Bloomberg: IPOX® 100 U.S. Index Outperforms as IPO Market Momentum Builds
In a recent Bloomberg Opinion column (Sept. 16, 2025), senior markets editor John Authers examined the sharp rebound in U.S. IPO activity under the headline “IPOs Resurrect.” Following a subdued 2022–2023 period, marked by higher rates and investor caution, 2025 has seen renewed strength in new listings, particularly among companies in AI, fintech, and crypto.
Bloomberg reported that first-time share sales on U.S. exchanges have raised nearly $29 billion year-to-date, a pace 42% higher than the same period last year. While still below the record-setting levels of 2021, the recovery reflects improving investor sentiment and an easing valuation gap between private and public markets. Notably, median IPO pricing this year has been only 25% above peak private valuations — a far cry from the 126% premium seen during 2021’s speculative surge.
A central indicator of this renewed momentum has been the IPOX® 100 U.S. Index, which tracks the performance of the largest and most liquid U.S. IPOs and spin-offs over the past four years. According to Bloomberg, the index has “massively outperformed” since April’s post-“Liberation Day” rally, signaling a robust appetite for newly listed equities and reinforcing the market’s capacity to absorb new issuance.
This performance has broader implications: a strong aftermarket is historically one of the most important catalysts for encouraging more companies to go public. Investors, seeing consistent returns in the IPOX® 100 U.S. Index, are increasingly willing to support upcoming deals, providing liquidity and confidence for issuers. With AI and technology-driven names leading the way, the IPO market is once again positioning itself as a growth engine in U.S. equities.
Read more here: https://www.bloomberg.com/opinion/newsletters/2025-09-16/to-be-a-fly-on-the-wall-at-this-fed-meeting
