The IPO Door is Swinging Open

Who could have predicted that crypto and data center real estate would be the categories swinging the IPO market doors open?

In late 2024, I predicted a thaw in the IPO market. We’re now seeing that forecast come to life with CoreWeave and Circle’s IPOs. Neither company is pure-play software, but their strong performances signal renewed investor appetite for the ragged edge of technology.

CoreWeave went public in March 2025, raising $1.5 billion at a $20 billion valuation. The GPU infrastructure company has since soared over 300% on 420% year-over-year revenue growth, reaching nearly $1 billion in Q1 alone.

Circle’s IPO on June 5th is a parallel story. Shares jumped 168% on the first day, closing at $83.23, up 168%, pushing the market cap over $18 billion.

The success reflects investor appetite for exposure to stablecoins - the fastest growing part of crypto and the first clear product market fit in the mass-market.

These IPOs highlight a broader trend: the reopening of the IPO window is not just a blip. Despite political uncertainties and mixed economic signals—the ongoing tussle between Donald Trump and Elon Musk, less-than-stellar jobs reports—appetite for high-growth, category-defining companies is unmistakable.

This resurgence dovetails with a significant M&A surge this year, pointing to robust liquidity in the back half of 2025.

The IPO window is swinging open.