The U.S. IPO market reopened this week with a wave of companies launching offerings across crypto, fintech, consumer, and tech sectors. Investor confidence appears to be returning after months of uncertainty, as concerns around U.S. President Donald Trump’s tariffs began to subside.
A Busy Fall IPO Window
Tuesday marked the official start of the post-Labor Day IPO window, traditionally one of the most active stretches of the year. Analysts say the next six weeks will be critical, with high-profile names testing whether equities can withstand ongoing political and economic uncertainty.
Swedish fintech Klarna, Winklevoss twins-backed Gemini crypto exchange, Black Rock Coffee Bar, Figure Technology, and services provider Legence were among the first to announce terms of their offerings.
“I believe that the strong sentiment for U.S. IPOs overall will continue for the remainder of 2025 and into 2026, particularly for growth-focused deals in technology and linked to the U.S. consumer,” said Josef Schuster, CEO of IPOX.
Market Sentiment Turns Upbeat
Strong first-day gains from recent listings—such as Circle, Firefly Aerospace, and Bullish—have reinforced optimism. These successes suggest the US IPO market is stabilizing despite lingering risks.
Meanwhile, stock indexes remain near record highs, providing a supportive backdrop. “As long as the market stays strong, we expect more IPOs to come,” said Bo Pei, analyst at US Tiger Securities.
Trump Tariff Jitters Recede
The IPO market had stalled in April when sweeping U.S. tariffs shook investor confidence and disrupted global markets. Firms that delayed their offerings are now returning to test whether demand has recovered.
“Trump tariffs remain an underlying risk factor for the IPO market due to their potential to trigger volatility in equities and rates,” Schuster explained.
Nasdaq CEO Adena Friedman previously noted that the IPO pipeline looked stronger for the second half of 2025, with large private firms beginning to brave market uncertainty.
Sectors to Watch
According to analysts, the digital asset space and AI-linked companies are expected to dominate upcoming deals. Finance has also led this year’s rebound, with limited exposure to tariffs.
Notable deals already include LNG firm Venture Global’s $1.75 billion IPO, along with AI-focused CoreWeave and design software maker Figma.
“With strong debuts and a backdrop of lower rates, 2026 could finally tip the scales for a broader wave of listings,” said Jeff Zell of IPO Boutique.
