2025 VC‑Backed IPOs in North America

In 2025, a fresh wave of venture‑backed startups hit North American markets, marking a rebound after a prolonged lull. As of mid‑August 2025, 13 US VC‑backed companies have IPO’d (see table below), compared to 8 in all of 2024. These offerings span fintech, AI/cloud, healthcare, adtech, and space sectors. Many IPOs saw oversubscribed offerings and first-day pops, signalling strong investor appetite, and collectively raised tens of billions of dollars. The table below summarizes each IPO’s key data – including sector, date, valuation, proceeds, lead underwriters, and notable backers.

Each IPO above was heavily oversubscribed and most priced at or above the proposed range. First‑day stock gains were common: Circle’s stock nearly tripled to close ~168% above its $31 IPO price, and Hinge Health’s stock climbed 17% on debut. Only Voyager’s shares closed flat at $40 (its IPO price); all others ended well above their offer price on day one.

Market and Liquidity Impact

These 2025 IPOs injected significant liquidity into venture portfolios. Crunchbase data shows US VC-backed public exits (IPOs + M&A) have rebounded in 2025. Billion-dollar IPOs alone totalled about $86B at IPO price, up sharply from 2024’s $56.5B. In addition, M&A exits have surged (e.g. Wiz’s $32B sale, Ampere, etc.), meaning overall exit values (including ~22 deals totalling ~$84B) are near record highs. Together, the uptick in IPOs and acquisitions alleviated a multi-year “exit drought,” letting early backers partially harvest gains. As one VC noted, “price clears all markets” – after years of private funding at rich terms, these IPO pops show that “cheaper money is now in the public markets,” boosting fund mark‑to‑market values.

The strong performances also boost venture confidence. Investors saw large first‑day premiums (Circle, Hinge, Omada, Chime, Voyager, etc.), signalling robust demand for growth companies – especially those tied to AI, fintech, or healthcare trends. For instance, JPMorgan strategists highlighted Circle and Chime as bellwethers: Circle’s stablecoin surge and Chime’s 59% pop on day one suggest a renewed appetite for fintech IPOs. Likewise, Omada and Hinge’s gains underscore improving sentiment for digital health offerings. Many listings were upsized: Chime sold 32M shares (above its initial plan) to raise $864M, and Omada raised $150M by upsizing to 7.9M shares at $19. The fact that retail and institutional investors eagerly bought these deals (often at high premiums) has opened the IPO window for other “sleeping giants” on the verge of listing.

At the fund level, these exits should improve venture returns and fundraising. Large exits (especially IPOs) mean returning capital and profits to LPs, which can lift performance metrics and make fundraising easier for top VC firms. For example, Insight Partners’ investment in Hinge Health (IPO in May) and Accel/General Atlantic’s stakes in Circle and Chime will see marked gains.  Firms like Greycroft and Bonfire that backed MNTN or Metsera likewise captured triple‑digit multiples on paper. Although much of the public float remains locked (founders and VCs typically have lock‑ups), the published share offerings (including secondary shares from existing investors) provided partial liquidity. In short, a handful of outsized exits have materially improved industry liquidity, even as many portfolios remain unrealized.

However, it’s worth noting valuation trends: some IPOs priced below prior private valuations. For example, Chime’s IPO implied a ~$11.6B fully diluted market cap vs. a $25B private valuation in 2021, reflecting a ~54% markdown. Similarly, CoreWeave down‑sized to a $23B IPO valuation from an earlier target near $30B. By contrast, smaller companies like Ambiq ($656M vs $450M last privately) and Omada ($1.28B vs $1.0B last private) saw premium pricing. Overall, most IPOs were priced conservatively; the subsequent price jumps indicate underpricing relative to demand. Investors have thus gained on the open market, even as issuing VCs booked moderate paper gains or held valuations flat.

Economic and Policy Context

These IPO outcomes occurred in a friendly macroeconomic climate. In late 2024 and 2025, expectations of a pro-growth US agenda – including lower corporate taxes and relaxed regulations under the incoming administration – improved sentiment. Many analysts (and IPO filings) explicitly cited a “friendlier regulatory environment” and revived equity markets as rationale for timing listings. Trade tensions briefly paused in spring 2025, and positive US GDP growth helped calm markets. As Reuters noted, Wall Street stocks slid in the lead‑up (amid tariff concerns), but the successful IPOs themselves “fired up” confidence and mitigated those risks.

Interest rates remain high by recent standards, which generally weighs on IPO proceeds. Some analysts caution that if Fed policy stays restrictive, total deal volume may not rise dramatically despite the current window. Indeed, one report noted that even with strong first-day performances, aggregate IPO proceeds for 2025 may be capped by high rates. Nonetheless, markets have shown thawing liquidity: Crunchbase observed that 142 U.S. IPOs had launched by June 6, 2025 – an 82% increase over the same period in 2024. Tech sectors (AI, fintech, health tech) are especially benefitting from renewed investor interest as tariffs ease, fueling optimism about future listings.

In summary, the 2025 IPOs highlight a partial turnaround in the exit landscape for VCs. Multiple large rounds of private funding from 2020-2022 are now finding paths to liquidity. The high valuations of recent exits are a boon for funds: Scale Ventures summed it up, “if a company wants to raise in the next two years, now would be a really good freaking time,” given that “cheap money is now in the public markets.” For LPs and venture firms, this means improved fund performance and potentially easier fundraising ahead, assuming markets hold. At the same time, macro factors like interest rates and geopolitics remain watch points; investors will be wary if positive trends reverse. But as of late 2025, the market has swung from drought to a bullish phase for high-growth IPOs, renewing capital flows into both public equities and venture coffers.