Fall is arriving, and with it comes a crisp new season of blockbuster IPOs as Wall Street’s calendar fills with long-awaited debuts.
A slew of high-profile firms, including Swedish fintech Klarna and crypto exchange Gemini, are going public in the coming days after launching investor roadshows last week. Bankers hope for a bumper season, but these deals will serve as key tests for the broader U.S. IPO market.
“The widely-anticipated 2025 rebound — previously held back by tariff-induced volatility — is now set to resume,” wrote research firm Renaissance Capital.
As of the end of August, IPOs had raised $23 billion this year, roughly in line with this point in 2024. More clarity on trade policy, a summer rally in growth stocks, and the prospect of rate cuts have “put IPO plans back in motion for dozens of companies,” researchers added.
Klarna returns
For Klarna, it has been a long time coming. The fintech company launched in the U.S. in 2019, and has since made the country its biggest customer market. It was originally pencilled for a spring IPO in New York, but was forced to delay it amid tariff uncertainty.
Now, the buy now, pay later firm is aiming to raise as much as $1.27 billion when it launches on Wednesday, with an implied valuation of between $12.5 billion and $14 billion, reported the Wall Street Journal.
The company, traditionally known for its main short-term lending product, is also trying to convince investors that it can pivot to be a digital bank. Samuel Kerr, head of equity capital markets at Mergermarket, told CNBC the IPO will indicate “how broadly investors buy the shift in Klarna’s business model."
Gemini, Figure, and the rest
The other big firms going public this week are the Winklevoss twins’ crypto exchange Gemini, stablecoin firm Figure Technology, coffee chain Black Rock Coffee Bar, heating company Legence and traffic management firm Via Transportation.
The breadth of the roster reflects how companies across industries are trying to seize the fall window, wrote analysts. “If all goes according to plan, this will be the busiest week for sizable IPOs since 2021,” said Matthew Kennedy at Renaissance Capital.
For some, like Gemini, the listings will test to what extent investors are ready to take another chance on crypto in a friendlier regulatory environment under the Trump administration. For others, like Figure, they offer a bet on blockchain’s migration into mainstream finance.
It follows a turning point in June, when a string of IPOs priced above range and opened more than 20% higher on day one, including fintech firm Chime. That momentum has set the tone for this fall, wrote PwC, giving bankers confidence that investors will buy into new issues again.
Pricing the window
The tariff shock in April froze the market, just as a rebound had looked to be taking hold. Now the fall calendar is being set as a second chance — though political uncertainty, volatile rates, and the risk of renewed trade tensions remain potential headaches.
That caution is shaping how deals are being brought to market. Recent listings this year have posted a 36% first-day surge, according to Dealogic data cited by Reuters, underscoring how conservative pricing has helped ensure smooth debuts.
“Pricing an IPO is as much an art as it is a science,” said Russ Mould, investment director at AJ Bell. “Some firms or owners may be keen to raise cash or sell almost whatever; some will be more sensitive about the valuation they can get. In the latter case, buoyant markets are more helpful.”
Nonetheless, firms are taking their chance before things change again. PwC U.S.’s Mike Bellin wrote: “In today’s volatile environment, IPO windows are opening and closing faster than ever.”