AI and Crypto Stocks Ignite U.S. IPO Market, Fall May Bring a Surge of Offerings

This summer’s U.S. initial public offering market has exhibited extraordinary momentum, with multiple listings delivering triple-digit gains on their debut. That robust performance is spurring more cryptocurrency and artificial-intelligence companies to accelerate their IPO preparations in anticipation of a post–Labor Day listing wave.

Keith Canton, Co-Head of Equity Capital Markets for the Americas at JPMorgan Chase, now forecasts that by year-end dozens of companies could complete IPOs in the United States, raising upwards of USD 15 billion. Such activity would push the full-year IPO fundraising total—excluding SPACs—close to USD 40 billion, compared with USD 27.5 billion raised last year on U.S. exchanges absent SPACs, REITs, and closed-end funds.

Cryptocurrency firms such as Gemini Space Station Inc., led by the Winklevoss brothers, and blockchain lender Figure Technology Solutions Inc. are expediting filings with regulators. At the same time, numerous autumn IPO candidates are emphasizing their AI capabilities. Payment provider Klarna Group Plc noted that efficiency gains from AI enabled it to halt hiring in 2024, trimming headcount by 22 percent that year.

High-profile technology listings—including design software maker Figma Inc. and stablecoin issuer Circle Internet Group Inc.—have more than doubled in value on their first trading days. That breakout success has allayed earlier issuer hesitation linked to challenges such as trade-policy uncertainty.

Deutsche Bank’s Head of Equity Capital Markets for the Americas, Nick Williams, attributes the explosive post-IPO performance in certain sectors to scarcity value. With limited avenues for equity investors to access crypto-related assets and strong retail demand for the theme, share prices have surged. “The key,” Williams observes, “is how much enduring, fundamentals-driven capital you can retain on the register.”

John Kolz, Global Head of Equity Capital Markets at Barclays, expects an exceptionally active fall, characterized by the revival of previously paused IPOs, acceleration of current filings, and a rise in dual-track strategies. The autumn window traditionally attracts elevated expectations, and recent market strength is particularly compelling for well-known issuers.

Ticketing platform StubHub Holdings Inc. updated its IPO registration last week after pausing its plan in April. Moreover, if the Federal Reserve resumes rate cuts in September, heavily leveraged, private-equity-backed IPO candidates could benefit from reduced borrowing costs.