Yoni Assia, co-founder and CEO of the Center Etoro Group Ltd., will ring the opening bell at the company’s first public offer held at Nasdaq Marketsite in New York, USA on Thursday, May 15, 2025, co-founder of Ronen Assia, co-founder of Etoro Group Ltd. on the left.
Yuki Iwamura | Bloomberg | Getty Images
The IPO market has repeatedly fooled investors in believing that the drought, which was extended in early 2022, will resume after it has been extended. Again, there are signs of hope.
Stocks on the Stock Brokerage Platform Etro It jumped nearly 29% on the Nasdaq debut on Wednesday after the Israel-based company set prices beyond expectations. That same day, in its first revenue report as a public company, the AI infrastructure provider coreweave We reported an estimate of 420% growth in revenue, toppings.
CoreWeave’s shares have lost about 60% this week, and have doubled their value since the company’s March IPO.
That was a huge swing from a month ago.
Earlier in President Donald Trump’s second White House term, bankers and venture investors were bullish in the revitalized IPO market. But after President Trump’s drastic tariff policy rollout and subsequent suspension shook the market in April, businesses including online lender Krana and ticket market stubhub delayed their long-awaited offerings.
According to the National Venture Capital Association and Pitchbook, the first quarter exit for venture companies reached its highest quarter value since the fourth quarter of 2021, but nearly 40% came from the CoreWeave IPO.
“As the year progressed, a revival of IPO activities was expected, but that outlook reduced due to the tariffs imposed,” the NVCA and Pitchbook wrote in their first quarter report in mid-April. “As open market investors move towards less risky investments, many VC-backed companies may struggle to create the demand they need to meet a high market rating.”
There will be more action in the second quarter.
Klarna and Stubhub were not offering updates and both companies declined to comment on the story, but Etoro was another company that temporarily put plans on hold. This week’s successful debut could encourage others to follow.
Fintech Company Chime submitted a prospectus on Tuesday that will be published on Nasdaq after delaying its IPO plans following the tariff announcement. Digital Health Company Omada Health, which was released last week, has been submitted.
“The market will return,” Rachel Gering, American IPO leader at Ernst & Young, told CNBC. “That’s when it’s a problem. It’s not a problem.”
Gerring said optimism has begun to recover. Part of that has been linked to a 90-day suspension on Trump’s toughest trade policy and a dramatic cut in tariffs from China during that time.
But there is still a lot of uncertainty, but Gerring says it’s difficult for businesses to manage, especially as they prepare to be in the market. She advises clients to focus on preparation, so they make the market available when the time comes.
Last week’s big week
With digital health, all eyes will be hinge health next week.
The virtual physiotherapy company submitted its first prospectus in March. Hinge updated its documentation this week with an expected price range of $28 to $32. This would value the company at around $2.4 billion in the centre of the range, not including some of the potential outstanding shares.
Digital health has been a particularly tough market for the past few years, following the pop of the Covid era, when consumers and patients moved to virtual solutions. Since then, growth has slowed dramatically.
AI is another story, and Chipmaker Cerebras provided the latest updates this week.
Celebras was submitted for public release in September, but this process was slowed down by a review by the Treasury Department’s committee on foreign investment in the US or CFIUS. Celebras CEO Andrew Feldman said Thursday at a company event that his “aspiration” was to open the chipmaker this year as he got the necessary clearance from the committee this year.
Digital Assets Company Galax Digital began trading on Nasdaq on Friday and switched from the Toronto Stock Exchange. The New York-based company was released to Canada in 2020 due to US regulators being wary of codes.
Galaxy CEO Mike Novogratz said the switch “will attract a wider investor base.”
Still, Gerring said that larger, growth-oriented companies will need to come into the market for Tech IPO activities to actually recover.
“The IPO market could be one of the latter markets as the market begins to recover, taking into account the risks around IPOs,” Gerring said. “We’re heading in the right direction.”
Watch: Etoro CEO Yoni Assia on IPO debut, crypto bonds and growth outlook
