Tomasz Tunguz (Theory Ventures) · 2025-06-06
· 363d
IPO Market Reopening Driven by Crypto and Data Center Infrastructure
The IPO market is experiencing a significant thaw in 2025, with crypto and GPU infrastructure companies leading the resurgence. CoreWeave and Circle's successful IPOs demonstrate renewed investor appetite for high-growth, category-defining technology companies despite economic and political uncertainties.
Metrics in this report
IPO Capital Raised
1.5$B
CoreWeave
GPU infrastructure company March 2025
IPO Closing Share Price
83.23$
Circle
First day closing price June 5, 2025
IPO First Day Stock Performance
168%
Circle
Stablecoin/crypto company June 5, 2025 IPO
IPO Valuation
20$B
CoreWeave
GPU infrastructure company March 2025 IPO
Post-IPO Market Capitalization
18$B
Circle
Following June 5, 2025 IPO
Post-IPO Stock Performance
300%
CoreWeave
From IPO to publication date June 2025
Q1 2025 Revenue
1$B
CoreWeave
GPU infrastructure company quarterly performance
Year-over-Year Revenue Growth
420%
CoreWeave
GPU infrastructure company