IPO flurry begins as Trump tariff concerns ease

Klarna, Gemini, Black Rock Coffee Bar, Figure Technology and Legence made public the terms of their respective offerings

A slew of companies across sectors ranging from crypto to consumer launched U.S. IPO roadshows on Tuesday, kicking off the post-Labor Day fall window as investor anxiety over U.S. President Donald Trump’s tariffs started to fade.

Analysts say the window through mid-October will be crucial, with several high-profile names lining up to gauge whether confidence in equities can withstand political and economic uncertainty.

Swedish fintech Klarna, Winklevoss twins-backed crypto exchange Gemini, cafe chain Black Rock Coffee Bar, blockchain lender Figure Technology and engineering and maintenance services provider Legence made public the terms of their respective offerings.

I believe that the strong sentiment for U.S. IPOs overall will continue for the remainder of 2025 and into 2026, in particular for growth-focused deals in technology and linked to the U.S. consumer, IPOX CEO Josef Schuster told Reuters.

The fall stretch is traditionally one of the busiest for new deals, as markets shake off the summer lull and dealmakers rush to bring offerings when investors return after Labor Day.

Strong first-day performances this year from high-growth tech and crypto companies including stablecoin issuer Circle, space startup Firefly Aerospace and crypto exchange Bullish have reinforced optimism that the IPO market is stabilizing.

Meanwhile, U.S. stock markets hover near record highs, supporting new issuance and defying political and economic headwinds.

As long as the stock market stays strong, we expect more IPOs to come, according to Bo Pei, analyst at US Tiger Securities.

The IPO market ground to a halt in April after the Trump administration unveiled sweeping tariffs on major economies, roiling global markets and dashing hopes that a fragile rebound in U.S. listings after years of dormancy could take hold.