The 2025 IPO Comeback Tour | The Motley Fool

In this podcast, Motley Fool analysts Emily Flippen and Sanmeet Deo and contirubtor Jason Hall break down why the IPO market took off in 2025, which new listings may look like future Rule Breakers, and what investors should be keeping an eye on for new IPOs in 2026. To catch full episodes of all The Motley Fool's free podcasts, check out our podcast center . When you're ready to invest, check out this top 10 list of stocks to buy . A full transcript is below. This podcast was recorded on Dec. 16, 2025. Emily Flippen: The IPO market woke up in 2025, but can it continue its run in 2026? It's SpaceX the exception or does it really never make sense to buy into an IPO? We're discussing all of this and more today on Motley Fool Money. Today is Tuesday, December 16th. Welcome to Motley Fool Money. I'm your host Emily Flippen. Today, I'm joined by Fool analysts Jason Hall and Sanmeet Dao to discuss the IPO market. We'll be taking a look back at what reopened the IPO window over the course of the past year, run the biggest IPOs of 2025 through a rule Breakers lens, and make a few predictions for the 2026 IPO markets, including discussing if it really never makes sense to buy into an IPO. Now, the IPO market in 2025 was obviously much hotter than 2024. The third quarter of this year was the biggest quarter for capital raises since 2021, and IPOs in the first half of this year were up more than 75% compared to 2024. Now, I know we're not still in that post pandemic world of IPO mania that we had just a few years ago, but the falling interest rates, a surprisingly resilient market. It seems all have whetted the appetite of banks, companies, and investors alike. Jason, I want to pass it to you first. When you think about the IPO market and the performance of it this year, what do you think was the main catalyst? what's the simplest explanation for why we're seeing so much more demand today than we were a year ago? Jason Hall: I think the shorter answer is bull markets beget more IPOs, and as much as it's been weird, uncertain year in some ways, for things that affect the economy and companies like a trade war and tariffs, the economy is just powered through. I think that's a big part of the story, but a little bit more nuanced answer is the market and economy have continued to do well, and interest rates are falling, and we're moving farther away from the 2022 bear market, where we saw so many of those IPOs and SPACs from 2020 and 2021 that just absolutely crashed and burned. They say that time heals all wounds, and I think that's true in public markets, too. I think the combination of falling rates, generally good stock returns since late 2022, and relatively rich...

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