Recent IPOs Have Disappointed. What to Anticipate for 2026 Offerings.

Written by Emily J. Thompson, Senior Investment Analyst

GEMI-0.82%

META+2.06%

CAI+3.16%

Source: Barron's

Updated: Dec 02 2025

0mins

Source: Barron's

Current State of IPOs: The anticipated resurgence of initial public offerings (IPOs) has not materialized as expected.
Market Sentiment: Investor confidence in IPOs remains low, impacting the number of companies willing to go public.
Economic Factors: Broader economic conditions and market volatility are contributing to the hesitation surrounding IPO launches.
Future Outlook: The outlook for IPOs remains uncertain, with many companies delaying their public offerings in light of current market challenges.

GEMI

$9.64+Infinity%1D

Analyst Views on GEMI

Wall Street analysts forecast GEMI stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for GEMI is 18.78 USD with a low forecast of 11.00 USD and a high forecast of 26.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.

9 Analyst Rating

6 Buy

3 Hold

0 Sell

Moderate Buy

Current: 9.720

Low

11.00

Averages

18.78

High

26.00

Current: 9.720

Low

11.00

Averages

18.78

High

26.00

Truist

Buy

downgrade

$17 -> $13

2026-01-20

Reason

Truist

Price Target

$17 -> $13

AI Analysis

2026-01-20

downgrade

Buy

Reason

Truist lowered the firm's price target on Gemini to $13 from $17 and keeps a Buy rating on the shares as part of a broader research note previewing Q4 earnings in FinTech. The quarter's results should be solid, although a tougher y/y comparison may limit volume-related beats, and while Truist is optimistic on the group throughout 2026, some management teams may look to reset Street expectations a bit lower with their original 2026 guidance, the analyst tells investors in a research note.

Goldman Sachs

Neutral

downgrade

$17 -> $11

2026-01-05

Reason

Goldman Sachs

Price Target

$17 -> $11

2026-01-05

downgrade

Neutral

Reason

Goldman Sachs lowered the firm's price target on Gemini to $11 from $17 and keeps a Neutral rating on the shares. The group remains selectively attractive, supported by forecast 2026 growth of 10% revenue and 8% adjusted EBITDA, with a preference for crypto infrastructure, secular growth areas like prediction markets and tokenization, and structurally advantaged businesses, the analyst tells investors in a research note. The base case assumes continued regulatory reform driving broader institutional adoption, though failure of U.S. crypto market structure legislation would pose a meaningful risk, Goldman adds.

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Needham

John Todaro

Buy

downgrade

$35 -> $23

2025-12-29

Reason

Needham

John Todaro

Price Target

$35 -> $23

2025-12-29

downgrade

Buy

Reason

Needham analyst John Todaro lowered the firm's price target on Gemini to $23 from $35 and keeps a Buy rating on the shares. The firm lowered its estimates and price targets across the cryptoasset sector as it sees continued weakness in crypto volumes for the next couple quarters. Even if crypto prices are near a bottom, retail volumes typically remain muted until momentum returns, the analyst tells investors.

Mizuho

Outperform -> NULL

downgrade

$30 -> $26

2025-12-24

Reason

Mizuho

Price Target

$30 -> $26

2025-12-24

downgrade

Outperform -> NULL

Reason

Mizuho lowered the firm's price target on Gemini to $26 from $30 and keeps an Outperform rating on the shares. To reflect softening crypto trading activity in Q4, the firm reduced Gemini's volume assumptions for the quarter. After a "strong" Q3, the markets have been volatile Q4, driven by a risk-off shift that dampened spot trading volumes broadly, the analyst tells investors in a research note. Despite near-term headwinds, Mizuho remains constructive on Gemini's outlook, citing positive developments on the product, regulatory, and competitive fronts.

About GEMI

Gemini Space Station, Inc. is a holding company. The Company, through its subsidiary, Gemini Space Station, LLC, offers a mobile and Web-based crypto asset exchange platform, proprietary wallet infrastructure and custody solutions, high-performance over-the-counter trading solutions tailored to institutions and professionals, a digital art auction platform, a proprietary United States dollar backed stablecoin, and a credit card product that offers crypto asset rewards on customer purchases. The Company operates globally and provides security solutions across all of its product offerings. Its platform simplifies and secures the process of buying, selling, storing, staking, and collecting digital assets. It provides accessible and straightforward educational resources to help its users understand the intricacies of crypto assets. Its Gemini Credit Card, an innovative credit card made available by Gemini, allows users to earn and grow crypto rewards every time they swipe.

About the author

Emily J. Thompson

Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.