Circle (CRCL) didn’t just hit the market. It set it on fire. The stablecoin giant’s IPO didn’t creep onto Wall Street with caution, it stormed in, ballooning nearly 170% on day one and now sitting nearly 600% above its offering price. With a $50 billion market cap and over $1 billion raised, this isn’t just a rare win, it’s one of the most explosive debuts in modern IPO history.
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Veteran IPO watchers are stunned. Renaissance Capital’s Matt Kennedy put it bluntly: “Billion-dollar IPOs do not historically behave like this in the first month of trading.” That’s polite analyst-speak for: we’ve never seen anything like this.
Circle’s Debut Ignites a New IPO Stampede
The aftershock is already rippling through private markets. Unicorns that had been sitting on the sidelines are suddenly circling the launchpad. Fintech darling Chime, drone player AIRO, and Voyager Tech all jumped into the public arena last month with solid receptions. Now, the likes of Figma, Klarna, Anduril, and crypto heavyweight Gemini are reportedly revving up for their turn. There are over 1,250 unicorns globally, according to CB Insights. And if Circle is the blueprint, expect a stampede.
Investors Should Still Approach with Caution
But here’s the tension: the same FOMO that fuels this frenzy can just as quickly turn on it. IPOs often sag once the six-month lockup expires and insiders are allowed to sell. Momentum is a double-edged sword. The early Circle backers sitting on 6x gains? They’ll be itching to cash in. And when they do, that euphoric climb can turn into a vertical drop. The market isn’t dumb, but it does have a short memory.
So yes, the IPO window has cracked open. But if you’re thinking about diving in, don’t just chase the rocket. Look at the fuel. Look at the math. Not every unicorn becomes Circle. Some turn out to be smoke and mirrors. And this market, hot as it is, isn’t forgiving to buyers who show up late.
Circle may have kicked off the IPO revival. But what comes next will test whether this is the start of a new cycle, or just a sugar high wrapped in unicorn glitter.
Is Circle Stock a Good Buy?
For all the euphoria, Wall Street isn’t exactly piling on with huge price targets. Circle currently carries a “Moderate Buy” rating. Of the three analysts covering the stock, only one has it rated a Buy, while the other two are sitting on the fence with Hold ratings. Zero have called for a Sell. The average 12-month CRCL price target stands at $213.33, almost exactly flat from its latest closing price of $213.63.
