[2025 U.S. Stock Market IPO Report Card: Overall Performance Underwhelming, Fundamentals Return to Valuation Core] Jin10 Data, January 5 – Data shows that the performance of U.S. initial public offerings (IPOs) in 2025 was underwhelming. Due to heightened stock market volatility and increasingly stringent scrutiny on themes such as cryptocurrency and artificial intelligence, several high-profile IPO transactions were impacted during the year. According to the data, excluding closed-end funds and blank check companies, the weighted average stock price of companies listed in 2025 rose by 13.9%, falling short of the S&P 500 Index's 16% gain. Mike Bellin, PwC's U.S. IPO leader, stated: "2025 was clearly a mixed bag for the IPO market. While the market reopened, it was highly selective in its behavior." He noted that investors have started prioritizing quality over momentum, and the bar for going public—especially for early-stage tech and consumer companies—has significantly risen. Bellin concluded: "The biggest takeaway is that we have firmly returned to a fundamentals-driven market. Investors have become more discerning, and companies must present clearer logic and stronger operational direction when entering the market.