Krish Dhokia 
After several slow years, the IPO market roared back in 2025. Investors returned with conviction, and companies finally felt confident stepping into public markets. As a result, 2025 produced one of the strongest IPO classes since the post-pandemic boom.
Don’t forget to read our article Biggest IPOs to Watch in 2026
From healthcare giants and AI infrastructure firms to fintech disruptors and crypto leaders, the year’s biggest offerings revealed where capital is flowing next. More importantly, they showed which business models still inspire confidence.
Below is a closer look at the biggest IPOs of 2025, when they went public, how they’re performing now, and what the road to 2026 may look like.
Why 2025 Became a Breakout Year for IPOs
For much of 2022 through 2024, IPO activity stalled. Rising interest rates, inflation fears, and market volatility kept companies private longer. However, conditions shifted in early 2025.
Inflation cooled, rate cuts came into view, and public markets stabilized. Consequently, institutional investors were once again willing to absorb large offerings. At the same time, companies with strong fundamentals saw an opportunity to exit crowded private markets.
As a result, 2025 became a proving ground for quality over hype.
The Biggest IPOs of 2025 by Capital Raised
Medline ($MDLN) — $6.3 Billion
IPO Date: December 17, 2025
Medline is not flashy, but it is massive. Founded in 1966, the company supplies hospitals and healthcare systems with essential medical products. Over decades, it quietly built one of the most reliable distribution networks in healthcare.
When Medline finally went public, investors responded immediately. Shares jumped sharply on the first day of trading. More importantly, demand remained strong in the weeks that followed.
This IPO was widely seen as worth the hype. Stability, recurring revenue, and healthcare demand created a compelling story. Looking ahead to 2026, Medline is expected to benefit from aging demographics and continued hospital demand. However, supply chain costs will remain a variable to watch.
CATL — $4.6 Billion
IPO Date: May 2025 (Hong Kong)
CATL is already a global powerhouse. As the world’s largest electric vehicle battery manufacturer, the company sits at the center of EV adoption. Its IPO reinforced how critical battery infrastructure has become.
Despite broader concerns about Chinese markets, CATL’s offering drew strong interest. Investors focused on long-term demand rather than short-term macro noise.
Overall, the hype largely held up. EV growth is uneven, but battery demand remains structural. In 2026, CATL is positioned to benefit from international expansion, although competition and geopolitics will shape returns.
CoreWeave ($CRWV) — $1.5 Billion
IPO Date: March 28, 2025
CoreWeave entered public markets as one of the most anticipated AI infrastructure plays. Originally a crypto-mining company, it pivoted aggressively into GPU-powered cloud services for AI training.
Initially, the stock surged. However, volatility followed. High capital costs and questions around profitability cooled investor enthusiasm as the year progressed.
As a result, CoreWeave became a reminder that AI hype alone is not enough. Still, demand for compute power continues to grow. In 2026, the company’s success will hinge on cost control and execution rather than narrative.
Klarna ($KIAR) — $1.37 Billion
IPO Date: September 10, 2025
Klarna helped define the buy-now-pay-later boom. Founded in Sweden, it expanded rapidly across global e-commerce. After delaying its IPO for years, Klarna finally went public in the U.S.
The debut was solid but not explosive. Shares rose modestly, reflecting cautious optimism. Investors appeared encouraged by Klarna’s scale, yet wary of consumer credit risk.
Therefore, the hype was only partially justified. Klarna’s future depends on diversification beyond BNPL. If it succeeds, 2026 could mark a stronger growth phase.
Figma ($FIG) — $1.2 Billion
IPO Date: July 31, 2025
Figma’s IPO was one of the most closely watched tech listings of the year. After a failed acquisition attempt by Adobe, the company returned to markets with renewed independence.
Investors rewarded that decision. The stock climbed well above its IPO price and held gains. Designers, developers, and enterprises remain deeply embedded in Figma’s platform.
In short, the hype proved justified. Looking to 2026, Figma appears well positioned to expand features and defend its category leadership.
Circle ($CRCL) — $1.1 Billion
IPO Date: June 5, 2025
Circle, the issuer of the USDC stablecoin, delivered one of the most dramatic debuts of 2025. Shares surged well beyond expectations, signaling renewed confidence in regulated crypto infrastructure.
This IPO mattered beyond price action. It validated the idea that compliant crypto companies can thrive in public markets.
As a result, Circle emerged as a bellwether for digital finance. In 2026, growth will depend on adoption of stablecoin payments and evolving regulation. Still, momentum remains strong.
Chime ($CHYM) — $864 Million
IPO Date: June 11, 2025
Chime built its brand by challenging traditional banking fees. Its mobile-first approach attracted millions of users, particularly younger consumers.
The IPO was well received, though measured. Investors appreciated growth but also scrutinized margins.
Nevertheless, Chime’s long-term outlook remains positive. In 2026, expansion into new financial products could drive stronger performance if execution stays disciplined.
Which 2025 IPOs Lived Up to the Hype?
Clear winners emerged. Medline, Figma, and Circle exceeded expectations. Their success was driven by strong fundamentals rather than speculation.
Meanwhile, companies like CoreWeave highlighted the risks of capital-intensive growth stories. Klarna and Chime landed somewhere in between, offering promise with caution.
What 2026 Could Bring
Looking ahead, 2026 appears poised for another active IPO year. However, investors are likely to remain selective. Profitability, balance sheets, and real demand will matter more than narratives.
If 2025 proved anything, it’s this: public markets are open again — but only for companies ready to earn their place.
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