Analysisai infrastructureb2b saaspublic iposvaluation compression
2025 IPO Market Delivers Weak Returns
8.2
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.
Key Points
- 1Recorded 174 companies raising over $31 billion in H1 2025; many now trade below IPO price.
- 2Favored AI infrastructure: CoreWeave returned 123%, while AI-adjacent firms lost investor confidence.
- 3Warned founders: expect lower multiples (median 5.6x EV/Sales), need profitability or credible AI narrative.
Scoring Rationale
Broad, data-driven market analysis with actionable founder guidance; slightly limited by single-article perspective and lack of multi-source verification.
Sources
Public references used for this report.
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