first-day performances themselves are reinforcing confidence, triggering a positive feedback loop that fuels more listings. Financial structures like the Renaissance IPO ETF have also benefited, outperforming broader indices with gains exceeding 12% to 15% year-to-date .
The Cautionary Perspective
While the IPO scene is electric, history suggests caution. Periods of speculative excitement—such as late 1990s dot-com frenzy and the 2020–21 SPAC craze—often led to long-term underperformance despite explosive early gains. As CNBC notes, “irrational exuberance” can be a red flag, and many IPOs don’t sustain initial momentum .
Looking at patterns from the dot-com era or more recent SPAC waves, most of the biggest initial “pops” ended poorly over time. Only a few standouts like Apple or Visa managed sustained growth from an IPO base. Thus, investors must differentiate between splashy openings and sustainable business models.
What Lies Ahead: The IPO Pipeline
Figma and Bullish have reopened the IPO tap, and several high-profile names are queued up. Klarna is expected to resume its U.S. IPO plans as early as September, Discord is being eyed as a possibility, and payment giant Stripe remains on watch for a future listing .
Beyond those, heavyweight private tech firms like Databricks, SpaceX, and OpenAI remain on the long-term horizon. Their potential listings could redefine public market activity—if and when conditions are right .
Conclusion
The 2025 tech IPO rebound is more than a blip—it’s a full-fledged revival powered by crypto, AI, and investor optimism. Bullish, Figma, and Circle have reignited the IPO engine after years of quiet, bringing back excitement and capital to the public markets. Yet, this renewed enthusiasm is double-edged. While some companies may deliver enduring value, others risk falling into the boom-bust cycle that characterized past waves.
For issuers, the path forward lies in balancing compelling storytelling with real financial discipline. For investors, discernment will be key. In a world eager for its next technology breakthrough, sustainable models will prove more valuable than fleeting first-day fireworks.
