The end of 2025 is approaching and so the lists are popping up again. A striking number of companies went public in the United States this year, from fintech to energy. Among all these debutants, one name stands out for crypto investors: Circle, the company behind USDC.
What is an IPO
An IPO is an initial public offering. It is the moment when a company first issues shares on a stock exchange so that investors can get in. The figures below are a snapshot on November 28, 2025. IPO shares are often volatile, so prices and valuations can now be considerably different.
Largest US IPOs in 2025
8. Chime Financial (CHYM)
Chime is a mobile banking fintech popular with a younger demographic. After a strong start, the stock fell back to around $20. The market capitalization is around $7.5 billion.
7. Smithfield Foods (SFD)
Not tech, but pork. Smithfield is a large, traditional producer that went public at the beginning of this year. The price is around $21 and the market cap is around $8.4 billion.
6. SailPoint (SAIL)
SailPoint provides software for identity management and security. The stock is trading at around $18, below the IPO price of $22. The market capitalization is approximately $12.4 billion.
5. Klarna (DONE)
The Swedish ‘pay later’ player went public in September at around $40, but is now trading at around $31. This took a lot of air out of the story. The market cap is around $11.7 billion.
4. Circle (CRCL), the striking crypto name
Circle is interesting because it manages the stablecoin USDC and is therefore at the intersection of traditional finance and crypto. The IPO in June was extremely volatile. The stock went public at around $31, shot up to $260 within a few weeks and then fell back to around $73. Yet Circle remains one of the biggest newcomers of the year with a market cap of just over $17 billion. For investors, it is also a signal that stablecoins are no longer a niche, but increasingly a serious building block of digital payment networks.
3. Venture Global (VG)
Venture Global is in LNG, liquefied natural gas. The share fell sharply from around $25 to around $7, but due to its size the market cap is still around $17.5 billion.
2. Figma (FIG)
Figma builds software for product design and development. The first day of trading was spectacular with a spike well above the starting price, but the stock is now around $36. The market cap is just under $18 billion.
1. CoreWeave (CRWV)
CoreWeave is the largest IPO of 2025 with a market cap of approximately $37 billion. The company supplies AI computing power and benefits from the AI investments of large tech companies. The price is around $74, clearly higher than at the introduction, although below the peak of earlier this year.
Source: https://newsbit.nl/grootste-ipos-van-2025-in-de-vs-circle-is-de-opvallende-crypto-naam/
