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.”

Blockchain lender Figure Technologies is seeking a valuation of up to $4.13 billion in its Nasdaq IPO, aiming to raise $526 million. Commenting on the broader crypto IPO pipeline, IPOX® CEO Josef Schuster said: “With the current administration strongly supportive of the space, the pipeline is likely to remain active.”

Bloomberg highlights Canada’s only IPO of 2025, GO Residential REIT, which has fallen 15% since its debut despite being oversubscribed. IPOX® Founder and CEO Josef Schuster noted that while Canadian IPOs may lack the immediate “pop” often seen in the US, they can deliver stronger gains over the medium to long term, citing past examples like MDA Space and Definity Financial that rallied well after slow starts.

Reuters highlighted a surge in U.S. IPO activity as WaterBridge Infrastructure and Pattern Group filed to go public. IPOX® CEO Josef Schuster noted: “Lower U.S. rates and a proliferation of the rally to U.S. small- and mid-caps may add fuel to the fire towards year-end.” He added: “The golden age for U.S. IPO is here,” citing strong gains in the IPOX® 100 Index.

Strong U.S. IPO debuts are sparking debate over cautious pricing by Wall Street banks. In Reuters, IPOX® Associate Lukas Muehlbauer noted that conservative pricing is a strategy to “build positive momentum and long-term brand equity,” while ensuring easier access to follow-up capital.

Figure Technology Solutions filed for a U.S. IPO after reporting a 22% revenue surge in the first half of 2025. Reuters highlighted the growing wave of crypto-related listings, including Gemini. IPOX CEO Josef Schuster commented, “Crypto is becoming one of the big pillars of the IPO market, with more deals expected not only via IPO- but also through deSPAC transactions.”

Reuters reported that Via Transportation, a New York-based transit-technology company powering public transit systems worldwide, has filed for a U.S. IPO after posting a 27% revenue gain in the first half of 2025. IPOX® CEO Josef Schuster said IPO activity will be “seasonally subdued” in the coming weeks before picking up again, and noted Via’s listing will test sentiment for other travel- and transit-tech offerings.

Japan’s largest financial newspaper, Nikkei, featured IPOX® Research Associate Lukas Muehlbauer in coverage of “Trump stocks.” The piece highlighted GrabAGun Digital Holdings, which announced a $20 million share repurchase after its post-listing performance declined. Muehlbauer noted that while Donald Trump Jr.’s endorsement can help raise brand awareness, investors will ultimately focus on the company’s ability to deliver sustainable growth.

Circle Internet Group is selling 10 million shares just two months after its IPO, capitalizing on a 349% stock surge. IPOX® founder Josef Schuster called it “an opportunistic move… that’s how risk gets transferred into public market.” The oversubscribed offering highlights strong investor demand despite the unusually short lock-up timeline.

Bloomberg featured the IPOX® 100 Europe Index in its coverage of European IPO performance. While several large IPOs are trading below their offer prices, the index — tracking the region’s largest and most liquid IPOs and spinoffs — has delivered a strong 24% return year-to-date.

Europe’s IPO market may be set for a revival, with major listings from Navoi Mining, Visma, Verisure, and Czechoslovak Group on the horizon. After years of sluggish activity, improving market depth and sector momentum could reopen the deal window. IPOX®’s Lukas Muehlbauer says early successes will be key to sustaining activity. Read Bloomberg’s full coverage and IPOX®’s market insight.

In an interview with Money Life Podcast, IPOX® CEO Josef Schuster describes the IPO market as bullish and strong, driven by the performance of recent offerings. He notes that SPACs have returned and are a permanent fixture for companies going public. Schuster also highlights an innovative IPOX high-dividend strategy, which capitalizes on mispriced, income-generating companies. He suggests post-IPO investing can be a more liquid and cost-effective alternative to private equity.

Crypto exchange Bullish, backed by Peter Thiel, has upsized its IPO to target a $4.82B valuation. IPOX®’s Kat Liu says the pricing reflects trends of setting ranges below prior valuations, and stablecoin deployment will help accelerate infrastructure growth.

Reuters reports the Trump administration may launch IPOs for Fannie Mae and Freddie Mac this year, potentially valuing them at $500 billion. IPOX® VP Kat Liu cautions that a partial sale without a clear government exit plan could weigh on valuations, as investors may expect future sell-downs.

In a CNBC feature on the renewed momentum in space-related IPOs, IPOX® Research Associate Lukas Muehlbauer provided expert commentary on current market dynamics. He noted it is “definitely a good time for Space IPOs,” explaining that while government contracts provide insulation from tariffs, dependency on foreign components remains a vulnerability. Muehlbauer also highlighted how increased competition will lower entry barriers for new business models.

In a Reuters article covering Heartflow's upsized U.S. initial public offering, IPOX® Research Associate Lukas Muehlbauer provided expert analysis on the rebounding medtech IPO market. He noted that Heartflow's success "stands out, with the tightened price range indicating a well-covered book and strong demand," signaling positive momentum for the sector after a multi-year downturn.

In a Reuters article about Firefly Aerospace’s upsized IPO, IPOX® Research Analyst Lukas Muehlbauer provided expert commentary. He explained that the narrower price range signals “well-covered books on high demand and strong pricing conviction.” Muehlbauer also noted that potential rate relief should cushion volatility and allow the positive IPO market sentiment to continue into the fall.