US IPOs Lag S&P 500 as Crypto and AI Debuts Weigh on 2025
U.S. initial public offerings in 2025 trailed the S&P 500, with listings tied to crypto and artificial intelligence contributing to the underperformance. Shares of all companies that went public last year, excluding closed-end funds and blank-check firms, rose 13.9% on a weighted average basis versus a 16% gain for the S&P 500, Bloomberg reported on Monday.
The year included several high-profile cryptocurrency listings, following renewed investor appetite as the Trump administration signaled support for Wall Street’s engagement with the sector. Performance, however, varied widely across issuers.
AI-related offerings also produced mixed results. Data center developer Fermi and AI-enabled expense platform Navan underperformed relative to their IPO marks.
Among crypto names, one of the largest and strongest initial sessions came from stablecoin issuer Circle Internet Group (CRCL), which raised $1.05 billion in June. The IPO priced at $31 per share, and the stock jumped 170% on its first day. Circle’s momentum later cooled as Bitcoin (BTC) retreated from its October peak; the company’s shares closed at $79.30 on Dec. 31, below their first-day close. The stock is currently down nearly 70% from a high above $263 and ended Monday at $84.80.
The Winklevoss twins’ exchange Gemini (GEMI) listed in September and ranked among the weakest-performing crypto IPOs of 2025. Priced at $28, the stock briefly climbed above $32.50 before sliding 64.5% by Dec. 31 to $9.92, and it had recovered slightly to $11.12 on Monday.
Shares in Gemini have sunk over 65% since its IPO in September. Source: Google Finance
Crypto exchange Bullish (BLSH), which went public in August, opened at $37 and finished its first trading day at $68. By Dec. 31, it had declined to $37.87, near its IPO price.
2025 delivered a mixed backdrop for IPOs
“Last year was a distinctly mixed year for IPOs,” said Mike Bellin, U.S. IPO leader at PwC, in comments to Bloomberg, noting the market reopened selectively and the bar for early-stage tech listings rose significantly.
Mid-sized offerings underperformed larger deals. IPOs priced between $500 million and $1 billion posted a 5.6% weighted average gain, compared with 20% for offerings of $1 billion or more.
The largest IPO of the year was medical equipment provider Medline’s $7.2 billion offering, with shares up 40% since its mid-December debut. Gas exporter Venture Global completed the second-largest listing at $1.75 billion after trimming the deal size by 40% before launch; its stock has fallen 72%, making it among the weakest debuts.
“The biggest takeaway is that we’re firmly back in a fundamentals-driven market,” Bellin added. “Investors have become far more selective, and companies must enter the market with a sharper story and stronger operational direction.”
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