Market Update, June 2025: IPO Activity Reaccelerates – Implications from CoreWeave, Circle, and Chime

The 2025 IPO market is showing early signs of recovery, with several notable companies coming to market and delivering strong results. Among them, CoreWeave has gained over 200% since going public in March, reflecting continued investor interest in infrastructure underpinning generative AI. Today’s IPO of Circle, and the anticipated IPO of Chime, further indicate that capital markets are regaining confidence across the AI tech stack, crypto, and fintech.

CoreWeave and the AI Infrastructure-Led Rebound

CoreWeave’s success highlights a broader trend favoring infrastructure providers that enable AI deployment at scale. Backed by Nvidia, CoreWeave operates in GPU cloud infrastructure, serving rapidly expanding demand from LLM developers and rendering applications. CoreWeave has performed well since the IPO despite public concerns prior to being made public over customer concentration, extreme leverage, and limited software IP.

Circle’s IPO, introduces public market exposure to regulated stablecoin infrastructure at a time when institutional crypto engagement is increasing. Both CoreWeave and Circle’s unique products contributed to their IPO success. Chime’s upcoming listing will offer another key datapoint on investor sentiment in consumer fintech, an area that has seen mixed outcomes. If Chime can deliver strong IPO performance, we believe it could potentially pave the way for many other fintech companies that have been waiting on the sidelines for potential liquidity events.

This has important implications for private market investors and participants in secondaries. Firms with business models tied to AI enablement, cloud infrastructure, or scalable B2B platforms are seeing significantly stronger market reception. As peers to Circle, Chime, and CoreWeave begin preparing for future liquidity events, investor expectations are increasingly informed by these public comparables.

Continued Commitment to the AI Technology Stack

We remain focused on companies within the AI tech stack. Companies like Lambda and Apptronik exemplify the type of AI that is attracting sustained secondary market attention in anticipation of future liquidity events.

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