A Look Back at the NYSE's Record-Breaking 2025 IPO Market

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The year 2025 marked the most significant IPO market since 2021. The New York Stock Exchange led this resurgence, listing seven of the year’s ten largest IPOs. Blockbuster listings like Medline’s (MDLN) landmark offering helped define NYSE success. Other prominent market debuts included:

• Klarna Group plc (NYSE: KLAR)
• Figma, Inc. (NYSE: FIG)
• Circle Internet Group, Inc. (NYSE: CRCL)
• Bullish (NYSE: BLSH)
• BETA Technologies, Inc. (NYSE: BETA)
• NIQ Global Intelligence plc (NYSE: NIQ)
• Karman Holdings Inc. (NYSE: KRMN)

A strong first-half performance and a reacceleration of activity in the third quarter underscored the year’s record-breaking momentum.

Key Takeaways

• The NYSE had a record-breaking year in 2025 for new company listings, the best since 2021.
• Medline’s $6.3 billion offering was the biggest new listing of 2025.
• The NYSE became a leader in digital assets, listing crypto companies and new crypto investment funds.
• The NYSE grew by attracting big companies from other exchanges and by opening the new NYSE Texas Exchange.

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Blockbuster IPO Dominance

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The year 2025 was characterized by a series of high-value initial public offerings. These blockbuster deals helped define NYSE leadership in the capital markets. The exchange became the premier destination for companies seeking significant growth capital, attracting both established industry giants and disruptive innovators.

Medline’s Landmark $6.3B Offering

Medline’s public offering stood out as the year’s most significant market event. The healthcare company raised an impressive $6.26 billion in its IPO. This transaction was not just the largest of 2025; it was the biggest U.S. initial public offering since electric vehicle maker Rivian’s debut in 2021. The scale of this listing underscored the renewed investor confidence in the public markets.

A Surge in Tech and Healthcare Listings

The market’s momentum extended far beyond a single deal. A powerful surge in technology and healthcare listings helped define NYSE dominance throughout the year. The exchange successfully captured nearly 70% of all proceeds from large technology offerings. This trend was evident early on, with 174 companies raising a combined $31 billion by July. Activity reaccelerated in the third quarter, confirming a robust and sustained appetite for new listings. Companies like medtech firm Picard Medical chose the NYSE, reinforcing the exchange’s reputation as a hub for healthcare innovation.

2025’s Notable Market Debuts

Several other high-profile companies made their public debuts on the NYSE, contributing to the record-breaking year. Financial technology leader Klarna Group plc launched its IPO in September, raising ＄1.37 billion at an initial valuation of approximately $15.1 billion.

Klarna’s successful offering was a major event for the fintech sector. After its first day of trading, the company’s valuation climbed to an impressive $17.4 billion, signaling strong investor demand.

The technology sector saw another major listing with Figma, Inc. The collaborative design platform raised $1.2 billion in its IPO, achieving a valuation of $19.3 billion. Additionally, Circle Internet Group, Inc., a key player in the digital asset space, went public and raised $1.05 billion at an ＄8 billion valuation. These successful offerings from diverse industries helped define NYSE as the leading global exchange for raising capital.

Pioneering the Digital Asset Frontier

The year 2025 also marked a pivotal moment for the digital asset industry’s integration into mainstream capital markets. The NYSE established itself as a leader in this new frontier. It welcomed both crypto-native companies and innovative financial products to its exchange, bridging the gap between traditional finance and the digital economy.

Landmark Crypto-Native Listings

A key development was the arrival of the first major crypto-native companies on the public market. These listings provided a new level of legitimacy and access to capital for the sector. Twenty One Capital became the first major crypto-native firm to list on the NYSE in 2025. Its shares began trading in December under the ticker symbol ‘XXI’, signaling a new era for digital asset companies seeking public investment. This move demonstrated the exchange’s commitment to supporting innovation from all corners of the financial world.

The Rise of Digital Asset ETFs

Investor access to digital assets expanded significantly with the launch of new Exchange-Traded Funds (ETFs). The NYSE became the primary venue for these groundbreaking products. The exchange listed several key funds from asset manager Bitwise, which offered investors regulated exposure to a variety of digital assets. New listings in 2025 included:

• The Bitwise XRP ETF (Ticker: XRP)
• The Bitwise Solana Staking ETF (Ticker: BSOL)
• The Bitwise Crypto Industry Innovators ETF (Ticker: BITW)

These products simplified the investment process for many. They allowed individuals and institutions to gain exposure to the crypto market through a traditional brokerage account.

Premier Hub for Crypto ETF Trading

The NYSE did more than just list new digital asset products; it became the central marketplace for trading them. The exchange’s robust infrastructure and deep liquidity attracted significant trading volume for the newly launched crypto ETFs.

By capturing the majority of trading activity for these funds, the NYSE solidified its position as the premier global hub for listed digital asset products. This leadership was crucial in building investor confidence and ensuring a stable, regulated environment for this emerging asset class.

Strategic Market Expansion

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The New York Stock Exchange expanded its market leadership in 2025 through key strategic initiatives. The exchange did not just focus on new public offerings. It also attracted established global companies and grew its presence in new regional markets. These efforts strengthened its position as the world’s premier exchange.

Major Corporate Transfers

The NYSE successfully attracted major corporate transfers from other exchanges. This strategy brought established, high-value companies to its roster. The most historic announcement came from global biopharmaceutical giant AstraZeneca PLC.

AstraZeneca PLC received shareholder approval on November 3, 2025, for a direct NYSE listing. This significant move allowed the company to access the deep and liquid U.S. capital markets more effectively.

Attracting a company of AstraZeneca’s scale demonstrated the exchange’s global appeal. It showed that the NYSE is the preferred destination for the world’s most influential corporations seeking greater investor access and visibility. These transfers help define NYSE as the leading center for global capital.

Growth of the NYSE Texas Exchange

The year 2025 also saw the successful launch and rapid growth of a new regional exchange. Governor Greg Abbott celebrated the launch of NYSE Texas by ringing the Closing Bell on August 20, 2025. The Dallas-based, fully electronic exchange quickly became a major success.

• Rapid Growth: The exchange reached a milestone of 100 dual listings by December 1, 2025.
• Significant Capitalization: The combined market capitalization of these listed companies surpassed an incredible $2 trillion in the same period.

This expansion into Texas tapped into a vibrant economic region. It provided local and national companies with another powerful platform for raising capital and trading.

New Listings Help Define NYSE Strategy

The combination of blockbuster IPOs, landmark crypto products, and strategic transfers illustrates a comprehensive growth strategy. The NYSE reinforced its leadership in the broader Exchange-Traded Fund (ETF) market, listing hundreds of new funds beyond digital assets. This diverse approach ensures the exchange remains the most dynamic and comprehensive marketplace for issuers and investors. This comprehensive approach will continue to define NYSE leadership in the years ahead.

The New York Stock Exchange achieved a remarkable year in 2025. It led the largest IPO market since 2021, highlighted by Medline’s blockbuster offering. The exchange also pioneered the public market for digital assets and strengthened its leadership through strategic expansions. These collective successes firmly established 2025 as a record-breaking year. Looking ahead, the NYSE remains committed to fostering growth and innovation for companies seeking to enter the public markets in 2026.

FAQ

What was the biggest IPO on the NYSE in 2025?

Medline’s (MDLN) public offering was the largest of the year. The healthcare company raised an impressive $6.3 billion. This transaction marked the biggest U.S. IPO since Rivian’s debut in 2021, highlighting renewed investor confidence in the public markets.

Which sectors saw the most growth in listings?

Technology and healthcare sectors experienced a significant surge in new listings. The NYSE captured nearly 70% of all proceeds from large technology offerings. Prominent companies like Figma, Klarna, and Picard Medical all chose to list on the exchange.

How did the NYSE support the digital asset industry?

The NYSE became a key hub for the digital asset industry. It listed the first major crypto-native companies, such as Twenty One Capital. The exchange also became the primary trading venue for new digital asset ETFs, including several from Bitwise.

What was the significance of the NYSE Texas Exchange?

The NYSE Texas Exchange represented a successful regional expansion. Launched in August 2025, the Dallas-based electronic exchange quickly attracted over 100 dual listings. The combined market capitalization of these companies surpassed $2 trillion by December, tapping into a vibrant economic region.