---
title: "The IPO Door is Swinging Open"
description: "Explore how crypto \u0026 data center IPOs are reopening public markets in 2025, with CoreWeave up 300% and Circle surging 168% on day one. Key trends for founders."
categories: ["exits","web3","crypto","AI"]
keywords: ["CoreWeave","Circle","IPO market","crypto IPOs","data center real estate","venture capital","stablecoins","high-growth companies","M\u0026A trends"]
ai_summary: "Explore the resurgence of the IPO market in 2025 with insights on crypto and data center companies like CoreWeave and Circle."
date: 2025-06-06
lastmod: 2026-07-21
canonical_url: https://www.tomtunguz.com/ipo-window-opening-2025/
author: "Tomasz Tunguz"
---

Who could have predicted that crypto and data center real estate would be the categories swinging the IPO market doors open?

In late 2024, [I predicted a thaw in the IPO market](https://tomtunguz.com/2025_predictions/). We're now seeing that forecast come to life with CoreWeave and Circle's IPOs. Neither company is pure-play software, but their strong performances signal renewed investor appetite for the ragged edge of technology. 



![image](https://res.cloudinary.com/dzawgnnlr/image/upload/tfwugp3jwjdr5xccjghj.png)

CoreWeave went public in March 2025, raising $1.5 billion at a $20 billion valuation. The GPU infrastructure company has since soared over 300% on 420% year-over-year revenue growth, reaching nearly $1 billion in Q1 alone. 

Circle's IPO on June 5th is a parallel story. Shares jumped 168% on the first day, closing at $83.23, up 168%, pushing the market cap over $18 billion. 

The success reflects investor appetite for exposure to stablecoins - the fastest growing part of crypto and the first clear product market fit in the mass-market.

These IPOs highlight a broader trend: the reopening of the IPO window is not just a blip. Despite political uncertainties and mixed economic signals—the ongoing tussle between Donald Trump and Elon Musk, less-than-stellar jobs reports—appetite for high-growth, category-defining companies is unmistakable. 

This resurgence dovetails with a [significant M&A surge this year](https://tomtunguz.com/2025-ma-informatica/), pointing to robust liquidity in the back half of 2025. 

The IPO window is swinging open.