IPOs Are Back

Portfolio Activity -

June gave us a real shift in IPO activity. Five tech firms went public, a big jump compared to the two-per-month pacewe saw earlier this year. After a long quiet stretch, it’s starting to feel like the IPO window is reopening slowly, but noticeably.

The big spark came from Circle (CRCL), which listed on June 5 and has already gained about 75% since. That move seems to have reignited interest in late-stage private companies. Other names like Omada Health (OMDA) and Chime Financial (CHYM) followed, rounding out a stronger-than-expected June.

Now all eyes are on Figma, which just filed and wants to go public under the ticker FIG. If that lands well, it could drive even more momentum into Q3.

So far, 176 IPOs have launched in the U.S. in 2025, up 87% compared to the same period last year. Still early days, but the tone is changing.

📌 What to watch

  • Pricing strength and post-IPO performance, especially for non-crypto names
  • Whether institutional money keeps showing up or pulls back on weak offerings
  • The ripple effect on late-stage VC valuations
  • If Figma becomes a “market validator” like Arm or CRCL did in their lanes