High-profile initial public offerings in recent weeks have left investors wondering if the new issues market has woken up from a years-long slumber.

Circle surged 543% YTD, CoreWeave up 325%, AIRO up 163%, Anbio up 131% and Karman up 109%. These strong perfomances have boosted confidence.

“We’re in a really good position right now in U.S. markets,” said Avery Marquez, director of investment strategies at Renaissance Capital, which provides pre-IPO research and IPO-centered ETFs. “There’s a lot of momentum right now” heading into the second half.

The U.S. IPO market has so far seen 150 deals in 2025 that raised nearly $27 billion, the most since 2021, according to Dealogic, a firm that tracks capital markets activity.

The unveiling of President Donald Trump’s tariff policy introduced uncertainty into the market and hampered returns, leaving traders worried that the pipeline would slow, she said. Some companies that had thought they’d go public instead delayed their IPOs as the stock market plunged in reaction to Trump’s trade policies.

The new issue market’s performance in May and June beat low expectations, Marquez said, fueled by the broader market’s rally after President Trump paused his high tariff plan. With the 90-day pause expiring in early July, investors may be in a better position to absorb such shocks in the future, knowing that some U.S. trading partners have struck deals, or the outline of deals, to avoid the full impact of proposed duties, Marquez said.