US IPOs Jump 13.9% in 2025, But Crypto and AI Stocks Lag Behind S&P 500

Quick overview

Investors who put their money on US initial stock listings last year got out-run by the wider stock market , with the crypto and AI-focused IPOs dragging on overall returns. According to a Bloomberg report, the overall average return from all US IPOs in 2025 (excluding closed-end funds and SPACs) was 13.9%, well below the 16% rise in the S&P 500.

It was a rollercoaster year for US IPOs, marked by high-profile crypto and AI debuts. Some achieved initial success, but many others struggled amid the ups and downs of the crypto market and the broader hype around tech.

Crypto IPOs Found It Pretty Tough After Initial Fanfare

Several high-profile crypto companies did list on the stock market last year and really took off, helped by investor optimism and regulatory clarity. Check out these examples:

• Circle Internet Group (CRCL): Listed for $31, shot up 170% on its first day; now sits about 70% down from its October peak at $84.80.
• Gemini (GEMI) had an $28 IPO, hit a peak of $32.50, and then crashed 64.5% to $9.92 by the end of the year.
• Bullish (BLSH) listed at $37, climbed to $68 on its first day of trading, and then finished the year right back at the IPO price at $37.87

Lots of people and companies were initially excited about some of the newer coins and blockchain ventures – but the super-high volatility in the sector meant it was hard for investors to get a good return and stay on top of the market.

AI IPOs Had a Pretty Mixed Year

The AI-focused ventures were also up and down. Look at Fermi, a data centre developer, and Navan, an expenses platform – both of them did worse than they did on their first day of trading; a lot of investors got a bit more cautious about putting their money into AI and were looking much closer at how well these companies were actually doing before they put their cash in.

The Bigger IPOs Managed To Do Alright

Market watcher Mike Bellin from PwC noted that the bigger IPOs were actually doing a bit better than the smaller ones:

• Companies that were listed for a billion dollars or more averaged a gain of about 20%
• Those that did a listing between $500 million and a billion dollars did just 5.6%

The biggest IPO of the year was Medline’s $7.2 billion listing of medical equipment; it did really well, rising 40% after its debut. On the other hand, Venture Global – a gas exporter that listed for $1.75 billion – crashed 72% – that really highlights how risky it is to put money into something without a clear idea of what it’s worth or if it’s actually going to do well.

ABOUT THE AUTHOR See More

Arslan Butt

Lead Markets Analyst – Multi-Asset (FX, Commodities, Crypto)

Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics. His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker. His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.