Manhattan, New York
— August 15, 2025

There have been almost 220 IPOs so far in 2025 — that’s nearly as many as we had in the entire year of 2024. With so many new names hitting the market, I wanted to share a few game notes on three of the most interesting and successful IPOs of the year so far.

First up, a Wall Street Game Notes favorite: Figma. They’re the collaborative design platform built for UX and UI designers to create web and mobile experiences. Figma went public just a few weeks ago at the end of July at about $30 per share. They’ve soared 165% to $80 per share — and that’s even after some profit-taking. Today, they’re valued at about $40 billion, almost twice what Adobe offered to acquire them two years ago.

Second is CoreWeave, a popular AI play. They provide GPU-powered cloud compute infrastructure designed specifically for the AI boom. CoreWeave went public in March at around $40 per share and ran up 150%, settling near $100 per share. They just reported Q2 earnings this week and shed about 33% off the back of that call — but even after that drop, they’re still up 150%. The company’s market cap sits at about $49 billion.

Third is Circle, a FinTech platform specializing in stablecoin and crypto infrastructure. Circle has soared 384% since going public at $31 per share — they’re now sitting around $150. They also just reported Q2 earnings, and while they pulled back a bit, they’re still up nearly 400%. Their current valuation is about $37 billion.

Thanks for tuning in and being part of the Wall Street Game Notes community. If you have thoughts or insights into these companies — or others — definitely let us know. We’ll keep you updated on these names as we go.

Be good out there!