2025 U.S. IPO Performance Starts With A Roar And Ends With A Whimper
Seeking Alpha
February 15, 2026
AI-Generated Deep Dive Summary
2025 marked a year of contrasting fortunes for U.S. IPOs, with big-name technology companies leading the charge but smaller issuers facing significant challenges. The year began on an upbeat note, despite a rocky start in April, as major tech IPOs like CoreWeave (CRWV) and Circle demonstrated strong price momentum heading into summer. However, this stellar performance was not universal, particularly for smaller IPOs raising under $100 million, which continued to struggle—a trend that had already emerged in 2024.
The first half of the year saw U.S. technology IPOs dominate headlines, setting the stage for increased activity in the second half. Companies like CoreWeave and Circle capitalized on investor enthusiasm, driving robust returns and signaling a renewed appetite for tech-related listings. This momentum was partly fueled by favorable market conditions and heightened demand for innovative solutions in key sectors.
Despite the strong showing from larger tech issuers, smaller IPOs under $50 million faced tougher odds, with declines of 18.4% in 2025 compared to 17.1% in 2024. This underscores a persistent challenge for less prominent companies seeking to go public, highlighting the growing divide between larger and smaller issuers in the IPO market.
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Originally published on Seeking Alpha on 2/15/2026