August 2025 IPO market defies seasonal slowdown, raising $2.9B from 12 major offerings. Bullish and Figma lead the charge as investor appetite for tech and crypto stocks surges, boosting Wall Street’s investment banking revenues.

IPO Market Surges in August 2025, Defying Seasonal Slowdown

Traditionally, late summer is a quiet period for investment banking, with IPO volumes slowing as markets take a breather. But August 2025 has broken the trend, showing exceptional activity and investor enthusiasm.

According to IPO research firm Renaissance Capital, the month has already seen 12 IPOs worth at least $50 million each, raising around $2.9 billion — nearly double the decade-long average of $1.5 billion typically seen in August.

“There’s clear demand for new issues, and these companies are striking while the iron is hot,” said Avery Marquez, research director at Renaissance Capital.

Bullish Leads the Charge with $1 Billion IPO

The most notable debut this month came from crypto exchange operator Bullish (BLSH), which raised over $1 billion. The company priced its shares at $37, but trading opened at $90 — nearly triple the offering price.

By the end of its first trading day, Bullish achieved a market cap of $10 billion, almost double its IPO valuation. The stock closed at $74.63 and continued to gain in pre-market trading, reflecting strong investor confidence despite market volatility.

Tech IPOs Continue to Dominate

The surge in IPO activity this summer mirrors July’s strength, when 29 IPOs raised $5.2 billion, led by the much-anticipated listing of design software maker Figma (FIG). Figma shares opened more than 100% above the IPO price and spiked as much as 250% in their debut session.

Other big tech and fintech names making waves in 2025 include:

• Circle (CRCL) – Stablecoin issuer with strong crypto market backing.
• Chime (CHYM) – Fintech firm with robust digital banking growth.
• CoreWeave (CRWV) – AI data center provider capitalizing on the artificial intelligence boom.

Investment Banking Revenue Rebounds

The strong IPO pipeline is already boosting revenues for major Wall Street banks. JPMorgan (JPM), Goldman Sachs (GS), Citigroup (C), and Morgan Stanley (MS) all reported sequential growth in equity underwriting fees in Q2 2025.

Since April 9, shares of these banks have surged:

• Citi – Up more than 60%
• Goldman Sachs, JPMorgan, Morgan Stanley – Up over 35% each

Morgan Stanley CEO Ted Pick called the strong performance in equity underwriting a “positive leading indicator” for the broader investment banking recovery.

What’s Next for the IPO Market in 2025?

With companies like Klarna and StubHub expected to go public later this year, the pipeline for the remainder of 2025 looks robust. If market sentiment stays positive and the Federal Reserve’s interest rate policy remains supportive, the IPO market could maintain its current momentum into early 2026.

For investors, the trend underscores a renewed appetite for growth-oriented companies, especially in tech, fintech, and crypto — sectors that have historically delivered strong post-IPO performance when debuting in bullish market conditions.