It is official: the IPO market is heating up again, and adtech player MNTN just lit the match.

After a blockbuster debut on the New York Stock Exchange, advertising technology company MNTN is now valued at a staggering $1.62 billion. Shares soared by 31.25% on Day One, closing at $21, well above its IPO price of $16. For investors eyeing tech, streaming, or the next big IPO wave, this is your wake-up call.

MNTN’s IPO Matters (A Lot)

This isn’t just another adtech startup listing on the NYSE. MNTN’s successful IPO is sending a strong signal to Wall Street: the IPO market is alive and kicking again.

MNTN raised $187.2 million after selling 11.7 million shares. It is also backed by Ryan Reynolds (yes, that Ryan Reynolds) as Chief Creative Officer, giving it brand muscle and mainstream appeal.

PTV’s customer base grew 89% YoY in Q1 2025, which is a bullish growth indicator.

All of this during a year when tariff drama and geopolitical risks previously froze IPO pipelines.

MNTN helps businesses run performance marketing ads on internet-connected TVs. It is like Google Ads, but for the age of streaming over cable.

It’s called Performance TV (PTV), and here’s what makes it investor gold. Streaming is booming, while traditional TV sinks. MNTN is in the right lane. Small and medium businesses (SMBs) are hungry for TV-style reach without Super Bowl ad budgets. MNTN delivers, and 91% of Q1 revenue came from SMBs, lean, scalable, and high-volume.

Founded in 2009 by Mark Douglas, the company leaned into this model in 2018, and now it is paying off in a big way.

Tech-Heavy, IP-Proof, and Growing

While traditional sectors still reel from trade tensions and rate uncertainty, MNTN’s core strength lies in software and IP. That’s investor-safe territory in a shaky macro climate.

A third of MNTN’s workforce are engineers, and CEO Douglas plans to bump that to 50% by year-end. Adtech is resilient to tariff shocks, unlike physical goods and manufacturing, and IP-driven companies (like MNTN) accounted for 40% of U.S. M&A volume in 2025 so far.

MNTN’s Biggest Risk Might Be Its Biggest Strength

MNTN deals mostly with small and medium-sized business clients.

SMBs drove the majority of MNTN’s revenue, but they’re also the most vulnerable to rising interest rates, a consumer spending slowdown, and tightening credit markets.

If the U.S. consumer stumbles or SMB ad budgets dry up, MNTN’s revenue growth could take a hit.

Still, growth is growth, and MNTN’s trajectory is what IPO bulls have been waiting for.

MNTN is Your Bellwether

If you’re an investor looking for exposure to streaming and adtech, post-IPO momentum plays, or a signal that the IPO window is officially reopening, MNTN is your bellwether.

And this IPO comes hot on the heels of eToro’s strong Nasdaq debut, which means a potential IPO domino effect is already in motion.

With macro headwinds easing and investor appetite returning, this could be your window to get in early, before the rest of Wall Street wakes up.