FOLLOW US

Wall Street’s IPO engine roared back to life Monday as fintech darling Chime Financial Inc. kicked off plans for an $800 million IPO, signaling a bullish revival in public listings. At the same time, stablecoin issuer Circle Internet Financial Inc. dramatically increased its IPO target to $880 million, riding a wave of investor enthusiasm that’s returned after a prolonged market chill.

Both companies’ offerings come amid a broader reawakening of IPO ambitions, just as geopolitical turbulence begins to recede and investors rediscover their appetite for disruptive tech plays.

Chime’s Breakout Moment: IPO to Test $9.1B Valuation

San Francisco-based Chime, a digital banking disruptor, has filed with the SEC to sell 32 million Class A shares, with prices ranging from $24 to $26. That would peg the company’s valuation at approximately $9.1 billion—a figure that underscores how much heat fintech still carries.

Chime plans to directly offer 25.9 million shares, while existing shareholders will offload 6.1 million, according to its registration. Proceeds will power expansion, as the startup looks to scale its suite of banking services, which include no-fee checking, direct deposits, and credit-building tools—products designed for consumers left behind by traditional banks.

“This IPO is more than a capital raise,” one analyst noted. “It’s a referendum on the unbanked and underbanked market—and Chime is making its case to lead that revolution.”

The offering is expected to price the week of June 9, with Wilson Sonsini Goodrich & Rosati PC and Wachtell Lipton Rosen & Katz advising Chime. Morgan Stanley, Goldman Sachs, and J.P. Morgan are lead underwriters. Chime will trade under the Nasdaq ticker symbol CHYM.

Circle’s Second Act: From SPAC Failure to NYSE Comeback

$880M Upsized Offering Aims for $6.1B Valuation

Not to be outdone, Circle—issuer of the USDC and EURC stablecoins—upped the ante, disclosing it would now sell 32 million Class A shares at $27 to $28 per share. That’s up from a previous plan of 24 million shares, a move that boosts its fundraising target to $880 million, and puts the company on track for a $6.1 billion valuation if priced at the midpoint.

This marks Circle’s second try at going public. A 2022 SPAC merger fizzled out, leaving the company grounded. But this time, Circle’s offering is gaining real traction—a testament to stablecoins’ growing legitimacy in global finance.

Circle’s backers, including Accel, Breyer Capital, and General Catalyst, are offering 19.2 million shares, while the company will sell the remaining tranche. The listing is expected to price by Thursday, with J.P. Morgan and Citigroup as lead underwriters and Davis Polk & Wardwell LLP advising the company. Circle is set to list on the New York Stock Exchange under the ticker CRCL.

IPO Revival or False Spring? Investors Take the Leap

Chime and Circle are riding a resurgence in IPO activity that follows months of market freeze caused by trade tensions and interest rate volatility. But with equities rising and President Trump dialing back tariff threats following his contentious “Liberation Day” policy push, the IPO window is reopening fast.

“This is the most vibrant we’ve seen the pipeline in over a year,” said one IPO strategist. “Deals are not just getting done—they’re getting upsized.”

Both offerings reflect renewed confidence that high-growth tech firms can thrive in the public arena. Investors are now watching to see if Chime can cement itself as the neobank of the masses, and whether Circle can bring crypto-backed finance fully into the traditional market fold.

Still, the stakes are high. While these offerings could mark a turning point for fintech IPOs, any pricing stumble or market hiccup could spook others still on the sidelines.