2025 IPO Market Delivers Weak Returns

In 2025, 174 companies raised over $31 billion in H1, but as of late February 2026 most B2B and tech IPOs trade below their offering price, with exceptions like CoreWeave (+123%), Circle (+100%), and Hinge Health (+28%). Market dynamics — a premium for AI infrastructure, fading first-day pops, and compressed B2B multiples (median 5.6x EV/Sales by end-2025) — signal tougher public valuations for 2026 IPO hopefuls.