The US IPO market will underperform the S&P 500 overall in 2025, with the impact of crypto and AI companies on overall performance

CoinVoice · 2026-01-06T09:07:22+00:00

In 2025, the average increase for publicly listed companies in the US was 13.9%, below the S&P 500's 16%, mainly due to poor performance of cryptocurrency and AI companies. Circle's IPO performed exceptionally on the first day but then declined significantly, and Gemini and Bullish also experienced heavy setbacks. Market investors have become more selective.

CoinVoice

2026-01-06 09:07:22

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CoinVoice has learned that Bloomberg reports the average increase for U.S. listed companies from IPO price to the end of 2025 is 13.9%, lower than the 16% gain of the S&P 500 index. Poor performance of cryptocurrency and AI companies is a main reason.

Stablecoin issuer Circle performed well, with a 170% surge on its IPO debut, but then fell nearly 70% from a high of $263 to $84.80; Gemini performed poorly, plummeting 64.5% from its $28 IPO price to $9.92; Bullish dropped from a high of $68 to $37.87. Medium-sized IPOs of (5-10 billion) averaged only a 5.6% increase, far below large IPOs of (10 billion+), which gained 20%.

PwC’s U.S. IPO head stated that the market has returned to fundamentals-driven, with investors becoming more selective, and the threshold for early-stage tech companies has significantly increased.

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