The dormant IPO market just roared back to life this week as a parade of companies from crypto exchanges to coffee chains launched public offerings, signaling that investor appetite for new stocks is finally recovering from months of tariff-induced paralysis.
Klarna, Gemini, Black Rock Coffee Bar, Figure Technology, and Legence all kicked off roadshows Tuesday, marking the unofficial start of fall’s traditionally busy IPO season. For investors who’ve watched the new-issue market stagnate since April, this surge represents both opportunity and a critical test of whether market confidence can withstand ongoing political uncertainty.
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The Trump Tariff Hangover Is Finally Lifting
The IPO drought that began in April wasn’t due to lack of companies wanting to go public—it was pure fear. When the Trump administration unveiled sweeping tariffs on major economies earlier this year, global markets convulsed and the fragile IPO recovery that had been building momentum ground to an immediate halt.
“The IPO market ground to a halt in April after the Trump administration unveiled sweeping tariffs on major economies, roiling global markets,” according to a Reuters analysis of this year’s market dynamics.
But something has shifted. As tariff concerns begin to ease and U.S. stock markets hover near record highs, companies that had been waiting on the sidelines are finally making their move. The timing couldn’t be better—fall is historically the busiest season for new offerings as investors return from summer vacation ready to deploy capital.
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These Sectors Are Driving the Comeback
Finance and technology companies are leading this resurgence, and for good reason. The finance sector has remained largely insulated from tariff shocks since it faces minimal direct impact from trade flows. Meanwhile, strong first-day performances from high-growth tech and crypto firms this year have reinforced investor confidence.
Circle CRCL, the stablecoin issuer, Firefly Aerospace FLY, the space startup, and crypto exchange Bullish BLSH all delivered impressive debuts that helped restore faith in the IPO market’s stability.
“We expect the digital asset space and AI-related companies to continue leading the IPO market this fall,” Jeff Zell, senior research analyst at IPO Boutique, told Reuters.
The year’s largest IPO so far belongs to LNG firm Venture Global VG with its $1.75 billion listing, followed by AI-focused cloud services company CoreWeave CRWV and design software maker Figma FIG.
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The Conservative Pricing Strategy That’s Actually Working
Here’s what’s interesting about this IPO revival: companies aren’t getting greedy with valuations. The uncertainty surrounding trade policy and volatile interest rates has led to conservative pricing strategies that favor first-day pops over maximizing initial proceeds.
“Pricing an IPO is as much an art as it is a science,” Russ Mould, investment director at AJ Bell, explained to Reuters. “Some firms or owners may be keen to raise cash or sell almost whatever; some will be more sensitive about the valuation they can get. In the latter case, buoyant markets are more helpful.”
This approach is paying off. An index tracking newly-listed stocks is currently outperforming broader equity benchmarks, creating positive momentum that feeds on itself as more companies see successful debuts.
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