As of this past Thursday, 216 companies have made IPOs on U.S. exchanges in 2025, collectively raising more than $39.83 billion. Compare that to 118 offerings at this time last year. Actually, it’s the most that we’ve seen by mid-August since 2021. 

It’s also quite the rebound from April, when Trump’s initial tariff threats temporarily froze aspiring issuers in their tracks.

This summer has been a very different story.

And that’s really good news for everyday investors. The reality of the current market is that so much of our record-setting growth is rooted in the performance of just a few big cap stocks like Nvidia and Microsoft. Our upward momentum, exciting as it is, rides on the shoulders of giants.

Naturally, the ground floor for investment in these giants was 20 stories below us by the time shares became available to everyday investors. 

That’s what makes a red-hot IPO market so interesting. It’s actually an opportunity for everyday investors to board the elevator on its way up. 

Of course, there’s no guarantee that the ride always goes that way. The cables can rip loose at any moment.

Bankers warn that, especially at a moment like this, when IPOs are booming, opportunities can be highly speculative. To wit, no small portion of this boom is being fueled by a surge in crypto optimism.  

Stablecoin issuer Circle went public in June and roughly doubled its share value in the process, raising about $18 billion on the sale. Then Congress passed its crypto-friendly GENIUS Act in July, sending Circle’s value to $35 billion. 

And on Wednesday, crypto exchange Bullish smashed up the china shop, opening on the NYSE at $90 per share, 143% above its IPO price of $37. At one point, it rose as high as $118 before closing at $68. Bullish raised $1.1 billion on the sale and roughly doubled the company’s market value, ending its sale at $10.25 billion in market value. 

Evidence suggests we’ve moved on from FTX-related anxieties and the crypto winter is well behind us. Suddenly, crypto players are lining up for IPOs like, well….

BitGo, Grayscale and Gemini have already submitted their confidential filings. So it would seem that the age of crypto IPOs is upon us. 

Fortunately, crypto isn’t the only phenomenon driving this summer of IPOs. Innovation abounds, and investors are here for it. Noting a few highlights:

• Chime Financial Inc. (CHYM), a fintech company focusing on mobile banking, debuted at $27 per share in June, saw shares rise as much as 66% before closing at $37.11, and ended with a market value of $13.5 billion. 

• HeartFlow Inc. (HTFL), an AI company specializing in coronary artery disease, closed its IPO in early August after raising $364.2 million.

• Figma (FIG), a popular collaborative design platform, filed for an IPO in July, listed on the NYSE at the end of the month, and saw its shares triple post-IPO.

Figma is of particular interest to us, and not just because it was one of the biggest tech debuts of the year, but also because it represents a new model for investor relations. Even as Figma was in the midst of its blockbuster IPO, CEO Dylan Field was out there on social media engaging directly with customers and his community. 

To quote our own CEO, Alex Cohen, “This is the future of stakeholder engagement. Meeting stakeholders, customers and Shareholders where they are: Online.”

It also underscores an important point that we make a lot around here. There’s always risk involved with investing. But if you are looking to get in on the ground floor, at least throw your money at something you can believe in. 

What can you believe in? Well, that’s up to you, but we tend to trust the folks that look us directly in the eyes when they speak to us. 

Today, a growing number of publicly traded companies are dedicated to giving everyday investors something they can believe in, and they’re showing this dedication by engaging their shareholders directly.

That’s why we’re having our friend Mihir Dange from XCF Global on Let’s Talk Markets Live next week. Just two months ago, XCF got in on the IPO action. And like Figma’s CEO, Mihir is dedicated to meeting investors exactly where they are. And we’re proud to say that a lot of these investors are on Urvin. 

Join us this coming Wednesday to find out how it’s all going.