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Figma’s blockbuster IPO in July 2025, which raised $1.2 billion and surged 250% on its debut, has reignited optimism around venture-backed public listings. Yet, despite this standout performance, the broader IPO market remains subdued, with 2025 on track to be the weakest year for new listings in over a decade.
Analysts note that while the IPO window has partially reopened, investor expectations have shifted. Profitability and strong revenue growth are now essential, with speculative growth stories no longer sufficient. Sectors aligned with national priorities—such as defense, crypto, fintech, and AI—are driving most of the momentum, benefiting from favorable policy environments.
In parallel, the secondary market is playing a growing role in venture liquidity. U.S. VC direct secondaries reached $61 billion in annualized volume in Q2, though still a fraction of total unicorn value. Tools like special purpose vehicles (SPVs) and tender offers have become strategic instruments for managing liquidity and retaining talent, especially among top-tier startups like OpenAI and Stripe.
Looking ahead, while macroeconomic uncertainty may limit exit activity in 2025, the structural shifts underway could pave the way for a more resilient and transparent liquidity environment in 2026.
【Source: PitchBook Q3 2025 Analyst Note】Emily Zheng Senior Analyst, Venture Capital
