VC-Backed IPOs in 2025 | Mayer Brown Free Writings + Perspectives

PitchBook’s recently published Q3 2025 Analyst Note shows how the market has shifted since the 2021 IPO boom. Through June 30, 2025, only 18 US companies completed IPOs, pacing the year for the lowest total in a decade. Within that small group, 10 unicorns went public, including seven tech companies. Median IPO valuations this year have been 25% higher than the companies’ peak private valuations, a sharp drop from 2021 when the median was 226% above the private high-water mark.

Figma’s offering is illustrative. Figma reported $821 million in trailing twelve-month revenues and reached profitability in the first quarter of 2025. It went public at nearly $20 billion, close to Adobe’s 2022 acquisition offer. Its IPO price was just 30% of its first trade, or a revenue multiple of about 60 times. The financial profile of 2025 IPOs stands in contrast to prior years. One quarter of the companies listing this year have been profitable, compared to 12% in 2021. The average revenue of tech IPOs is $831 million, with four surpassing $1 billion. In 2021, only six reached that milestone. Pitchbook notes that, on average, companies reported a net income loss of $58 million this year. CoreWeave reported the largest loss at $863 million. Chime’s IPO came at a valuation 62% below its private market peak. The median valuation-to-revenue multiple has fallen to four times, compared to 17 times in 2021.

PitchBook also highlights the policy-driven nature of today’s IPO market. Out of 795 active unicorns with a combined $3.3 trillion valuation, 372 operate in sectors favored by the current administration, representing $2.5 trillion of value. These sectors include Al, crypto, fintech, cybersecurity, robotics, drones, and space technology. After excluding the five largest names, 65 unicorns remain as high-probability IPO candidates. Together, they hold $330.7 billion in value, roughly equal to all US venture-backed exits over the past eight quarters.

PitchBook’s data points to an IPO market that is smaller, more selective, and centered on companies with stronger financial profiles and sector alignment than in prior cycles.