Opening Bell: July 25, 2025

IPO Market Activity - Insurance platform Accelerate and musical "Joy" (via NASDAQ) recently IPOed, indicating a busy week for IPOs [1] - The pace of companies going public is ahead of last year, but the gates haven't fully opened yet [2] - Private companies are able to fund themselves more easily than in the past, allowing them to stay private longer [2] - The market expects to see more IPOs in the fall, given the constructive broader market [2][3] - Grayscale, Figma, and Universal Music are potential future IPO candidates [3] Specific Companies - Patrick wants to take LA Times public, but its pro forma performance is uncertain [3][4]