The U.S. IPO market is showing its strongest momentum in four years, with funds raised from January to September 2025 up 35% year-on-year to $43.3 billion. High-profile listings, including Gemini Space Station and Klarna, highlight investor appetite. IPOX® founder Josef Schuster noted, “A golden age of IPOs has arrived in the US.”

Transit tech company Via Transportation (NYSE: VIA) went public on the New York Stock Exchange at a $3.5 billion valuation, though shares fell 4.4% on debut. The IPO raised $493 million, with shares priced above the marketed range. Commenting to Reuters, IPOX® Vice President Kat Liu highlighted risks in Via’s model, citing “lower margins, slower scaling across jurisdictions, and dependence on local relationships and regulatory compliance.”

Klarna’s $1.37 billion U.S. IPO marks one of 2025’s most closely watched fintech listings, valuing the company at $15.1 billion. In Reuters coverage, IPOX® VP Kat Liu highlighted Klarna’s strong brand presence, noting that recognition is “as critical as the business model” in the competitive fintech space. The debut underscores renewed investor appetite for high-growth IPOs despite ongoing profitability challenges across the sector.

Morningstar highlighted the First Trust US Equity Opportunities ETF (FPX), linked to the IPOX® 100 U.S. Index, as the largest fund holder of GE Vernova stock. With a 10.5% allocation, GE Vernova has been the single biggest contributor to FPX’s strong 2025 performance. The $1 billion ETF, which tracks 100 of the largest recent IPOs, is up 26.3% year-to-date, ranking in the top 3% of its peer group.

U.S. IPOs gained momentum as firms including Klarna, Gemini, and Figure launched offerings after Labor Day. IPOX® CEO Josef Schuster told Reuters: “The strong sentiment for U.S. IPOs overall will continue for the remainder of 2025 and into 2026, in particular for growth-focused deals in technology and linked to the U.S. consumer.”