Motley Fool Money The 2025 IPO Comeback Tour
Dec 16, 2025
Jason Hall, a seasoned Motley Fool analyst, and Sanmeet Deo, a tech-savvy analyst focusing on IPOs, delve into the booming IPO market of 2025. They explore how decreasing rates and market recovery spurred listings, while discussing AI's influential role in this upswing. The duo highlights standout companies like CoreWeave and Figma, debates the implications of a potential SpaceX IPO, and dispels myths about buying on day one. Their insights offer invaluable guidance for investors eyeing the future landscape of public offerings.
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Episode notes
Macro & Politics Reopened The IPO Window
- Falling interest rates and a resilient market reopened the IPO window in 2025.
- Post-election certainty also historically boosts IPO activity the year after presidential elections.
AI Dominated Proceeds But Stayed Private
- AI-related deals made up a large share of 2025 IPO proceeds, but many AI winners stayed private.
- Public investors bought infrastructure and apps, while model builders raised most capital privately.
Figma Emerged As A True Rule Breaker
- Figma stood out as a Rule Breaker candidate with strong growth, monetization path, and a dominant market position.
- Its valuation was below Adobe's prior offer and founder ownership remained meaningful.