Is This the Return of Hot IPOs?
After two sluggish years, the U.S. market for tech IPOs is roaring back—and SPACs are joining the action. Since March 2025, a wave of companies across cloud infrastructure, crypto, fintech, and aerospace have gone public, many delivering standout returns. CoreWeave’s blockbuster debut in late March reignited investor interest, while high-profile SPAC deals like CEP’s merger with Bitcoin-native firm Twenty One have pushed blank-check firms back into the spotlight. Together, these listings mark the strongest signs yet that both traditional IPOs and SPACs are regaining traction in public markets.
CoreWeave Lit the Fuse
CoreWeave, a cloud infrastructure company focused on GPU computing, reignited interest in tech IPOs with its blockbuster debut on March 28, 2025. Despite opening nearly 3% below its IPO price of $40, the stock quickly turned around as investors recognized its direct exposure to the booming AI sector. Backed by Nvidia and riding the wave of surging demand for GPU infrastructure, CoreWeave’s narrative aligned perfectly with market appetite.
The numbers were just as compelling. CoreWeave raised $1.5 billion at a $23 billion valuation and followed that up with Q1 revenue growth of 420% year-over-year, nearing the $1 billion mark. By mid-June, its stock had surged over 300%, turning early investors into big winners and serving as a signal that the IPO market was ready to reward strong growth stories again.
Crypto and Fintech Make a Big Comeback
The positive momentum continued into June, when two major fintech names—Circle and Chime—joined the public markets. Their debuts were not only successful but in some cases spectacular.
Circle Internet Financial, the company behind the USDC stablecoin, went public on June 5 on the NYSE under the ticker $CRCL. It raised $1.05 billion. Demand for the stock was overwhelming: Circle’s shares closed their first day up 168% and continued to climb, reaching a price of $106 just a week after debuting at $31. That represented a more than 240% increase in value, and more importantly, it demonstrated that investors were once again embracing crypto-linked companies. The strong reception was helped by a more crypto-friendly regulatory stance from the Trump administration, which has pushed for lighter oversight in the digital asset space.
A week later, on June 12, Chime Financial ($CHYM) followed with its long-awaited IPO. The digital banking startup priced its shares at $27—above the expected range—and raised about $864 million. Shares opened at $43 and closed the day at $37.11, marking a 37% gain from the offering price. While Chime’s debut wasn’t as dramatic as Circle’s, it was still impressive. IPO valuation was lower than its 2021 private valuation of $25 billion. That reset helped draw in investors, who saw a more reasonable entry point into a company.
Another important fintech listing this year was eToro, the stock and crypto trading platform sometimes referred to as a Robinhood rival. After previously scrapping a SPAC merger attempt, eToro completed a traditional IPO in May 2025. It raised $620 million at a $5.6 billion valuation and saw its shares jump 29% on the first day of trading. Although its stock pulled back from its day-one highs by early June, it still traded above its IPO price, a positive sign considering the more skeptical environment surrounding trading platforms.
Aerospace and Defense Listings
Investor interest has also expanded beyond fintech and crypto. Aerospace and defense tech companies have emerged as another hot category, with two standout IPOs in June: Voyager Technologies and AIRO Group.
Voyager Technologies ($VOYG), a Denver-based space and defense firm, went public on June 11. Its IPO priced at $31 per share—above its marketed range—and raised $383 million. The reception was overwhelmingly positive. Shares soared to an intraday high of $72.95 before settling at $56.48 by the close of day, a nearly 29% gain. Voyager’s business, which includes satellite systems and a planned commercial space station, appealed to investors seeking exposure to defense technology amid rising geopolitical tensions.
Just two days later, AIRO Group Holdings ($AIRO) debuted on Nasdaq. The company, which develops drones and other advanced aerospace systems, priced its IPO conservatively at $10 per share—well below the initial target range of $14 to $16. That strategy paid off: AIRO’s shares opened at $12.90 and closed at $24 on the first trading day, a 140% gain.The stock continued to climb in the following days, reaching a high of $39.07 before eventually settling slightly lower. Still, the IPO was widely viewed as a major success. Investor interest was likely bolstered by heightened global demand for defense technology amid ongoing geopolitical tensions.
SPACs Stage a Comeback
Alongside the revival in traditional tech IPOs, the SPAC market is showing clear signs of life. After years of regulatory pressure and underwhelming performance, a handful of new, high-profile deals are sparking investor enthusiasm and trading far above the $10-per-share net asset value (NAV) that had become a ceiling in the post-2021 SPAC hangover.
The most talked-about deal in this resurgence is CEP’s business combination with Twenty One Capital, Inc., a Bitcoin-native company backed by Tether, SoftBank Group, and Jack Mallers. Announced in April, the deal marks the public debut of a company with plans to hold over 42,000 Bitcoin on its balance sheet—making it the third-largest Bitcoin treasury in the world at launch. Jack Mallers, co-founder and CEO of Strike, will lead the newly formed company as CEO of Twenty One.
The market’s response has been overwhelming. $CEP shares quickly surged well above NAV following the announcement, drawing comparisons to the DWAC–Trump Media rally in 2021. It’s a rare pre-de-SPAC trade that’s gaining real momentum.
One of those is $CLBR’s pending merger with GrabAGun, a U.S. retailer focused on firearms and outdoor gear. While politically sensitive, the deal has tapped into a loyal retail investor base. Like CEP, CLBR is trading significantly above its trust value, a dynamic not seen since the peak of the SPAC boom.
The SPAC rebound isn’t limited to flashy Bitcoin or retail-facing plays. $CCIX (Churchill Capital Corp IX) has announced a deal with Plus, an autonomous trucking company focused on AI-powered logistics. With CoreWeave’s success and investor appetite for AI infrastructure growing, Plus is well positioned to benefit from the tailwinds behind automation and next-gen transportation.
Meanwhile, Churchill Capital Corp X ($CCCX)—the tenth SPAC from the prominent Churchill family—recently completed its IPO, raising substantial capital even without a target announced. The fact that CCCXU drew strong institutional demand speaks to renewed confidence in brand-name SPAC sponsors and the potential for future high-profile targets.
Adding even more momentum, Goldman Sachs has officially ended its internal ban on SPAC underwriting and trading. The investment bank had stepped back from the space following regulatory tightening in 2022, but it now views the structure as viable again—provided the deal fundamentals are solid. Goldman’s return is a powerful signal.
This rebound doesn’t resemble the broad-based SPAC mania of 2021—but certain deals are clearly attracting attention again. Whether driven by high-profile backers, sector hype, or retail momentum, names like Twenty One and GrabAGun are showing that investors are still competing to invest in SPACs when there’s a compelling story.
This article is for informational purposes only and is neither investment advice nor a solicitation to buy or sell securities. All investments involve inherent risks, including the total loss of principal, and past performance is not a guarantee of future results. Investing in initial public offerings (IPOs) carries additional risks, such as volatility, limited operating history, lack of liquidity, and potential overvaluation. IPO stocks may experience significant price fluctuations and may not perform as expected. Always conduct thorough research or consult with a financial expert before making any investment decisions. BBAE has no position in any investment mentioned.
