Tech IPO Boom Ignites with Bullish, Figma, and Circle

AI and crypto companies are driving a tech IPO boom, with Bullish set to IPO this week, aiming to raise over $600 million. Figma's volatile debut joins CoreWeave and Circle's IPO rollercoaster, with Circle returning 418% and CoreWeave up 173% since listing. The IPO environment is more conducive, but uncertainty remains for private companies considering public listings, with recent manufacturing and services PMI readings not being upbeat.

The tech industry is witnessing a significant uptick in initial public offerings (IPOs), driven primarily by artificial intelligence (AI) and cryptocurrency companies. This week, Bullish is set to IPO, aiming to raise over $600 million, adding to the growing list of tech companies seeking public markets. The IPO environment has become more conducive, with recent examples such as Figma's volatile debut, CoreWeave's 173% gain, and Circle's 418% return since listing [1].

The AI sector, in particular, has been a major driver of this IPO boom. According to CB Insights, there are now 498 AI "unicorns," or private AI companies with valuations of $1 billion or more, with a combined value of $2.7 trillion. This includes 100 unicorns founded since 2023 alone, showcasing the rapid growth and innovation in the AI space [1].

The crypto sector is also contributing to the IPO boom. Companies like Circle, which returned 418% since its IPO, are demonstrating the potential for significant returns in the cryptocurrency market. The IPO environment, while more favorable, still faces uncertainty, especially with recent manufacturing and services PMI readings not being upbeat [1].

However, the IPO boom is not without its challenges. Many AI and crypto companies are private and may face difficulties in converting their wealth into liquid assets. For instance, Anthropic, an AI startup, is valued at $170 billion, but its founders' wealth remains largely illiquid due to the private nature of the company [2]. Similarly, Bullish, set to IPO this week, will likely face scrutiny and regulatory challenges, typical of any company seeking public listing.

Despite these challenges, the IPO boom in the tech sector, particularly in AI and crypto, is a clear indication of the growing interest and investment in these innovative fields. As these companies continue to grow and innovate, the tech IPO market is likely to remain dynamic and attractive to investors and financial professionals alike.

References:
[1] https://www.cnbc.com/2025/08/10/ai-artificial-intelligence-billionaires-wealth.html
[2] https://www.cnbc.com/2025/08/12/anthropic-claude-government-ai.html