| Key Points: IPO Market Rebounds: eToro and CoreWeave spark renewed tech IPO momentum. Startups Move Ahead: Chime and Hinge Health revive public debut plans. AI & Fintech Lead: These sectors drive the IPO resurgence despite market uncertainty. |
After several years of stagnation, the tech IPO market is finally showing signs of revival. Recent successful listings from high-profile companies like eToro and CoreWeave, coupled with a growing pipeline of IPO-ready startups, have rekindled optimism among venture capitalists and retail investors alike.
Earlier this week, eToro, the social trading and brokerage platform based in Israel, made a striking debut on the Nasdaq. Its stock surged nearly 29% after pricing above the expected range—a strong signal that investor appetite for new tech listings may be returning. The timing was crucial. Just weeks ago, uncertainty stemming from President Trump’s abrupt tariff policy had cast a shadow over the broader market and cooled IPO ambitions.
Adding further momentum, CoreWeave, an AI infrastructure company, posted a remarkable 420% revenue increase in its first earnings report since going public in March. The company’s stock has more than doubled in value since its IPO, reflecting sustained investor enthusiasm for artificial intelligence and cloud infrastructure plays. According to PitchBook and the National Venture Capital Association, nearly 40% of Q1 venture capital exit value came from CoreWeave’s listing alone.
This rebound, however, comes after a long dry spell. Since early 2022, startups across fintech, health tech, and enterprise software have largely stayed private, waiting for more favorable conditions. The brief optimism earlier this year was quickly dampened when the Trump administration’s surprise tariff announcement in April rattled the markets. In response, companies like Klarna and StubHub shelved their IPO plans.
But with the administration now pausing its most aggressive tariff measures for 90 days, confidence is starting to return. Fintech company Chime filed its IPO prospectus this week, having delayed its plans due to the earlier tariff-driven volatility. Similarly, digital health firm Omada Health submitted its filing last week.
Next week, all eyes will be on Hinge Health, a virtual physical therapy platform. The company updated its IPO filing with a pricing range of $28–$32, potentially valuing it at $2.4 billion. This offering will be an important litmus test for investor sentiment toward the digital health sector, which boomed during the pandemic but has since seen growth slow.
Meanwhile, Cerebras, a chipmaker focused on AI hardware, has finally cleared regulatory hurdles and is preparing to go public later this year. The move reflects strong demand in the AI space, even as regulatory and geopolitical risks linger.
There are also notable shifts in the digital asset space. Galaxy Digital, originally listed in Canada due to U.S. regulatory hesitance toward crypto, has now moved its shares to the Nasdaq in a bid to access a broader investor base.
Despite these encouraging signs, experts remain cautious. Ernst & Young’s Rachel Gerring believes the IPO market is “trending in the right direction,” but warns that volatility and geopolitical risks could still stall momentum. Many startups are being advised to focus on readiness rather than timing, ensuring they can launch when conditions are ideal.
For now, the market is showing signs of life. But whether this marks the start of a sustained comeback or another false dawn remains to be seen.