Crypto and AI-focused initial public offerings (IPOs) last year weighed on overall US IPO performance, causing new listings to lag the tech-heavy S&P 500.
Shares of all companies going public in 2025 — excluding closed-end funds and special-purpose acquisition companies (SPACs) — gained a weighted average of 13.9%, compared with the S&P 500’s 16% rise, Bloomberg reported Monday.
The year saw some of crypto’s biggest names enter the public markets, buoyed by Wall Street confidence during the Trump administration era. However, not every debut was successful. AI-related IPOs were also risky, with companies such as data center developer Fermi and AI-powered expense platform Navan underperforming after their listings.
Among the best-performing crypto debuts was stablecoin issuer Circle Internet Group (CRCL), which raised $1.05 billion in its June IPO. Priced at $31, Circle’s shares jumped 170% on their first day. Yet the stock has since struggled amid Bitcoin’s decline, closing at $79.30 on Dec. 31 and down nearly 70% from its October peak above $263. As of Monday, Circle shares stood at $84.80.
Conversely, the Winklevoss twins’ crypto exchange Gemini (GEMI), which debuted in September, was among the worst-performing crypto IPOs of 2025. Gemini priced its IPO at $28, briefly rose above $32.50, but had fallen 64.5% by Dec. 31 to $9.92, with a slight recovery to $11.12 on Monday.
Bullish and broader IPO market show mixed performance in 2025
Shares of crypto exchange Bullish (BLSH), which went public in August, performed modestly. The stock opened at $37 and closed its debut day at $68, but by Dec. 31, it had fallen to $37.87, nearly back at its IPO price.
Overall, 2025 was a mixed year for public debuts. Mike Bellin, US IPO leader at PwC, told Bloomberg that the market “was a distinctly mixed year for IPOs” as it reopened selectively, with higher standards for early-stage tech companies.
Medium-sized IPOs generally underperformed compared to larger offerings. Deals priced between $500 million and $1 billion gained a weighted average of 5.6%, while IPOs valued at $1 billion or more rose an average of 20%.
The year’s largest IPO was medical equipment provider Medline’s $7.2 billion offering, with shares climbing 40% since its mid-December debut. By contrast, gas exporter Venture Global’s $1.75 billion offering, which was cut by 40% before listing, has fallen 72%, ranking among the worst-performing debuts of the year.
“The biggest takeaway is that we’re firmly back in a fundamentals-driven market,” Bellin said. “Investors have become far more selective, and companies must enter the market with a sharper story and stronger operational direction.”
