So far in 2025, public offerings have made a clear return to Wall Street. A total of 254 companies have been listed on the New York Stock Exchange (NYSE) and Nasdaq (NDAQ) as of late September, already outpacing the full-year totals of 2024 and 2023. The pace has been steady through the first half of the year, but activity accelerated in the summer, with July marking the busiest stretch for new listings. This pickup highlights how investor demand has come back into focus, supported by large deals in technology and financial technology that shaped the market’s momentum.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 55% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Money Raised and Market Leaders
In the first half of the year, IPOs raised more than $31 billion. That figure already beats the full-year total for 2024. Nasdaq accounted for $21.3 billion, while the NYSE added $8.7 billion. Technology and financial technology listings drove most of the volume.
The biggest deals included Figma Inc. (FIG) with $2.4 billion, Bullish (BLSH) with $2.1 billion, and Klarna Group Plc (KLAR) with $1.9 billion. Firefly Aerospace Inc. (FLY) raised $1.8 billion, while Figure Technology Solutions (FIGR), WaterBridge Infrastructure (WBI), and Via Transportation Inc. (VIA) each brought in more than $1 billion. Netskope Inc. (NTSK), StubHub Holdings Inc. (STUB), and Miami International Holdings (MIAX) rounded out the top ten with proceeds ranging from $715 million to $1 billion.
Aftermarket Hits and Misses
Some of the largest names have delivered standout gains. Reddit (RDDT) has surged nearly 47% year-to-date. CoreWeave (CRWV) has climbed about 225%, and Circle (CRCL) has advanced close to 18%. These moves show clear investor support for companies tied to cloud, data, and digital networks.
Others have struggled. Figma Inc. (FIG), despite its hyped debut, has declined by about 57% since August. Firefly Aerospace Inc. (FLY) has dropped about 28% since listing in mid-August, while eToro (ETOR) trades near $41, about 39% lower year-to-date.
The sharpest declines have been concentrated in smaller and riskier names. Advanced Biomed Inc. (ADVB) has fallen almost 88% since April. EPWK Holdings Ltd. (EPWK) has slid 90% from its spring debut. PicoCELA Inc. (PCLA) has declined by roughly 82% since February. These figures highlight how outcomes in the IPO market can diverge widely depending on sector and demand.
Outlook
Momentum remains strong with more deals expected in the final quarter. With IPOs already outpacing recent years in both count and capital, 2025 is shaping up to be the most active year since the peak of 2021. While technology and financial technology continue to lead in size and returns, the gap between winners and laggards shows that investors remain selective.