Wealthfront’s $14 IPO Mirrors U.S. IPO Surge—Strong Day-One Gains, Regulatory Clouds

Gist

Wealthfront plans a December 2025 Nasdaq IPO at $14 per share, selling 34.6 million shares for an implied valuation of about $2.1 billion.
The 2025 U.S. IPO market has rebounded, with Q3 IPO counts and proceeds already surpassing full-year 2024 levels.
Average first-day returns for 2025 U.S. operating-company IPOs are around 34%, well above the muted performance of 2023–2024.
Despite the rebound, longer-term IPO performance is mixed, smaller deals lag, and regulatory shifts could dampen current momentum.

The IPO market as of late 2025 has turned a corner, leveraging macro improvements, easing interest rates, and strong investor sentiment particularly towards technology, AI, and crypto themes. Wealthfront’s IPO is emblematic: modest valuation (~$2.1B), strong institutional support, broad appeal to younger investors, and a non-speculative narrative (

Supporting Notes

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