Overview

• The 20 largest U.S. IPOs this year averaged a 36% first-day jump versus the 15%–20% target range, a gap that Reuters analysis estimates cost issuers about $6.1 billion in forgone proceeds.
• Figma surged 250% on debut and Circle climbed 168%, with Figma’s market cap hovering near $34 billion by mid-August, underscoring robust demand for marquee tech offerings.
• Year-to-date activity shows roughly 137 U.S. IPOs raising about $22.6 billion, with momentum concentrated in a few flagship deals across AI infrastructure, software and crypto.
• Investors and advisors say 2025 issuers are fundamentally stronger with tighter unit economics, and pre-IPO investors are accepting smaller discounts as perceived risk eases.
• Bankers and VCs expect a busy fall pipeline and a measured cadence of new listings, while experts forecast the first major wave of pure-play AI IPOs in roughly 12 to 24 months.