After a quiet stretch since April, the U.S. IPO market is showing strong signs of revival, fueled by a string of eye-catching debuts. On Thursday, fintech firm Chime (CHYM) surged 59% in its first day of trading, continuing the momentum among newly listed companies.
“If Chime trades well in the first few weeks, boardrooms at a dozen other ‘waiting room’ candidates may move from paper-testing S-1s to pressing the ‘file’ button,” said Michael Ashley Schulman, partner and CIO at Running Point Capital Advisors.
Chime’s successful debut adds to a growing list of standout IPOs in 2025, including Circle (CRCL), eToro (ETOR), and CoreWeave (CRWV), all of which have seen strong aftermarket performance.
“The June IPO market window has clearly been a success with the hugely popular IPO of Circle Financial, and its incredible after-market rise,” said Samuel Kerr, head of equity capital markets at Mergermarket.
Investors and analysts suggest the wave of strong listings is restoring confidence among late-stage startups weighing IPOs.
“There’s a clear backlog of well-capitalized, later-stage firms looking to go public and a successful June slate could set the tone for a stronger Q4,” said Kat Liu, vice president at IPOX.
U.S. IPOs have raised $25.36 billion in 2025 through June 11, according to Dealogic. That’s up sharply from $18.22 billion at the same point in 2024 and $9.53 billion in 2023.
Chime’s Nasdaq debut under the ticker symbol CHYM drew significant investor attention. The company priced its IPO at $27 per share—above its projected range—and opened at $43, raising about $700 million in new capital. That values Chime at approximately $11.6 billion. In addition to the IPO, existing shareholders sold roughly $165 million in shares late Wednesday.
Though its valuation is below the $25 billion mark set during the 2021 tech boom by investors like Sequoia Capital, Chime’s offering marks a critical thaw in fintech IPO activity after years of delays amid rising interest rates and revaluations.
For the most recent quarter, Chime posted revenue of $518.7 million, a 32% increase year-over-year. Net income came in at $12.9 million, down from $15.9 million a year earlier.
The broader IPO pipeline remains robust. Big names such as Klarna, Gemini, Cerebras, and Medline are among the most closely watched companies expected to go public later this year. Cancer diagnostic firm Caris Life Sciences and insurtech firm Slide have already launched roadshows ahead of their anticipated listings next week.
IPO activity had slowed in the wake of President Donald Trump’s “Liberation Day” tariff threats in April, which rattled investor sentiment globally. However, momentum now appears to be building across sectors like finance, technology, oil and gas, and healthcare.
Top bankers and exchange officials say market conditions remain favorable, particularly for companies in sectors shielded from tariff-related risk.
The crypto sector, in particular, may be heading toward a surge in IPOs. Industry observers say that recent strong listings, coupled with lighter regulatory rhetoric from the Trump administration, are helping crypto firms accelerate plans to go public.
Last week, Gemini (GMNI), run by billionaire twins Tyler and Cameron Winklevoss, filed confidentially for a U.S. IPO. Rival Kraken is also reportedly eyeing a listing.
Despite underperformance early in the year due to trade and economic concerns, IPO stocks are now catching up. The Renaissance IPO Index, which tracks major new listings, is nearly in line with the S&P 500 as of June.
As Schulman noted, Chime’s strong early trading could inspire a new wave of IPO filings, turning 2025 into a breakout year for public debuts.
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