Companies That Had Their IPO in 2025: The IPO Market Recovers

2025 marked a turning point in the IPO market. After several years shaped by macro uncertainties and geopolitical headwinds, the IPO market stabilized, with many companies finally finding their window to go public. The year ended with a strong recovery in IPO proceeds since the record-breaking levels of 2021. Below, we take a look at some of the most notable IPOs of 2025.

Key insights:

• A market finally ready to move: After years of macro uncertainty, 2025 saw a strong rebound in IPO proceeds since 2021.

• Turbulence tested the recovery: New U.S. tariffs in early April briefly stalled the IPO pipeline, before markets stabilized and activity resumed through Q2.

• Notable IPOs: Major listings included companies like Figma, Klarna, CoreWeave, and Medline.

A market finally ready to move

The year began with broad optimism. Inflation continued to moderate, central banks signaled greater stability, and equity markets were climbing. That created favorable conditions for companies that had been waiting on the sidelines.

That optimism was tested. The announcement of new U.S. tariffs in early April triggered market turbulence and heightened political uncertainty. The anticipated Klarna IPO, for example, was put on hold mid-process. The window that had looked promising in the first quarter appeared to be closing again.

But as Q2 progressed, markets stabilized, companies recalibrated, and the IPO pipeline resumed. Klarna completed its offering a few months later. For the full year, 1,331 IPOs were completed globally, raising about $177 billion. That is roughly a 44% increase in proceeds compared to 2024, though still short of the $402 billion raised during the 2021 peak (excluding SPACs).

The IPOs spanned a broad range of sectors, with industrials and technology (including AI and fintech) leading the way. Many of the listed companies shared a common profile: profitable businesses with steady cash flows. The market had grown more selective, and investors rewarded quality over growth at any cost.

Notable IPOs in 2025

Figma

Figma is a collaborative design and product development platform. Founded in 2012, it has become widely used for interface design among technology companies worldwide. After Adobe failed to acquire the company for $20 billion in December 2023, following regulatory opposition from the EU and the UK, Figma listed on the NYSE in July 2025.

Klarna

Klarna is a Swedish fintech company and one of the world's largest buy-now-pay-later providers. Founded in 2005, Klarna allows consumers to split purchases into installments at checkout and has expanded into broader financial services. Klarna listed on the NYSE in September 2025.

Medline

Medline is one of the largest US healthcare suppliers. Founded in 1966, the company supplies hospitals, clinics, and care facilities with medical products ranging from surgical equipment to personal protective equipment. It was listed on the Nasdaq in December 2025 at an IPO valuation of approximately $37 billion, raising about $6.3 billion and making it the largest IPO of the year.

CoreWeave

CoreWeave is an American cloud computing company that rents out large amounts of GPU-powered infrastructure for AI workloads. Founded in 2017, the company pivoted from cryptocurrency mining to become one of the leading providers of high-performance computing with large clusters of NVIDIA GPUs. CoreWeave listed on the Nasdaq in March 2025.

Venture Global

Venture Global is a liquefied natural gas company founded in Virginia in 2013. The firm develops and operates LNG export terminals along the US Gulf Coast. It is the second-largest LNG exporter in the United States. Venture Global listed on the NYSE in early 2025.

Verisure

Verisure is a major provider of professionally monitored security services across Europe and Latin America. Founded in Sweden in 1988, the company installs and monitors alarm systems for households and small businesses. Verisure listed on Nasdaq Stockholm in October 2025, raising about €3.2 billion in Europe's largest IPO in three years and Sweden's biggest listing since 2000.

Circle Internet Group

Circle Internet Group is the issuer of USD Coin (USDC), one of the largest dollar-pegged stablecoins. Founded in 2013, the company provides payments and financial infrastructure built around digital dollars and blockchain networks. Circle listed on the NYSE in June 2025.

eToro

eToro is a social trading and investment platform that allows users to invest in stocks, cryptocurrencies, and other assets. Founded in Tel Aviv in 2007, it has since become a recognized brand in online trading. eToro listed on the Nasdaq in May 2025.

Closing thoughts

IPO activity in 2025 reflects a market that had been waiting for an opening. While capital raised fell short of 2021 levels, the year marked the strongest recovery in listings since that peak. Going into 2026, several major listings are anticipated, including SpaceX, OpenAI, and Databricks, though how the market unfolds remains to be seen.