Figma Joins a Winning Streak as Venture-Backed IPOs Surge in 2025

Activity in U.S. technology IPOs remains modest so far this year, yet companies that have gone public have enjoyed remarkably strong investor reception. This momentum may work in favor of Figma, the design platform that set its IPO price at $33 per share late Wednesday, exceeding initial expectations. Trading will begin on the New York Stock Exchange under ticker FIG.

Early indicators suggest Figma could follow the pattern established by other major offerings in 2025. A review of the nine largest venture-backed IPOs shows all have gained value since their initial pricing, signaling robust market appetite for new public companies.

Circle leads the charge

Circle Internet Group stands out as the clear winner among recent debuts. The New York-based stablecoin operator, now valued above $40 billion, has seen its stock multiply more than fivefold since its June IPO launch.

The remarkable gains have inspired other companies to pursue public listings. BitGo, which provides custody solutions for cryptocurrency assets, and Gemini, the exchange operated by Cameron and Tyler Winklevoss, have both filed confidential registration statements. Bullish, a digital asset platform, also submitted its public IPO filing this month.

Circle's timing proved advantageous, coinciding with a surge in cryptocurrency valuations. Bitcoin has recently approached its record high, trading above $118,000.

CoreWeave, Chime and others still up

Despite Circle's outsized returns, AI infrastructure company CoreWeave holds the distinction of being the most valuable venture-backed IPO of the year, with a current market capitalization near $52 billion. The New Jersey-based firm's shares have more than doubled since its April listing.

Chime, a digital banking platform and the second-largest offering, has also gained ground, though its appreciation has been more measured. The company's current valuation exceeds $12 billion, yet remains substantially below the $25 billion peak it achieved in previous funding rounds.

Several mid-tier offerings have also delivered strong performance. Metsera, which develops treatments for obesity and related metabolic conditions, trades at roughly double its January IPO price. MNTN, a platform for targeted television advertising, has similarly climbed sharply since its May debut.

Up next: More huge offerings

Despite the presence of several substantial offerings, venture-backed IPO volume remains restrained this year. While activity has picked up compared to late 2024, a true market recovery would require additional large, successful public debuts.

The pipeline appears promising. Figma represents the most closely watched prospect, having recently expanded its proposed valuation range to as much as $18.8 billion.

Ambiq Micro, a developer of energy-efficient chips for artificial intelligence applications, achieved a successful debut on Wednesday, beginning trading on the New York Stock Exchange with shares closing up 61% on the first day.

The demanding nature of IPO preparation raises questions about how many eligible private companies will pursue public offerings. If current conditions persist, however, many founders who have chosen to remain private may eventually reconsider that strategy.