The IPO market was supposed to be in rehab — low volume, slow returns, cautious valuations. But 2025 has thrown that playbook out.
CoreWeave, a hyperscale AI cloud firm, came to market with institutional backing and fundamentals — but the stock has risen just 33% since its debut, despite deep NVIDIA ties and strong revenue growth. But after Newsmax ($NMAX) exploded out of the gate with a +2,200% gain and meme-heavy offerings like $WTF ripped over +450%, venture investors are officially repricing what a “successful IPO” looks like.
“It’s not about ARR anymore. It’s about the audience. That’s the game now,” said one growth-stage VC to WSJ.
IPO Leaderboard Since Listing
| Ticker | Company | Gain Since IPO | What Drove It |
|---|---|---|---|
| $NMAX | Newsmax | +2,200% | Political retail surge, MAGA-meme wave |
| $WTF | WTF Corp | +450% | Low float + cult influencer base |
| $WXM | WXM Media | +50% | Cross-platform buzz |
| $CRWV | CoreWeave | +33% | AI narrative, institutional-heavy |
These are not small wins. These are capital events — and now LPs are asking their funds why they’re still holding unicorns at stale valuations instead of feeding the frenzy.
From Diligence to Drama
CoreWeave was the “real” IPO of the quarter: strong revenue, NVIDIA-adjacent, deep infra play. And yet, its stock is up just +33% since listing — barely a footnote compared to Newsmax’s meteoric rise on just $171M in trailing revenue and a $25B valuation.
Valuation-to-revenue multiples? No one’s looking at them.
Media momentum + culture tie-ins? That’s the new premium.
What’s Changing in VC Circles
- LPs now want liquidity faster, even if it’s via retail-fueled pops
- Firms are accelerating exits for media, political, or cult-narrative IPOs
- Startups are pivoting brand strategies pre-IPO to build social attention
Risk vs. FOMO
Not all IPOs are working. Many of these launches may not sustain. But for now, market momentum is outweighing earnings logic — and funds that adapt early are capturing alpha.
“This looks like 2021 — but with MAGA caps and YouTube channels,” one partner at a major growth fund told WSJ.
From CoreWeave to Newsmax, IPO success is no longer just about fundamentals. In 2025, the real IPO edge is narrative control — and the VCs who get it early are riding the wave.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
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