IPO-Ho-Ho

SpaceX officially confirmed plans for an IPO earlier this month. Its target valuation of US$1.5T would make it the biggest-ever public offering – likely to come in early 2026. CEO Elon Musk, who also leads Tesla ($TSLA), would become the world’s first trillionaire. And investors would finally get a piece of the biggest driving force in the space economy. 

It might not be the only big debut. AI rivals OpenAI and Anthropic are also laying the groundwork for potential IPOs in 2026.

All of this caps what’s already been a monster year for deal making on Wall Street. Bloomberg data estimates that global transaction volumes rose 40% to US$4.5T in 2025. That includes the ongoing blockbuster battle between Netflix ($NFLX) and Paramount Skydance ($PSKY) for Warner Bros ($WBD).

If you’re after something fresher than cricket scores or property prices to bring up at the Christmas BBQ, let’s recap some of the market’s hottest new entrants in 2025.

1. CoreWeave ($CRWV)

Crypto miner turned AI infrastructure powerhouse, CoreWeave is the company quietly supplying the compute muscle behind the AI boom. The firm went public on 28 March and closed flat at its IPO price of US$40 after a lukewarm first day. But $CRWV rallied 42% in its third trading day and had gained 357% by June. Although shares have since retraced, $CRWV is still up 80% since its public debut. It still remains an investor favourite, and one of its biggest investors is actually one of its biggest suppliers: Nvidia ($NVDA) holds 24 million shares and has signed a US$6.3B deal to buy unsold cloud capacity until 2032. $CRWV was a 67% buy on Stake this year.

2. Circle Internet Group ($CRCL)

Stablecoin issuer Circle was one of the biggest IPOs from the crypto sector in 2025. The firm behind USDC went public on the NYSE at US$31 per share, raising US$1.1B in a highly oversubscribed IPO. It rounded out the first day of trade as US$88 – a 180% gain – and reached a record US$240 on 20 June. After its meteoric rise, coupled with the expiry of lockups (meaning insiders are finally allowed to sell shares), the firm wasn’t immune to profit-taking. That and crypto volatility has led $CRCL to retrace 22% from its Wall Street debut. It’s been popular on Stake, with a buy ratio of 56% YTD.

3. Figma Inc ($FIG)

Cloud-based interface design platform Figma debuted on the NYSE on 31 July with a US$33 price tag. After a blockbuster first day (which included a trading halt), $FIG ended 250% higher at US$115.50. Only a week later, $FIG had shed US$11B from its market cap and has continued its trajectory lower towards the year-end. Still, going private on its own and being valued at US$68B at one point, was a good outcome for the firm that was nearly acquired by Adobe ($ADBE) in 2022. Stake investors were largely bullish on $FIG all year and it shows. It’s ending the year with a 74% buy ratio.

4. Chime Financial ($CHYM)

Neobank Chime Financial priced its IPO on the Nasdaq at US$27 per share on 11 June 2025, selling 32 million Class A shares and raising about US$864 million in a blockbuster fintech debut. $CHYM rallied 59% on opening day and then hit a peak of US$34.55 on 25 July. Although shares took a dive after a frenzied first few weeks, they’ve rallied 37% in the last month alone. Investors are closely watching its growth-to-profitability dynamics, and its latest earnings report came with an earnings beat and a raised Q4 forecast of US$578M. On Stake, its buy ratio sits at 62% YTD.

5. Maze Therapeutics ($MAZE)

Biotech firm Maze Therapeutics went public on 31 January, pricing its upsized IPO at US$16 per share and raising around US$140 million to fund its genetically-targeted drug pipeline focused on kidney and metabolic diseases. Unlike most of the names on this list, $MAZE didn’t see a massive uptake in its early days of trading. It wasn’t until September that it started to see major upward momentum. But when it got going, it did so in a big way. $MAZE ends the year 152% higher than its public debut as investor rotation into biopharma starts to take shape. It’s buy ratio on Stake sits at 63% YTD.

This is not financial advice nor a recommendation to invest in the securities listed. The information presented is intended to be of a factual nature only. Past performance is not a reliable indicator of future performance. The author of this article and other employees of Stakeshop Pty Ltd may hold positions or have financial interests in the company (or companies) discussed above. As always, do your own research and consider seeking financial, legal and taxation advice before investing.