According to ChainCatcher, Bloomberg reports that the average increase in the share price of US-listed companies from their IPO price to the end of the year in 2025 is 13.9%, lower than the 16% increase in the S&P 500 index. The poor performance of cryptocurrency and AI companies is the main reason.
Stablecoin issuer Circle performed relatively well, surging 170% on its first day of trading after its IPO, but subsequently falling nearly 70% from a high of $263 to $84.80. Gemini performed poorly, plummeting 64.5% from its IPO price of $28 to $9.92. Bullish fell from a high of $68 to $37.87. Mid-sized IPOs ($500 million-$1 billion) rose by an average of only 5.6%, far lower than the 20% increase of large IPOs ($1 billion+).
PwC's head of US IPOs stated that the market has returned to being driven by fundamentals, investors are more discerning, and the barriers to entry for early-stage technology companies have significantly increased.
