After years of muted activity, companies across technology, finance, AI, and industrial sectors are dusting off their IPO plans and investors are taking notice. The global IPO market is experiencing a powerful resurgence, with total capital raised climbing significantly in 2025 and optimism building for next year’s pipeline. According to recent global market reports, IPO proceeds are up strongly compared to prior years, and markets like Hong Kong have even reclaimed the top spot in global fundraising, driven by a record pipeline of listings.
This momentum isn’t limited to one geography:
Hong Kong led the world in IPO funds raised in 2025, its first time atop the global rankings since 2019. Driven by A+H dual listings (companies listed both in Mainland China and Hong Kong), total funds raised surged, and 300+ companies are currently in the listing pipeline.
The US IPO market hit its highest capital raise since 2021, with major exchanges like Nasdaq welcoming new listings and transfers that added trillions in market value.
Emerging markets from India to Southeast Asia also showed resilience, with strong activity in diverse sectors such as real estate, financial services, consumer goods, and logistics infrastructure.
Taken together, these trends highlight a broader repositioning of global capital one that reflects renewed investor appetite for growth, innovation, and liquidity after a prolonged cyclical downturn.
The 2025 IPO Winners Worth Noting: Here are some of the most talked-about public debuts of 2025 across sectors that matter:
Circle Internet Group (CRCL): The stablecoin pioneer behind USDC raised significant capital on its NYSE debut and saw strong post-IPO performance amid robust crypto ecosystem growth.
Chime Financial (CHYM): The fintech neobank’s Nasdaq listing underscored investor interest in digital banking and consumer finance, with notable early gains and positive earnings guidance.
Figma Inc (FIG): The collaborative design platform delivered one of the most dramatic first-day performances of the year, illustrating persistent demand for cloud-native SaaS offerings.
Taking a different regional angle, the Indian e-commerce platform saw its stock nearly double shortly after listing, signalling strong retail investor enthusiasm in high-growth emerging markets.
Each of these public offerings tells a broader story, one of sector diversification and investor confidence returning to primary markets. From fintech and blockchain to SaaS and digital commerce, 2025 offered a far more dynamic IPO count than recent years.
What’s in Store for 2026?: The excitement isn’t confined to the books that have already closed. A massive wave of potential listings is brewing for 2026:
SpaceX: Elon Musk’s space exploration and rocket company is reportedly preparing for what could become the largest IPO in history, with projected valuations near $1.5 trillion.
OpenAI: The AI pioneer is exploring a public offering targeting a ~$1 trillion+ valuation, which would be among the most significant tech market debuts ever.
Motive Technologies: An AI-powered fleet management company recently filed for its own NYSE IPO, reflecting the appetite for AI and logistics tech in public markets.
Other global candidates include Prism (the Oyo Hotels parent), Biren Intelligent Technology in Hong Kong, and more, expanding both the scale and regional footprint of the coming IPO cycle.
Market analysts are projecting hundreds of IPOs in 2026, spanning technology, financial services, industrials, and biotech signaling a sustained reopening of equity capital markets after years of uncertainty.
Final Thoughts: Why This Matters: For investors, companies, and capital allocators alike, this potential IPO boom is more than market rhetoric, it reflects:
Improved liquidity and investor confidence
Sector rotation into AI, cloud, fintech, and biotech
A maturing public market that’s willing to fund long-term growth
Whether you’re an institutional investor looking to position for the new wave of public listings, or a market watcher evaluating macro trends, the current IPO landscape deserves attention. With strong fundamentals in many economies and a deep pipeline of innovative companies ready to go public, 2026 may well deliver the most transformative year in IPO history.
