IPO activity post-pandemic has fluctuated significantly, primarily driven by economic uncertainty, rising interest rates, and inflation, all of which have impacted investor sentiment.
But the tide has shifted positively over the past year, with several notable IPOs hitting the market, including CoreWeave CRWV and Circle Internet Group CRCL. The re-awakening of the IPO market is certainly notable, signaling renewed investor confidence and a meaningful shift in broader risk appetites.
In short, CRWV provides exposure to the AI frenzy, whereas CRCL is a play on the mainstreaming of digital dollars and the evolving stablecoin regulatory landscape.
Let’s take a closer glance at each.
CoreWeave & NVIDIA
Given its backing by AI-favorite NVIDIA NVDA, the IPO reflected one of the most exciting we’ve seen in years. An SEC filing in late May 2025 revealed NVIDIA has a $900 million stake, reflecting one of its largest investors.
NVIDIA supplies CoreWeave with most of its high-performance GPUs that power its underlying AI infrastructure. Investors raised flags concerning the massive amount of sales NVIDIA generated from CRWV, but that concern has since evaporated.
The company’s latest set of quarterly results were driven by accelerating demand for its AI offerings, with sales up a staggering 206% year-over-year. Up 120% since its debut, CRWV shares have rewarded shareholders handsomely.
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Circle Internet Group
Circle is a global financial technology firm that enables businesses of all sizes to harness the power of digital currencies and public blockchains for payments, commerce, and financial applications worldwide. It’s the issuer of USDC, the world’s second-largest dollar-pegged stablecoin, widely used across exchanges, DeFi platforms, and institutional trading venues.
Up 33% since its debut, shares have largely lost most of the initial IPO gains.
Image Source: Zacks Investment Research
The stock overall reflects a great play on the evolving stablecoin regulatory landscape, which is also just seemingly beginning as we increasingly wade into the digital age.
Bottom Line
Notable IPOs have finally started hitting the tape in 2025, reflecting a meaningful shift in sentiment. Both CRCL and CRWV shares are up from their initial debuts, though CRCL has seen much of its IPO gains evaporate.
NVIDIA Corporation (NVDA) : Free Stock Analysis Report
CoreWeave Inc. (CRWV) : Free Stock Analysis Report
Circle Internet Group, Inc. (CRCL) : Free Stock Analysis Report
This article originally published on Zacks Investment Research (zacks.com).