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The public markets have always been where fortunes are made—and lost. But for those with the foresight to identify transformative companies early, the rewards can be extraordinary. Think back to $TSLA ( ▲ 0.1% ) ’s IPO in 2010 at $17 per share, now trading at levels that have created countless millionaires. Or $META ( ▼ 1.18% ) ’s rocky debut in 2012 that skeptics doubted, only to deliver massive returns to patient investors. Even Uber, despite its initial volatility, has rewarded those who believed in the future of mobility.

These weren't just stock picks—they were bets on the future. And today, I'm seeing that same transformative potential in two companies preparing to go public: Circle $CRCL ( ▲ 10.66% ) and Airo $AIRO.P ( 0.0% ) .

Why I'm Excited About These IPOs

Circle represents the infrastructure of the digital economy, powering the stablecoin revolution that's quietly becoming the backbone of global commerce. With institutional adoption accelerating and regulatory clarity emerging, Circle is positioned at the intersection of traditional finance and the digital future. Some may even say it’s the company key to taking Web 3 mainstream.

Airo, meanwhile, is positioned at the forefront of the aviation revolution. With their diversified portfolio spanning drone manufacturing, aircraft training systems, aviation information platforms, and developing a cutting-edge eVTOL (electric vertical takeoff and landing) aircraft focused on transporting cargo, they're building the infrastructure for the future of flight. As urban air mobility becomes reality and autonomous flight systems mature, Airo is capturing value across multiple high-growth aviation segments.

The pattern is familiar: revolutionary technology, massive addressable markets, and companies positioned to dominate their respective spaces. Just as Amazon capitalized on e-commerce, Netflix on streaming, and PayPal on digital payments, Circle and Airo are building the infrastructure for tomorrow's economy.

The question isn't whether these sectors will grow—it's whether you'll be positioned to benefit when they do. History shows us that the greatest wealth is often created during these pivotal moments when private companies transition to public ownership, offering everyday investors the chance to own pieces of the next generation of market leaders.

Let's dive into why these IPOs deserve your attention and how they could fit into a forward-looking investment strategy.

Circle

For those who use Coinbase, you’re probably aware of the stablecoin $USDC.X ( ▲ 0.01% ) . Circle created that stablecoin. Launched in 2018, USDC has been used in more than $25 trillion of on-chain transactions. USDC is the largest regulated payment stablecoin and its reputation in the stablecoin space is higher than that of Tether, which has been riddled with controversies.

Looking at the financials, Circle is profitable and fast-growing. It has gone from generating $772 million in 2022 to around $1.7 billion in revenue in 2024. Within that same time frame, Circle went from having a $768 million loss to generating $156 million in profits. A big reason for this was the reduction in marketing expenses.

CNBC has noted that Circle’s IPO looks similar to Facebook’s IPO in a significant way. In Circle’s IPO, more of the shares being sold are from existing investors than from the company. Circle is selling 9.6 million shares while investors are selling 14.4 million shares. That means more than 60% of shares being sold at Circle’s IPO are coming from existing investors.

The reason this reminds market commentators of Facebook’s $META ( ▼ 1.18% ) IPO is that during that IPO, 57% of the IPO shares sold were from existing investors.

The immense share sales from existing investors may be due to the extended stretch of meager returns for venture capital firms. With many late-stage tech companies forgoing IPOs after the market peak of 2021 and higher interest rates, VC firms are hungry for liquidity and will sell their stakes in their portfolio companies whenever they can. That way, they can distribute returns to their investors.

When considering recent IPOs like Reddit $RDDT ( ▼ 1.76% ) , existing investor stock sales accounted for 31% of shares sold on public debut. For Instacart’s $CART ( ▼ 0.02% ) IPO, existing investor stock sales accounted for 36% of shares sold during the IPO. For CoreWeave $CRWV ( ▼ 3.36% ) , that number is 2.4%. Going back further, Airbnb $ABNB ( ▼ 0.36% ) insider stock sales accounted for 3% of the IPO shares while DoorDash $DASH ( ▲ 1.32% ) insiders didn’t sell any stock during its IPO.

Overall, seeing the percentage of shares sold by insiders doesn’t mean much of how the stock will perform over the long run. For Facebook, more shares were sold by existing investors than by the company, and the company has become one of the largest firms today. Meanwhile, Airbnb had a lot fewer existing investors selling their stakes at IPO, and their stock has stagnated since going public.

My bull thesis for Circle is that they’ll be the company taking Web 3 mainstream. Most people get into Web 3 through buying Bitcoin, Ethereum, and USDC. Nearly everyone who has dabbled with crypto has touched USDC at some point. Today, USDC is natively supported on 19 blockchains.

One of the big ways Circle will take Web 3 mainstream is by partnering with developers and enterprises. Their Developer Services help both entities easily build, deploy, and operate end-user applications on blockchain networks through enterprise-grade smart contracts, APIs, and software development kits. Some of these services include:

• Circle Wallets, which allows developers to rapidly integrate onchain wallet technology into their end-user applications across mobile apps and the Web.

• Circle Contracts, a tool that empowers developers to integrate and build with smart contracts without needing to learn a new coding language, and by reusing existing smart contract templates for the most common tasks and application types. It also streamlines the deployment, monitoring, and administration of smart contracts across multiple blockchain networks.

• Circle Paymaster, an onchain smart contract that allows developers and end-users to pay these fees in USDC instead of the blockchain’s native tokens.

• Circle CCTP, where end-users can safely and cost-efficiently transfer USDC from one supported blockchain to another. This service is a crucial building block for application developers and ensures that digital dollars can be used interoperably no matter what blockchain an application or end-user is interacting with.

These services help Web 2 developers, internet-enabled businesses, and financial institutions to more easily offer Web3 capabilities, including using USDC as a means of payment and settlement within consumer internet, e-commerce, and finance applications.

Hopefully, Circle succeeds in bringing the world to the Web 3 age. Buying Circle’s IPO today could be like buying Facebook’s IPO back in 2012. It will be interesting to see how Circle performs as interest rates look to rise secularly.

Airo

Without Robinhood’s IPO access, I wouldn’t have known that this company existed.

In short, Airo is an aerospace and defense business that sells:

• Drones to the miltiary ($75M)

• Avionics systems for aircraft ($9M)

• Training for both military and commercial aircraft ($4M)

While also developing eVOTLs focused on heavy cargo transportation.

I’m impressed with the revenue growth Airo has achieved. They’ve been able to double their revenues within a year, but their net loss has only widened slightly.

But, if we look at Airo’s adjusted EBITDA, we can see that the business in and of itself is capable of being profitable. By removing depreciation, interest expense, income tax expense, stock-based comp, fair value adjustments, and the impairment of nearly $38M during 2024, the business would look to be more profitable.

For context, the $38M in impairment was due to their 2024 Impairment Test. As you can see below, since the fair value of the Electric Air Mobility and Training segments was lower than the segments’ carrying values, Airo had to impair those two segments to get it down to fair value.

I was fortunate to have access to Airo’s retail road show presentation and slide deck as a Robinhood user. Since the material can’t be shared publicly, I won’t be sharing it here. But I will summarize it by noting:

• Airo is benefiting from higher defense spending from NATO’s European allies

• Airo’s drones are competitive in performance to Aerovironment’s $AVAV ( ▼ 0.05% ) drones

• They have over $200M in bookings for their RQ-35 drone

• For the drone business, there are plans to create “drones-as-a-service” and have them deliver cargo

• For the avionics business, since they are upgradable, clients prefer Airo’s avionics systems due to the reduced installation time and costs for new systems

• For the avionics business, their system is far superior to what Garmin $GRMN ( ▼ 0.47% ) and other avionics providers provide

• The company has the most military training government contracts out of all the aircraft training competitors and has access to unique bidding opportunities for aircraft training.

• The Drone business is the primary driver for revenue growth.

Concluding thoughts

Both IPOs carry inherent risks that can't be ignored. Circle's heavy reliance on existing investor selling could create near-term volatility, while Airo's current losses and recent impairments signal an execution story still being written. Market conditions remain challenging for new public companies, and both stocks will likely face the typical post-IPO volatility that has characterized recent debuts.

However, the potential rewards align with historical patterns we've seen from transformative companies going public. The businesses addressing the largest addressable markets—digital payments and next-generation aviation—often deliver the most substantial long-term returns to early public market investors.

The greatest investment opportunities often emerge during periods of technological transition, when innovative companies move from private to public markets and everyday investors gain access to tomorrow's market leaders. Circle and Airo represent exactly these types of opportunities.

For investors willing to embrace calculated risks in exchange for potentially transformative returns, these IPOs deserve serious consideration. Just remember that timing and position sizing matter—these are long-term thesis plays, not short-term trading opportunities.

The question isn't whether digital payments and advanced aviation will reshape our economy. The question is whether you'll own a piece of the companies building that future.

Disclosure

About Me

I am an independent personal finance writer and blogger. I do not have any formal training or certifications in finance, but I have a deep passion for the subject and have been researching and writing about personal finance topics for several years.

Disclaimer

The information provided in my articles is for educational and informational purposes only. It is not intended to be a substitute for professional financial, investment, or tax advice.

I encourage you to do your own research, consult with a licensed financial advisor, and make decisions that are best suited to your individual financial situation and goals. I cannot guarantee any specific outcomes or results from following the advice in my articles.

Please remember that investing involves risk, and you should only invest what you can afford to lose. Past performance is not a guarantee of future results.

If you have any questions or concerns, please don't hesitate to reach out to me. I'm here to help!

I/We have expressed interest in both the CRCL and AIRO IPOs on Robinhood.