After several quiet years, the U.S. IPO market made a clear comeback in 2025. Better market conditions and stronger investor demand encouraged several well-known companies to go public, bringing IPOs back into focus as the year ends.
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Instead of ranking stocks by deal size or short-term moves, this list highlights three IPOs that drew the most attention in 2025 and helped signal the market’s return.
1. CoreWeave (CRWV): One of the most talked-about IPOs of 2025 was CoreWeave (CRWV). The stock began trading on March 28 on the Nasdaq at $39 per share, just below its IPO price of $40. Even so, the listing stood out as the largest U.S. technology IPO since 2021.
Since then, investor interest has grown as demand for AI computing power continued to rise. As of the December 30 close, CoreWeave shares were trading at $73.90, up about 85% since the IPO.
CoreWeave’s focus on GPU-based cloud infrastructure helps set it apart from traditional cloud providers. With AI capacity still tight across the industry, the stock has remained a key name for investors looking for direct exposure to AI infrastructure spending.
2. Figma (FIG): Another widely followed IPO of 2025 was Figma. The design platform priced its IPO at $33 per share and began trading on the New York Stock Exchange on July 31. On its first day of trading, the stock surged sharply well above the IPO price, marking one of the strongest first-day debuts among tech listings this year.
After pulling back from early highs, the stock has settled at lower levels. As of the December 30 close, Figma shares were trading at $37.63, up about 14% since the IPO.
Figma’s IPO drew attention not only for its strong debut, but also because the company had earlier planned a major buyout before choosing to go public. As a design platform used by teams across many industries, Figma’s listing showed continued investor interest in software firms with active users and clear ways to grow revenue.
3. Circle (CRCL): Another closely watched IPO of 2025 was Circle Internet Group (CRCL), the company behind the USDC stablecoin. Circle went public on June 5, 2025, pricing its IPO at $31 per share on the New York Stock Exchange.
Investor interest picked up quickly after the listing as demand grew for more established names in the digital finance space. As of the December 30 close, Circle shares were trading at $79.89, up roughly 158% since the IPO.
Circle’s appeal lies in its role at the center of digital payments and blockchain-based finance, rather than direct exposure to more volatile crypto assets. That positioning has helped the stock stand out among 2025 listings as investors focus on clearer business models and steady growth.
What to Watch Heading Into 2026
Looking ahead, the outlook for these three IPO stocks depends on execution rather than hype.
For CoreWeave, investor focus will remain on AI spending trends, capacity expansion, and how well the company can scale while managing costs. Continued demand for AI infrastructure could support further gains, though volatility is likely after a strong run.
For Figma, attention will shift to revenue growth, margins, and customer expansion. If the company can turn its large user base into steadier profits, the stock could regain momentum in 2026.
Meanwhile, Circle’s outlook will hinge on digital payment adoption, stablecoin regulation, and rising transaction volumes. Clear rules and wider use of USDC could support the stock, while regulatory uncertainty remains a key risk.