Nikkei: IPOX® Founder Josef Schuster talks about the “Golden Age of IPOs” in the US

Japanese business newspaper Nikkei reported that the U.S. IPO market is experiencing its strongest momentum in four years. From January through September 2025, companies raised a total of $43.3 billion, a 35% increase year-on-year, including listings by special purpose acquisition companies (SPACs). The surge comes amid resilient U.S. economic growth and buoyant equity markets, which have encouraged a wave of listings across sectors such as fintech, blockchain, and digital assets.

The article highlights high-profile offerings, including Gemini Space Station, a major cryptocurrency exchange, which priced its IPO at $28 and closed its debut day 14% higher. Klarna, a leading “buy now, pay later” (BNPL) firm, and Figure Technology Solutions, a blockchain finance company, also entered the market this week.

While enthusiasm has sparked talk of a new era for IPOs, concerns remain about sustainability and the risk of sharp post-listing declines.
Reflecting on this surge, IPOX® CEO and Founder Josef Schuster remarked: “A golden age of IPOs has arrived in the US.”

Read the full article by Daichi Mishima on Nikkei: 米IPO1〜9月期35%増　「黄金時代」の声も、熱狂に警戒感