Upcoming IPOs in 2026 and Recent IPOs Reviewed

*Market Cap (intraday) as of January 20, 2026

**Stock performance reflects the percentage change in market capitalization since the IPO, based on opening valuation versus current valuation at the time of publication.

Biggest and Most Notable IPOs in 2025 (and Early 2026)

1. Aktis Oncology

Current Valuation: $985.843 million

IPO Date: January 9, 2026

Stock Performance: +4.27%

Aktis Oncology’s 2026 IPO took biotech markets by surprise and set an early tone for the year. The company priced its initial public offering on January 9, 2026, at $18 per share, above the initial target range, and sold 17.65 million shares. That brought in about $318 million in gross proceeds, with the offering attracting strong demand that led underwriters to increase the share count before launch.

The IPO marked one of the first major biotech offerings of 2026. Aktis began the process with plans to raise around $182 million, but investor interest pushed proceeds well above that figure and supported a near $1 billion market valuation on debut. Early trading reflected strong reception, with the stock jumping sharply above its IPO price in its first sessions.

Big pharma participation helped fuel confidence in the deal. Eli Lilly stepped in as a significant anchor investor, buying into the offering in a show of support for Aktis’ technology and pipeline. The backing of an established industry player gave depth to the IPO and signaled belief in Aktis’ long-term prospects.

Proceeds from the IPO will support clinical development and growth. A portion of the funds is earmarked for advancing Aktis’ programs through additional trials, including phase 1b work. The capital also helps extend the company’s runway as it moves beyond early-stage financing and into broader clinical execution.

In closing its upsized offering, Aktis confirmed that underwriters also exercised full options to sell extra shares, bringing total gross proceeds closer to $365 million before fees. That underscores the strong reception from institutional and public investors, even in a market where biotech IPOs had been scarce in the prior year.

2. Chime

Current Valuation: $9.615 billion

IPO Date: June 12, 2025

Stock Performance: −17.11%

Chime’s IPO finally happened in June 2025 after years of anticipation. The company priced 32 million shares at $27 per share, above the expected range of $24 to $26 per share. That pricing raised about $864 million in gross proceeds and gave Chime a fully diluted market value of around $11.6 billion, which was down from its private-market peak near $25 billion. The stock began trading on the Nasdaq under the ticker CHYM on June 12, 2025. 

At the start of trading, shares debuted around $43, well above the IPO price, peaking near $45 per share before settling lower. On the first day, the stock closed above the offer price, signaling strong early demand from public-market investors. 

Chime’s business is built around mobile-first, low-cost banking products aimed at everyday consumers. It doesn’t operate as a bank itself. Instead, it offers fee-free checking, savings, early direct-deposit access, and other features through partnerships with chartered banks. That model helped it grow a large user base with millions of members by emphasizing simple, accessible accounts.

Some analysts view the IPO as a test of investor appetite for fintech outside the narrow set of payments or crypto listings that have already gone public. The strong debut suggests appetite may be returning for well-known digital financial brands, but the lower valuation compared with private rounds suggests caution remains around growth and profitability.

3. Klarna

Current Valuation: $10.284 billion

IPO Date: September 10, 2025

Stock Performance: −31.44%

Klarna, the Swedish fintech known for buy-now-pay-later (BNPL) services, went public on the New York Stock Exchange in September 2025. The company sold about 34.3 million shares at $40 a piece. That priced the deal at roughly $1.37 billion and gave the company a valuation around $15 billion at the time of the offering. The IPO priced above guidance, showing solid demand from institutional investors.

Trading started strong. Shares opened at $52, well above the IPO price. By the end of the first day, the stock closed just under $46 per share, about 15 percent higher than the $40 offer price, pushing Klarna’s market value to $17.4 billion. That performance marked one of the larger fintech debuts in the U.S. in 2025 and offered a boost of confidence to the broader IPO market.

Klarna’s path to IPO wasn’t smooth. It initially shelved plans earlier in 2025 due to market volatility and economic uncertainty. The company chose the U.S. market because it’s its largest and fastest-growing region, despite regulatory and competitive pressures. Klarna’s offerings now go beyond BNPL, including debit and credit products and embedded financial services with big partners.

After the listing, performance softened. When Klarna reported third-quarter 2025 results, provisions for credit losses spiked sharply year-over-year, and operating losses widened. That disclosure pushed the stock well below the IPO price, which has drawn scrutiny from investors and prompted a securities class-action lawsuit alleging that the IPO documents under-stated credit risk and loss reserve trends.

Klarna’s debut shows both the appetite for fintech public offerings and the challenges these business models face. Early aftermarket gains gave way to volatility as the company’s credit profile and growth story were tested in public markets.

4. CoreWeave 

Current Valuation: $47.45 billion

IPO Date: March 28, 2025

Stock Performance: +149.74%

CoreWeave went public in late March 2025, pricing its initial public offering at $40 per share. The company sold 37.5 million shares and raised about $1.5 billion, significantly below earlier plans to sell more shares at a higher range of $47 to $55. That pricing gave CoreWeave a valuation near $23 billion on a fully diluted basis when trading began on the Nasdaq under the ticker CRWV.

The road to IPO was rocky. CoreWeave and its bankers trimmed the offering size and cut the price after gauging investor demand. Even so, it became one of the largest AI-related listings by proceeds raised in 2025. 

Market reception was mixed at first. On day one, shares opened just below the IPO price at $39 and closed the day at its IPO price of $40, leaving the initial public debut relatively muted. Within a few days, the stock climbed above the offer price, at times trading in the low $50s on strong volume.

Before going public, CoreWeave posted rapid revenue growth, jumping from hundreds of millions to nearly $2 billion in 2024, though it still reported a net loss as it invested heavily in expansion. Major tech partners like Microsoft and OpenAI help anchor the business, with multi-billion-dollar agreements locking in future demand.

Since the IPO, the stock has moved sharply at times, reflecting both optimism about AI infrastructure growth and concerns around costs and capital intensity. As of early 2026, the share price sits well above the IPO level, though volatility remains a feature of trading as the company grows into its public role.

5. Figma 

Current Valuation: $13.758 billion

IPO Date: July 31, 2025

Stock Performance: −28.71%

Figma priced its IPO at $33 per share and began trading on the New York Stock Exchange on July 31, 2025 under the ticker FIG. The company offered just under 37 million Class A shares. On its first trading day, Figma’s stock soared far above the offer price. It closed around $115.50, more than triple the IPO price, and lifted the company’s market value to about $50 billion. That first-day performance made the offering one of the most dramatic tech debuts of the year.

The surge on debut was driven by heavy demand and limited float, pushing the opening price well above expectations and creating significant early gains for those who received allocations at the IPO price. The strength of the debut also put the company’s valuation well above the $20 billion Adobe had offered in a buyout attempt a few years earlier before regulators blocked the deal.

In the days after the debut, profit-taking and post-IPO trading dynamics pushed the stock down from its early highs. A few days later, Figma’s market value was roughly $45 billion, about $11 billion below its peak but still far above the IPO price. Analysts framed the drop as typical early trading activity rather than a change in the company’s fundamentals.

Figma also faced pressure from its first quarterly earnings report as a public company. Shares slid on mixed results, including revenue growth that slightly missed expectations and earnings that disappointed relative to forecasts. That reaction highlighted the challenge of living up to a high valuation after such a spectacular market debut.

Figma’s IPO has broader significance for the tech market. It showed there is appetite for high growth, software-focused listings even after years of a quiet IPO market. At the same time, the volatility around the stock in the weeks after going public underscores the tension between investor enthusiasm at launch and the discipline of public market performance.

6. Gemini Space Station

Current Valuation: $1.228 billion

IPO Date: September 12, 2025

Stock Performance: −72.09%

Gemini Space Station, a cryptocurrency exchange founded by Cameron Winklevoss and Tyler Winklevoss, went public in September 2025, marking one of the most closely watched crypto IPOs since Coinbase. The company priced its offering at $28 per share, selling rougly 15.2 million shares and raising about $425 million. 

Demand was strong going into the deal. The IPO was more than 20 times oversubscribed, signaling deep institutional interest despite ongoing skepticism around crypto markets. The company and its underwriters capped proceedings at about $425 million because of how quickly the book filled. The stock began trading on Nasdaq under the ticker GEMI.

The first day of trading was choppy. Shares opened at $37 and reached a high of around $46 before slipping to $32 by the close. Just a few days later, shares dropped below the $28 IPO price to $25. That pattern reflected a familiar dynamic for recent IPOs. Early enthusiasm met quick profit-taking, especially in a sector where sentiment can turn fast. 

Analysts pointed to pressure on trading volumes and margins, along with continued uncertainty around U.S. crypto regulation. Some firms remained constructive on the stock, arguing that Gemini’s balance sheet and regulatory stance could matter more over a full cycle than short-term price moves.

Gemini’s IPO landed at an awkward moment for crypto. Oversubscription showed that capital is still there for well-known platforms. The uneven aftermarket performance showed how fragile confidence remains. For the broader IPO market, the deal worked less as a breakout moment and more as a reality check on how public investors are pricing crypto risk today.

7. StubHub

Current Valuation: $5.341 billion

IPO Date: September 17, 2025

Stock Performance: −37.91%

StubHub went public in mid-September 2025. The company priced the IPO at $23.50 per share and sold about 34 million shares, raising roughly $800 million in gross proceeds. The shares started trading on the NYSE under STUB.

The stock finished its first session below the IPO price, at $22.17 per share, even after an early pop. Coverage at the time framed StubHub as a well-known consumer brand entering a market that was open again, but still selective.

A few weeks later, Reuters reported the stock gained ground after several analysts started coverage with positive takes, which eased some post-IPO nerves. Barron’s highlighted a similar theme: the first impression was weak, but a number of firms still put out bullish ratings and price targets, arguing the selloff created an entry point.

StubHub’s first post-IPO report triggered a sharp drop after the company declined to give near-term guidance and said it would provide 2026 guidance later. That uncertainty became a bigger issue than the revenue line in the market reaction. By January 2026, investor-law-firm notices about a proposed class action were circulating, tied to post-IPO losses and disclosure claims.

8. Bullish

Current Valuation: $5.872 billion

IPO Date: August 13, 2025

Stock Performance: +8.74%

Bullish went public on August 13, 2025, pricing its initial offering at $37 per share, above the expected range of $32 to $33. The deal raised about $1.15 billion. Bullish arranged to receive a portion of its IPO proceeds in stablecoins (USD-backed digital assets). This was a first in U.S. IPO history, reflecting the exchange’s crypto-native focus and giving it extra balance-sheet flexibility as it scales. 

Trading started strong. Shares debuted on the NYSE under the ticker BLSH and more than doubled on the first day, opening at $90 per share and closing at $68, well above the IPO price. The initial rise pushed Bullish’s implied valuation near $10.25 billion, drawing both excitement and skepticism from market watchers. Early performance was one of the best among 2025 IPOs, especially in the crypto and fintech space.

Backed by investors like Peter Thiel, its exchange offers trading in crypto alongside custody and settlement services. That positioned the company to be a beneficiary of renewed interest in regulated crypto platforms after years of volatility in the sector. Analysts cited Bullish’s deep liquidity and institutional-grade infrastructure as reasons for early investor demand.

Not everyone was bullish on BLSH, though. Some commentators pointed to high valuation and crypto’s broader macro challenges as reasons for caution. The stock’s post-IPO levels have fluctuated, with pullbacks from the initial surge reflecting profit-taking and broader market dynamics. Still, the debut opened the door for more crypto-focused companies to test public markets and suggested a thawing in investor sentiment toward digital-asset platforms.

9. Venture Global

Current Valuation: $20.76 billion

IPO Date: January 24, 2025

Stock Performance: −65.40%

Venture Global, a U.S. liquefied natural gas (LNG) exporter based in Arlington, Virginia, went public in January 2025. The company priced its initial public offering at $25 per share, within a revised range of $23 to $27 per share, and offered 70 million Class A shares. That pricing raised about $1.75 billion in gross proceeds, valuing the company at about $60.5 billion. The shares began trading on the New York Stock Exchange under the ticker VG on January 24, 2025.

Venture Global’s IPO was originally pitched at a much higher valuation and price range. The company had sought to offer 50 million shares at $40 to $46 per share, which would have fetched well over $2 billion, but strong investor pushback on earnings projections forced a significant revision. 

The trading debut didn’t match expectations. Shares opened below the offer price at about $24.05 and closed the first day slightly under the $25 IPO price, marking a modest first-day decline. That start suggested investors were cautious about the company’s near-term earnings outlook and the broader LNG market backdrop, even as U.S. energy policy moved toward boosting exports.

After the IPO, the stock struggled. Venture Global shares spent much of the year trading below the offer price as legal challenges, operational delays, and revised growth expectations weighed on sentiment. By early 2026, the share price had slipped sharply from its debut levels, reflecting both broad energy sector pressures and specific execution concerns for the company.

Venture Global’s listing went into the record books as one of the largest energy IPOs of 2025 by proceeds, but the market reaction highlighted that heavyweight names in traditional energy still face scrutiny from public investors when future cash flows and contracts look uncertain.

10. Medline Industries

Current Valuation: $36.742 billion

IPO Date: December 17, 2025

Stock Performance: −0.70%

Medline Industries pulled off the largest IPO of 2025 in the U.S. The company priced 216,034,482 shares at $29 per share, in an upsized offering that raised about $6.26 billion in gross proceeds. Underwriters also received a 30-day option on an additional 32,405,172 shares. Medline began trading on the Nasdaq Global Select Market under the ticker MDLN on December 17, 2025.

The debut was strong. Shares opened about 20.7 percent above the offer price on their first day and closed sharply higher, ending roughly 40 percent above the IPO price in early trading. That initial performance pushed Medline’s valuation to roughly $46 billion on debut, a clear sign of investor appetite for a profitable, cash-generative industrial business after a year of uneven IPOs.

Medline is a major manufacturer and distributor of medical and surgical supplies, serving hospitals and care providers globally. Before the IPO, it was owned by a private equity consortium including Blackstone, Carlyle, and Hellman & Friedman, stemming from a $34 billion leveraged buyout in 2021. The company reported robust financials leading into the listing, with nearly $20.6 billion in revenue and close to $1 billion in net income for the nine months ended September 27, 2025.

The size and success of Medline’s IPO marked a key moment for the public markets. It capped a year where equity issuance regained momentum and signaled that large, private equity-backed industrial names could attract strong demand even outside tech or high growth sectors.

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*Market Cap (intraday) as of January 20, 2026

**Stock performance reflects the percentage change in market capitalization since the IPO, based on opening valuation versus current valuation at the time of publication. 

Biggest IPOs in 2024

1. Reddit 

Current Valuation: $42.705 billion

IPO Date: March 21, 2024

Stock Performance: +567.27%

Reddit, the popular social media platform, made its public market debut on March 21, 2024, with an IPO priced at $34 per share, valuing the company at $6.4 billion. The shares, trading under the ticker symbol “RDDT” on the New York Stock Exchange, closed their first day at $50.44 per share, marking a 48 percent increase. 

In the third quarter of 2024, Reddit reported its first quarterly profit since the IPO, with net income of $29.9 million, or 16 cents per share, and a 68 percent increase in revenue to $348.4 million. This financial milestone was accompanied by a surge in daily active users to 97.2 million, up from 66 million the previous year. 

Despite these achievements, Reddit faced challenges in the fourth quarter of 2024. The company reported a 71 percent increase in revenue to $427.7 million and net income of $71 million. However, daily active users reached 101.7 million, falling short of the anticipated 103.24 million, leading to a 15 percent drop in stock price to $183.85 in extended trading. 

Analysts remain optimistic about Reddit’s prospects. Deutsche Bank maintained a buy rating with a $235 price target, attributing the user growth slowdown to temporary factors such as changes in Google’s search algorithm. Morgan Stanley also recommended buying, highlighting Reddit’s strong advertising performance and potential growth from its AI tool, Reddit Answers. 

As of February 19, 2025, Reddit’s stock trades at $187.13, reflecting a significant appreciation from its IPO price. The company’s focus on expanding its user base, enhancing advertising revenue, and integrating AI technologies positions it well for future growth in the competitive social media landscape. 

2. Viking Holdings

Current Valuation: $30.321 billion

IPO Date: May 1, 2024

Stock Performance: +328.26%

Viking Holdings, the parent company of Viking Cruises, successfully launched its IPO on May 1, 2024. The IPO was 2024’s largest to date, raising approximately $1.77 billion.

Viking priced its shares at $24 each, listing on the NYSE under the ticker symbol “VIK.” The offering consisted of 73,647,916 ordinary shares, including 11 million from Viking itself and 62,647,916 from shareholders, primarily Canadian Pension Plan Investments (CPP) and TPG Capital. 

Since its debut, Viking’s stock has performed well, trading as high as $32.63 per share and maintaining strong investor confidence. In the third quarter following the IPO, the company reported revenue of $1.68 billion and a net income of $374.8 million, or $0.86 per share. This represented a sharp turnaround from a prior loss of $1.24 billion, or $3.02 per share. 

With a loyal customer base and a reputation for premium cruise experiences, Viking Holdings’ IPO and subsequent financial performance underscore its resilience and strategic positioning in the industry. As the company continues to expand its fleet and market presence, investors and analysts remain optimistic about its long-term growth prospects. 

3. Amer Sports

Current Valuation: $20.22 billion

IPO Date: February 1, 2024

Stock Performance: +211.08%

Amer Sports Inc., a global conglomerate renowned for its portfolio of iconic sports and outdoor brands—including its flagship Arc’teryx, along with Salomon, Wilson, Peak Performance, Armada, and Atomic—went public on February 1, 2024 on the NYSE under the ticker symbol “AS.”. The company priced its initial offering at $13 per share, successfully raising approximately $1.37 billion. 

The IPO proceeds were primarily allocated for debt repayment, strengthening the company’s financial position. Despite an initial muted response from investors, with the stock opening at $13.40 per share, Amer Sports demonstrated resilience in the subsequent months. 

By the second quarter of 2024, the company reported a 16 percent increase in revenue, reaching $994 million, which surpassed forecasts. As of February 19, 2025, Amer Sports’ stock trades at $31.22 (its all-time high, first reached on January 6, 2025), reflecting strong investor confidence and a substantial 134 percent increase over its IPO price. 

The company’s strategic focus on expanding its brand presence and enhancing direct-to-consumer channels has positioned it well for sustained growth in the competitive sports and outdoor industry. 

4. Astera Labs

Current Valuation: $31.036 billion

IPO Date: March 20, 2024

Stock Performance: +335.90%

Astera Labs, a semiconductor company specializing in connectivity solutions for AI and cloud data centers, made a remarkable entrance into the public market 2024. The company sold 19.8 million shares of its common stock at its initial price of $36 per share, raising $712.8 million. It opened for trading at $52.56 per share on March 20, 2024. 

After debuting on the NASDAQ under the ticker symbol “ALAB,” Astera Labs’ shares surged by 72 percent, closing at $62.03 on the first day of trading. This robust performance reflected strong investor confidence in the company’s role within the burgeoning AI sector. 

Financially, Astera Labs has demonstrated impressive growth. In the third quarter of 2024, the company reported a 206 percent year-over-year increase in revenue, driven by high demand from clients such as Nvidia, Amazon, and Google. 

5. Lineage, Inc. 

Current Valuation: $8.818 billion

IPO Date: July 25, 2024

Stock Performance: −12.69%

Lineage, Inc., the world’s largest operator of temperature-controlled warehouses, made a significant entrance into the public market on July 25, 2024, with its IPO on the NASDAQ Global Select Market under the ticker symbol “LINE.” The company offered approximately 56.9 million shares at $78 per share, the upper end of the anticipated range, raising $4.44 billion. This achievement marked the largest IPO of 2024 to date, more than twice the size of Viking Holdings’ May 2024 IPO, and the largest public offering since Arm Holdings’ $4.8 billion listing in September 2023. 

The IPO’s proceeds are earmarked for strategic financial maneuvers, such as repaying existing debts, funding employee-related expenses, and general corporate purposes. Despite the initial success, Lineage’s stock experienced a 25 percent decline from its IPO price within the first six months, reflecting challenges in the cold-storage sector as food companies and retailers reduced inventories. 

Analysts have shown a positive outlook on Lineage’s market position and growth potential. J.P. Morgan initiated coverage with an overweight rating and a $93 price target, highlighting Lineage’s leadership in the temperature-controlled warehouse industry. 

Similarly, Truist Securities emphasized the company’s competitive advantages, setting a $94 price target. The company’s strategic initiatives and robust infrastructure position it well for future growth and resilience in the evolving global supply chain landscape. 

6. UL Solutions

Current Valuation: $14.654 billion

IPO Date: April 12, 2024

Stock Performance: +115.50%

UL Solutions, a prominent safety science company specializing in testing, inspection, and certification services, successfully launched its IPO on April 12, 2024. The company offered 33.8 million shares at $28 per share, the higher end of the targeted range, raising approximately $946.4 million. The shares debuted on the NYSE under the ticker symbol “ULS,” opening at $34 and closing with a 21 percent increase, valuing the company at $6.8 billion. 

The net proceeds from the IPO, totaling $1.03 billion, were allocated to UL Solutions’ parent nonprofit organization, UL Standards & Engagement (ULSE). ULSE intends to use these funds to advance its charitable mission, including standards development, public advocacy activities, and supporting the safety science research of its affiliate, UL Research Institutes. 

In 2023, UL Solutions reported annual revenue of $2.68 billion, reflecting growth from $2.52 billion in the previous year. The company’s services are increasingly in demand due to heightened regulatory requirements and international standards, and corporations invest more in safety certifications. UL Solutions’ successful IPO underscores its strong market position and the critical role it plays in global safety compliance in certification. 

7. StandardAero

Current Valuation: $10.713 billion

IPO Date: October 2, 2024

Stock Performance: +3.21%

StandardAero, a prominent aircraft maintenance services provider, made a notable entrance into the public market on October 2, 2024, with its IPO on the NYSE under the ticker symbol “SARO.” The company offered 60 million shares at $24 each, higher than its initial price range of $20 to $23, and successfully raised $1.44 billion. 

The IPO’s success reflects a strong investor confidence in StandardAero’s market position and growth prospects. The company’s shares opened at $31 on their debut, a 29% increase from the offering price, elevating its valuation to $10.38 billion. This robust performance underscores the resilience of the aerospace aftermarket sector, especially as global travel demand rebounds. 

StandardAero reported $2.58 billion in revenue for the first half of 2024, marking a 12% year-over-year increase. The company achieved a net income of $8.6 million during this period, a significant turnaround from a $12.6 million loss in 2023. 

The IPO proceeds are intended to support StandardAero’s strategic initiatives, including debt reduction and potential mergers and acquisitions to further expand its service offerings. With a century-long legacy and a strategic growth plan, the company is well-positioned to capitalize on the increasing demand for aerospace maintenance services in the global aviation landscape. 

8. Loar 

Current Valuation: $6.752 billion

IPO Date: April 25, 2024

Stock Performance: +117.81%

Loar Holdings Inc., a diversified manufacturer and supplier of niche aerospace and defense components, successfully launched its IPO on April 25, 2024. The company offered 11 million shares at $28 per share, exceeding the expected range of $24 to $26, raising approximately $308 million. Shares debuted on the NYSE under the ticker symbol “LOAR” and closed the first day at $48.80, a remarkable 74 percent increase over its IPO price. 

In the second quarter of 2024, Loar reported earnings of 13 cents per share on sales of $97 million, marking a 31 percent year-over-year increase. This growth was partly attributed to Loar’s acquisition of Applied Avionics, a company specializing in interface solutions for avionics and other aerospace and defense electronics. 

Analysts predict that Loar’s annual earnings will grow by 71 percent in 2025, reflecting strong market demand and the company’s strategic positioning within the aerospace sector. Despite a decline in its 50-day moving average in October 2024, Loar proved its resilience, with shares tripling from the IPO price within six months.  

9. Rubrik 

Current Valuation: $12.985 billion

IPO Date: April 25, 2024

Stock Performance: +125.43%

Rubrik, a prominent data security firm, successfully launched its IPO on April 25, 2024, making it the first cybersecurity vendor to go public in more than two years. The company offered 23.5 million shares at $32 each, surpassing the anticipated range of $28 to $31, and raising $752 million. The stock opened at $38.60 per share and ended its first day of trading at $37 per share, 16 percent higher than its initial share price.  

Following its debut on the NYSE under the ticker symbol “RBRK,” Rubrik’s stock experienced fluctuations. In September 2024, as the IPO lock-up period neared its end, shares declined by more than 6 percent, influenced by the impending release of insider-held shares into the market. Despite this, the company’s financial performance remained robust, with second-quarter revenue reaching approximately $205 million, exceeding analysts’ expectations of $196.2 million.

Rubrik has had an impressive growth trajectory, with annual recurring revenue climbing 47 percent to $784 million as of January 31, 2024, up from $532.9 million the previous year. Total revenue for the same period increased by 5 percent to $627.9 million. 

Rubrik’s successful IPO and subsequent financial performance underscore its pivotal role in the data security sector. The company’s strategic focus on zero-trust principles and growing customer base suggest a promising outlook. 

10. Ingram Micro

Current Valuation: $4.913 billion

IPO Date: October 24, 2024

Stock Performance: −5.15%

Ingram Micro Inc., a leading global distributor of technology products and services, re-entered the public market on October 24, 2024, with a successful IPO on the NYSE under the ticker symbol “INGM.” The company and its majority owner, Platinum Equity, offered a combined 18.6 million shares at $22 each, within the anticipated range of $20 to $23, raising approximately $409.2 million. The IPO valued Ingram Micro at $5.18 billion, and the stock opened trading at $25.28, reflecting strong investor demand. 

The company’s extensive portfolio includes products from major manufacturers such as Apple, HP, and Cisco. In 2023, Ingram Micro reported net revenue of $48 billion and a net income of $352.7 million. 

The proceeds from the IPO are earmarked primarily for debt reduction with the aim of strengthening the company’s financial position. Despite the public offering, Platinum Equity retains a controlling 90 percent stake in Ingram Micro. Its return to the public markets underscores its robust market position and strategic vision in the rapidly evolving technology distribution sector.

*Market Cap (intraday) as of January 20, 2026

**Stock performance reflects the percentage change in market capitalization since the IPO, based on opening valuation versus current valuation at the time of publication.

Biggest IPOs in 2023

1. Arm

Current Valuation: $113.707 billion

IPO Date: September 14, 2023

Stock Performance: +108.64%

We hope you have the foresight to make some strategic investments in this semiconductor company. Arm came out of the gates with a price of $56.10 per share and has been on an upward trajectory since it’s available on the NASDAQ stock exchange. As of this writing, it stands at $157.81 per share, which is clear evidence of Arm’s success with cloud computing companies and data centers and a vote of confidence from investors for Arm’s long-term prospects.

2. Kenvue

Current Valuation: $33.701 billion

IPO Date: May 5, 2023,

Stock Performance: −30.08%

Despite an impressive debut in a relatively lackluster year for IPOs, Kenvue has since run into trouble. Notably, a securities class action lawsuit against the health manufacturer, known best for brands such as Band-Aid and Benadryl, accused the company of making fraudulent and misleading statements to its consumers. As a result, its shares have dropped from a debut price of $26.90 to $21.98 as of this writing.

3. Cava

Current Valuation: $8.009 billion

IPO Date: June 12, 2023

Stock Performance: +86.26%

Cava, a fast-casual Mediterranean restaurant chain with 379 locations and growing, has stoked an appetite. Its stock has risen more than 200 percent since its debut, soaring from an IPO price of $43.30 a share to $120.34 as of this writing. While it’s clear investors are banking on Cava’s continued long-term growth, those on the sidelines may want to take a wait-and-see approach. The chain’s price-to-earnings ratio is in the hundreds, which could mean the stock price is overly optimistic.

4. Birkenstock

Current Valuation: $6.832 billion

IPO Date: October 11, 2023

Stock Performance: +10.19%

While Birkenstock’s IPO may be relatively new, the company itself certainly isn’t. Founded over 300 years ago, the footwear company knows how to run its business. Opening at a healthy stock price of $41 a share, it now stands at $54.58 (as of this writing) – not a record-breaking feat, but still a sign of comfortable growth. Continued strong consumer demand shows this company is likely headed toward continued success.

5. Vinfast

Current Valuation: $7.814 billion

IPO Date: August 15, 2023

Stock Performance: −66.75%

Electric vehicle maker Vinfast has had its share of troubles since its IPO debut. These troubles began even before it went public when the company set ambitious delivery targets that it could not meet. Rising interest rates, sluggish US sales, and a pricey new plant that has met increasing delays have all contributed to what became one of 2023’s most disappointing IPOs. Vinfast’s opening stock price of $22 a share is now down to just $0.36 as of this writing.

6. Instacart

Current Valuation: $10.156 billion

IPO Date: September 19, 2023

Stock Performance: +3.63%

Buyers of Instacart stock were likely disappointed by the grocery delivery service’s initial performance, which saw its stock slip down from their debut of $42 a share. Whether this performance was indicative of Instacart itself or investors’ continued hesitance around tech companies is up for debate. What isn’t is that Instacart has rallied in recent months, overcoming its initial loss and then some, which is a possible sign of tech’s resurgence. Current stock prices now stand at $53.15 a share as of this writing.

7. Nextracker

Current Valuation: $14.614 billion

IPO Date: February 9, 2023

Stock Performance: +160.96%

The sun has been shining on Nextracker. Since its public debut, the solar company has consistently and significantly outperformed competitors and even the S&P itself. Strong demand and the company’s continued efforts at optimizing its supply chain and driving sales through strategic pricing have resulted in stock gains to match. Since its debut, its price per share has gone from $24 to $49.92 as of this writing.

8. Klaviyo

Current Valuation: $7.31 billion

IPO Date: September 20, 2023

Stock Performance: −23.05%

Count Klaviyo is another victim of the hostile environment tech IPOs faced throughout 2023. The marketing automation and email platform seemed well-positioned enough for a public offering with strong revenue and year-over-year growth, but it wasn’t enough to convince investors. However, continued earnings and a full embrace of AI have begun to turn the tide. From a debut stock price of $36.75, Klaviyo now stands at $46.93.

9. Savers Value Village

Current Valuation: $1.609 billion

IPO Date: June 19, 2023

Stock Performance: −23.38%

The lackluster performance of Savers Value Village, a retailer specializing in thrift stores, can largely be attributed to the dynamic environment in which it operates. Its stock went from $18 a share at opening to just $11.19 as of this writing. Always unpredictable, the retail market was especially volatile in the years coming out of the pandemic. But don’t write off the company yet. Its acquisition of 2 Peaches Group gave it a foothold in the Southeast, while a new CFO is expected to drive more growth opportunities.

10. Neumora Therapeutics

Current Valuation: $317.785 million

IPO Date: September 15, 2023

Stock Performance: −88.23%

Neumora Therapeutics, makers of various treatments for brain and neurodegenerative diseases, already exists in a harsh industry with razor-thin margins for revenue. So it hasn’t helped that its spending has far outpaced what the company manages to bring in. As a result, its annual rate of return stands at -90.37 percent. This has contributed to the drop in stock price from $16.50 per share to just $1.64 as of this writing.