** U.S. IPO market staged strong recovery in 2025 after three years of sluggish activity in backdrop of pent-up demand for new listings and declining interest rates
** IPO volumes hit their highest since 2021 despite volatility from tariffs, longest-ever U.S. government shutdown, and AI jitters curtailing issuance
** Stablecoin giant Circle and data center operator CoreWeave top performers among largest 10 U.S. IPOs in 2025
** Strong debuts of medical supplies giant Medline MDLN.O and tax advisory firm Andersen Group ANDG.N earlier this month closed off 2025 IPO market on high
** Renaissance IPO Index .FTIPOUSA seesawed in volatile year, underperforming benchmark S&P 500 index .SPX
** Wall Street is expecting stronger IPO pickup in 2026, with high-profile firms such as Elon Musk's SpaceX preparing for possible stock market flotation
** Renaissance Capital, provider of IPO-focused research and ETFs, estimates between 200 and 230 Wall Street IPOs in 2026 to raise as much as $60 billion
Company | Deal Value ($ million) | Return from IPO as of December 30 |
Medline | 7,204 | 44.6% |
Venture Global VG.N | 1,750 | -72% |
Klarna Group KLAR.N | 1,578 | -27.4% |
CoreWeave CRWV.O | 1,570 | 84.8% |
Figma FIG.N | 1,402 | 14% |
SailPoint SAIL.O | 1,380 | -9.5% |
Bullish BLSH.N | 1,277 | 6.3% |
Circle CRCL.N | 1,212 | 157.7% |
Source: Dealogic, Reuters calculations
IPO index performance YTD vs market benchmark https://www.reuters.com/graphics/US-IPO/CHART/gdpzjjbwwpw/chart_eikon.jpg
(Reporting by Arasu Kannagi Basil in Bengaluru)
((ArasuKannagi.Basil@thomsonreuters.com;))

