US IPO Market Heats Up as AI, Crypto Firms Accelerate Plans

Companies touting their artificial intelligence and crypto-sector ties are speeding up their IPO timelines, after triple-digit first-day pops became a regular feature in this summer’s sizzling US market for new issues.

Crypto companies finalizing paperwork with regulators to potentially go public after the Sept. 1 Labor Day holiday in the US include Gemini Space Station Inc., led by the billionaire Winklevoss twins, and blockchain-based credit company Figure Technology Solutions Inc. Plenty of candidates weighing debuts this fall are talking up their AI usage, such as payments company Klarna Group Plc pointing to efficiency gains allowing the company to stop hiring in 2024, reducing its employee headcount by 22% that year mostly through attrition.