IPO Valuations Show Moderation Despite Market Highs
12
2
BTCCSquare news:
The IPO landscape in 2025 reveals a stark contrast to the exuberance of 2020-2021. Median valuations for new listings barely surpass private market figures by 25%, a far cry from the 100%+ premiums seen during the pandemic boom. Only two of seven tech unicorns—Figma and Firefly Aerospace—managed to debut above their last private valuations, signaling investor caution despite equity indices flirting with record highs.
This year's IPO cohort demonstrates stronger financials than previous vintages, reflecting heightened scrutiny from public market investors. The data suggests a maturation of market dynamics, where revenue quality and profitability now outweigh growth-at-all-costs narratives that dominated the zero-rate era.
By:
