Tech IPOs are making a comeback after a prolonged slump, with recent market debuts from companies like Bullish, Figma, and Circle seeing massive first-day gains. This surge in public offerings marks the end of a “Prohibition” era for IPOs, which was caused by high inflation and rising interest rates over the past three years. This period forced many startups to shift their focus from rapid growth to profitability.

According to a CNBC article, the IPO window now appears to be wide open, fueled by a strong Nasdaq and renewed investor confidence. According to Nasdaq CEO Adena Friedman and venture capital firms, there is a “very healthy list” of high-value tech companies preparing to go public in the latter half of the year. According to CB Insights, there are more than two-dozen venture-backed U.S. tech companies valued at $10 billion or more.

While today’s companies have stronger fundamentals than those from the dot-com bubble, industry veterans like Lise Buyer warn that the current market enthusiasm could be an overcorrection, similar to the speculative frenzy of the late 1990s. The debate over pricing and listing methods is once again a key topic on Wall Street.

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Source: https://www.cnbc.com/2025/08/15/tech-ipos-bullish-figma-circle-roaring-after-years-of-prohibition-.html