For companies that have gone public in 2025, the market has sent a clear message: The big winners are the biggest companies.
对于2025年上市的公司，该市场已向市场发送了一个明确的信息：最大的赢家是最大的公司。
Two of this year's marquee debutants — Circle (CRCL) and CoreWeave (CRWV), which are riding the crypto and AI booms — boast market capitalizations of more than $45 billion and have seen shares rise over 500% and 310% as of July 3, respectively, since their market debuts.
今年的两名Marquee首次亮相者 - Circle（CRCL）和Coreweave（CRWV）正在驾驶加密货币和AI Booms - 自7月3日截至7月3日，截至7月3日，市值超过450亿美元，截至7月3日，股票分别上涨了500％和310％。
Across all sectors, 100 US companies with a market cap of $50 million or more have priced an IPO this year, a 42.9% increase from the same time last year, according to Renaissance Capital, a provider of pre-IPO research and IPO-focused ETFs.
IPO研究和以IPO的ETF的提供商的说法，在所有部门中，今年有5000万美元或更多市值的100家美国公司的价格为IPO，比去年同期增长了42.9％。
At least six of those with a market cap of more than $1 billion have seen their share price double since opening, and at least three of those companies have seen shares rise more than 500% from where their IPO priced. The Renaissance IPO ETF, which tracks the firm’s public offering index, notched a 20% gain in Q2, erasing Q1 losses of 14%.
自开业以来，市值超过10亿美元的市值至少有六个人的股价两倍，其中至少三家公司的股票比其IPO的价格上涨了500％以上。Renaissance IPO ETF跟踪该公司的公开发行指数，在第二季度获得了20％的收益，从而消除了第1季度的损失14％。
Avery Marquez, director of investment strategies at Renaissance, told Yahoo Finance the success of offerings like Circle, CoreWeave, and eToro Group (ETOR) — which all raised more than $600 million on their IPOs — is pushing leadership at private firms operating at similar scale to move forward with the public offering process.
文艺复兴时期投资策略总监Avery Marquez告诉Yahoo Finance Circle，Coreweave和Etoro Group（ETOR）等产品的成功，这些产品都在其IPO上筹集了超过6亿美元的IPO，正在推动以类似规模运作的私人公司的领导才能，以推动公开发作的前进。
Just this week, Figma (FIGM.PVT) became the latest AI-adjacent player to file for a public offering, announcing in a July 1 securities filing that it will look to initiate an IPO and go public under the ticker “FIG.” Pricing has not yet been announced, but the company was last valued at $12.5 billion in a recent tender offer.
就在本周，Figma（Figm.pvt）成为了最新的AI-AI-AI-AFJACEST参与者，以申请公开募股，并在7月1日的证券文件中宣布，它将希望启动IPO并在股票“无花果”下公开公开。定价尚未宣布，但该公司最近在最近的招标报价中估价为125亿美元。
It’s not just AI and crypto stocks that have performed well, either. Medtech developer Anbio Biotechnology (NNNN) is up over 630% with a market cap of $1.62 billion since going public earlier this year, and Hong Kong-based Diginex Limited (DGNX), which develops ESG reporting solutions, is up 930% with a $1 billion market cap.
表现不错的不仅是AI和加密股票。自今年早些时候上市以来，MedTech开发人员ANBIO Biotechnology（NNN）的市值增长了630％以上，市值为16.2亿美元，总部位于香港的Diginex Limited（DGNX）开发了ESG报告解决方案，增长了930％，增加了930％的市场上限。
And while June and July traditionally see a strong volume of IPO activity, last month was quieter than usual — likely due to uncertainty around tariffs and President Trump’s looming July 9 deadline for trade deals, Renaissance told Yahoo Finance.
文艺复兴时期告诉Yahoo Finance，虽然传统上传统上看到了大量的IPO活动，但上个月比平时更安静 - 可能是由于关税和特朗普总统7月9日迫在眉睫的贸易交易截止日期的不确定性所致。
But the firm expects to see a stronger recovery in go-public deals once this fall, powered by the success high-profile issues have enjoyed since going public.
但是，该公司希望在今年秋天秋天，在公开问题上享有成功的范围内，就会看到越野公共交易的恢复更加强大。
“It’s not just two or three companies that have done amazing — it’s really a broader group that has been well received, that has received sustained interest in the aftermarket,” Marquez said.
Marquez说：“不仅是两到三家公司都做了惊人的事情 - 而且，这确实是一个受到好评的集团，而且对售后市场产生了持续的兴趣。”
