There's a familiar buzz returning to the markets, one we haven't heard in a while. IPOs are making a comeback — and it's not just noise this time.¹ 

Just look at Circle, the company behind the USDC stablecoin and a backbone of the crypto infrastructure. In June, the company went public with an oversubscribed IPO at a $7 billion market capitalization.² 

It tells us that the capital markets are functioning again, that pricing is rational, and that demand isn't just hype — it's conviction.  

The following content is intended only for accredited investors and is for informational purposes. It does not constitute an offer, solicitation, or recommendation to invest in any securities. Private investments are speculative, illiquid, and involve a high degree of risk, including the potential loss of your entire investment. Past performance is not indicative of future results.

† For information about StartEngine’s services, duties, and conflicts of interest, please review our Form CRS and Reg BI disclosure.

What Changed?

Let's rewind for context. The IPO market had been frozen for nearly two years.³ Sky-high interest rates, inflation uncertainty, and geopolitical volatility kept even the best private companies on the sidelines.⁴ 

But now we're seeing a new alignment of factors: the Fed is signaling rate stability or even cuts, inflation is cooling, and the tech rebound (driven largely by AI) has reignited investor interest.⁵

Most importantly, institutional investors are back. The bid book for Circle wasn't filled by hype traders or momentum players. Circle's IPO proceeds included a 10% stake from BlackRock and a $150 million commitment from ARK Invest.⁶

And retail investors? They can join the action, too. They've been watching from the sidelines, studying balance sheets and product-market fit, waiting for companies they actually use to go public — including fintechs like Circle.⁷ 

Want to get off the sidelines? Access pre-IPO opportunities on StartEngine Private. Investments are indirect. See footnote 9. Learn More »

The Pent-Up Pipeline: Why This Matters for Private Investors

Circle proves that the public markets are once again willing to reward great execution. That changes everything for private investors. The risk-reward profile of late-stage investing shifts significantly when IPOs are a realistic possibility instead of an uncertain "someday."

And they’re not alone. There’s a long list of companies that didn't go public in 2022 or 2023, not because they weren't ready, but because the market wasn't. That backlog could be about to break.

Names like Stripe, Databricks, and Discord have been rumored to be potential IPO candidates.⁸ These are well-capitalized companies positioned to give liquidity to early investors and employees. But what about everyday accredited investors, who miss out on that pre-IPO value creation?  

At StartEngine, we specialize in providing accredited investors with access to late-stage private companies, many of which are on this path to IPO. We’re in the business of helping investors gain exposure to high-growth companies like OpenAI and Perplexity before they hit the stock market.⁹

Review pre-IPO opportunities on StartEngine Private. Investments are indirect. See footnote 9. Learn More »

The Next 12 Months: What to Expect

We believe the IPO resurgence is just beginning. Here's what to watch for:

• A Steady Stream of Offerings: The Q1 2025 IPO market experienced a 55% increase year-over-year. According to EY, there is potential for a pickup as 2025 progresses.¹⁰
• AI Will Lead: We believe companies in artificial intelligence, infrastructure, and software will be the early winners. Investors want exposure to AI, but don't want to overpay in public markets. That creates demand for mature private companies that look like the next Anthropic or OpenAI.¹¹
• Valuation Rationality: We're seeing a shift away from 100x ARR fantasy and back to solid fundamentals. We think the best IPO candidates have real revenue, growth above 30%, and a path to profitability.¹²
• Crossover Capital is Active Again: Firms like Coatue, T. Rowe Price, and Fidelity are writing late-stage checks again to position for IPOs. When crossover funds deploy, it's a sign the runway to IPO is real.¹³

What Investors Should Consider Now

If you're an accredited investor looking to gain exposure to the companies of tomorrow before they go public, now could be a good time to get interested. For nearly two years, private markets were discounted due to lack of liquidity. That window is reopening.

Start by asking the right questions:

• Does the company have institutional-grade metrics?
• Is it in a category seeing tailwinds (AI, fintech, crypto, space, defense tech)
• Are investors on the cap table who typically lead crossover rounds?
• Is there a clear IPO narrative—one that a public market investor can understand?

At StartEngine, these are questions we consider before making a company available on our platform. Our focus is on late-stage private companies where we believe an IPO or acquisition is possible. Of course, there is no guarantee these companies will ever go public at all or if they do, that their valuations will grow.⁹

Review pre-IPO opportunities on StartEngine Private. Investments are indirect. See footnote 9. Learn More »

Confidence Returns

Markets are built on confidence. And confidence is built on results. Circle gave us real results, and with that type of strong delivery, not splashy headlines, that show people are ready to bet on innovation again.

We think this resurgence is more than a blip. It's a reawakening. After two long years of caution and compression, the IPO engine is turning back on. For investors willing to get in early, before the roadshows and the CNBC buzz, the next 12 months could be some of the most rewarding we've seen in a decade.

At StartEngine, we'll be ready. Will you?

Best,
Howard Marks
Co-Founder & CEO | StartEngine

Review pre-IPO opportunities on StartEngine Private. Investments are indirect. See footnote 9. Learn More »

Important Disclosures

This article may contain forward‑looking statements and projections. These are not guarantees; actual outcomes may differ materially.

Investing in private, pre‑IPO companies is highly speculative and illiquid. Such investments are intended only for accredited investors who can bear the risk of total loss. Past performance does not guarantee future results. Consult a financial advisor before investing.

Securities offered through StartEngine Primary, LLC, member FINRA/SIPC. This is a general investment recommendation for accredited investors under Regulation Best Interest; it is not personalized investment advice. Review our Form CRS and Reg BI disclosure to understand our services and conflicts.

StartEngine Private: The underlying companies held by StartEngine Private Funds LLC, and StartEngine Private LLC (together, “StartEngine Private”) are not participating or involved in the offering. The availability of company information does not indicate that the company has endorsed, supports or otherwise participates with StartEngine Private or any of its affiliates. StartEngine Crowdfunding LLC purchases shares from current and former employees, early investors, and advisors of the companies and sells the shares to StartEngine Private for each offering. When you make an investment in a company on StartEngine Private, you are purchasing an interest in a series of StartEngine Private Funds LLC or StartEngine Private LLC, each a Delaware limited liability company (together the “Series LLCs”), which were created to hold shares of privately held companies. An investor will not directly own or hold shares of the private company but instead will own member interests in a series of the Series LLCs, which either directly or indirectly, will hold shares in the company. There may not be a one-to-one economic parity on the value of the Series LLCs interests and the underlying shares.

Sources

1. Source: Ashley Capoot, “Tech IPO Market Is Finally Showing Signs of Life,” CNBC, May 16, 2025

2. Source: Steve Gelsi, “Circle’s $1.1 Billion IPO Shows Wall Street Is Taking Stablecoins Seriously, As Crypto Company’s Stock Nearly Triples,” MarketWatch, June 5, 2025

3. Source: Will Braeutigam, “Economic Trends Are Signaling an Upbeat IPO Market for 2025,” Deloitte, February 24, 2025

4. Source: Will Daniel, “Everywhere You Look, the Economy Is in a Deep Freeze. But Does That Mean a Recession Is Coming?,” Fortune, January 28, 2023

5. Source: Mike Bellin & Doug Chu, “IPO Market Faces Renewed Uncertainty,” PwC, April 9, 2025

6. Sources: Marcus Lee, “Circle's IPO Surge: A Bridge to Crypto's Institutional Future?,” AInvest, June 9, 2025;

7. Source: Adam Spatacco, “Circle vs. Chime: Which Is the Better Fintech IPO Stock?,” The Motley Fool, June 16, 2025

8. Source: Syed Hasan Jafar, “Key Opportunities for IPOs and Listings on Nasdaq in 2025,” Investing, June 4, 2025

9. The underlying companies held by StartEngine Private Funds LLC, and StartEngine Private LLC (together, “StartEngine Private”) are not participating or involved in the offering. The availability of company information does not indicate that the company has endorsed, supports or otherwise participates with StartEngine Private or any of its affiliates. StartEngine Crowdfunding LLC purchases shares from current and former employees, early investors, and advisors of the companies and sells the shares to StartEngine Private for each offering. When you make an investment in a company on StartEngine Private, you are purchasing an interest in a series of StartEngine Private Funds LLC or StartEngine Private LLC, each a Delaware limited liability company (together the “Series LLCs”), which were created to hold shares of privately held companies. An investor will not directly own or hold shares of the private company but instead will own member interests in a series of the Series LLCs, which either directly or indirectly, will hold shares in the company. There may not be a one-to-one economic parity on the value of the Series LLCs interests and the underlying shares.

10. Source: Rachel Gerring & Mark Schwartz, “The U.S. IPO Market Progressed in Q1, But Uncertainty Has Emerged,” EY, April 29, 2025

11. Sources: Alex Irwin-Hunt, “AI Dominates Venture Capital Funding in 2024,” fDi Intelligence, January 8 2025; Kyle Wiggers, “North America Takes the Bulk of AI VC Investments, Despite Tough Political Environment,” TechCrunch, June 4, 2025

12. Source: Ron Shevlin,, “The Chime IPO Will Kickstart A Fintech Investment Comeback,” Forbes, June 14, 2025

13. Source: Kevin Dowd, “New VC Funds Are Relying More Than Ever on Their Anchor Investors,” Carta, May 29, 2025