The fall IPO season is in full swing with seven sizable deals on the calendar for this week, a nearly four year record in weekly activity. The seven issuers aim to raise a combined $3.9 billion, led by a billion-dollar offering from fintech unicorn Klarna.
The performance for this week’s listings will serve as a key test for the dozens of IPO hopefuls in the 4Q pipeline. 
Deal size based on midpoint of latest range.
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This week’s listings
Fintech names are set to dominate the week. E-commerce payment platform Klarna (KLAR), the largest offering on the calendar, will gauge investor demand for later-stage VC-backed growth companies; Klarna targets a market cap of $14 billion, a far cry from the more than $45 billion valuation it received from SoftBank in 2021. Alongside it, blockchain home lender Figure Technology Solutions (FGR) and crypto exchange Gemini (GEMI) will test sentiment toward digital finance. On Tuesday, Figure upped the range, a positive sign for the deal.
Investors will get a read on private equity-backed offerings with Blackstone-backed building system services provider Legence (LGN), the year’s sixth LBO to go public. Like Legence, VC-backed public transit services platform Via Transportation (VIA) has an infrastructure angle, offering governments a turnkey solution for tech-enabled microtransit.
The biotech space has been quiet for over six months, but schizophrenia drug developer LB Pharmaceuticals (LBRX) is looking to raise $250 million, a public float of 83% of its shares, in what could mark the end of the longest biotech IPO drought in more than a decade.
The week also includes Black Rock Coffee Bar (BRCB), the first US restaurant IPO since Cava (CAVA; +197% from IPO). The IPO backlog of consumer discretionary names has been building as the sector looks to move past tariff-related concerns.
Next week’s IPO calendar
Next week currently has a lighter IPO calendar, with three large deals, suggesting that many companies are likely waiting to see how this week’s listings are received. Each of the three is expected to raise at least $500 million, including a long-awaited listing from ticketing marketplace StubHub (STUB). The week’s other deals continue the theme of a diverse IPO lineup, with oilfield services provider WaterBridge (WBI) and cybersecurity platform Netskope (NTSK).
If current momentum does hold, 2025 will easily mark the busiest year for IPOs since 2021.
The 2025 IPO market’s slow march toward an active fall
After a three-year stretch of below-average activity, the IPO logjam was expected to finally break loose this past spring, before tariff-related volatility put those plans on hold. As a result, 2025 proceeds, pricings, and filings from $100+ million deals are roughly in line with this point last year.
Heading into the fall, however, sentiment has clearly turned the corner for the positive.
Year-to-date, the Renaissance IPO Index has risen 16.5%, with an impressive 55.7% rally from its April low, beating the S&P 500’s YTD gain of 10.4%. The VIX Volatility Index has spent the past month hovering around 15, comfortably within the range of an open IPO window.
The year’s sizable IPOs have outperformed, averaging a 30% return from offer. Several IPOs trade at more than double their offer price, including billion-dollar deals CoreWeave (CRWV; +134% from offer) and Circle (CRCL; +263%). Excitement over high-growth stocks bubbled over this summer with Figma's (FIG; +59%) historic first-day pop of 250%. VC-backed tech companies are once again returning to the IPO market now that they can go public at valuations that avoid a down-round.
Meanwhile, year-to-date SPAC pricings have risen to a four-year high, promising to fuel more blank-check mergers in the months ahead.
Longer term, sustained private funding in AI and other technologies is building a pipeline of IPO candidates, positioning activity to remain solid through the rest of 2025 and well into 2026.
