Is 2026 the year that the market for the Initial Public Offering (IPO) will make a full recovery? While there are signs that things are improving in recent times, there are also signs that the market is unpredictable.
The market for IPOs in the U.S. continued its gradual recovery in 2025. The number of IPOs completed in 2025 came in at 202, raising $44 billion, and more substantial deals were completed.
While there is a debate on how much, the number of IPOs that are expected in 2026 is between 200 and 230, raising between $40 and $60 billion. While the larger IPOs are expected to do a lot of the heavy lifting in 2026.
In 2026, however, the IPOs that are expected are going to be selective. Pricing discipline is a key aspect in the IPOs that are expected in 2026. The volatility in the market is another key issue in the market in 2026.
What IPOs should you look out for in 2026? The list below contains the biggest and most notable IPOs that are expected in 2026.
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All you want to know about IPOs is available here.
Further details on large IPOs are available in our article on the 11 biggest IPOs ever.
Further details on the upcoming mergers and acquisitions in 2026 are available in our article on upcoming M&A deals.
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Upcoming IPOs in 2026
1. Databricks
Estimated Valuation: $134 billion
Expected IPO Date: 2026
Industry: Technology
Another year, another position for Databricks on our Upcoming IPOs list. This is a company that has been generating excitement for some time now, but it would be a shock if the year ended without the much-anticipated Databricks IPO finally happening. There are a number of positive signs that 2026 could be the year that Databricks decides to go public.
First of all, the company is growing by over 55% year over year (as of Q3 2025), with $1 billion of the $4.8 billion revenue run rate of the company's revenue generated by AI products, according to the December 2025 funding announcement. The company also has a net retention rate of over 140%, according to the same announcement.
The company already raised $10 billion in January 2025, after which the CEO Ali Ghodsi said that the company was ready to go public but was simply waiting for the right time to do so. The company has just raised a Series L round of over $4 billion in December 2025, valuing the company at $134 billion.
According to Allied Venture Partners, the target window for the Databricks IPO is 2026. The company has also been generating excitement by acquiring Neon, Tecton, BladeBridge, and Mooncake Labs, all of which are in the AI space.
Databricks is likely to make a big impact in 2026, although it should be said that companies may be less likely to go public in the current market conditions, so it could potentially be pushed back by a year or two as well.
2. Discord
Estimated Valuation: $15 billion
Expected IPO Date: March 2026
Industry: Technology
Discord has filed confidential paperwork with the Securities and Exchange Commission in the United States regarding the initial public offering of the company's stock, which is likely to happen as early as March 2026. The company has been working with Goldman Sachs and JPMorgan Chase to manage the underwriting of the stock offering, although no official announcements have been made regarding the valuation of the stock that the company will offer to the public.
Discord is a voice and text chat service that was started in 2015 as a gaming platform, but it has evolved into a full-fledged community service that has over 200 million monthly active users. The company has raised $500 million in the latest round of funding in 2021, although the stock that the company is likely to offer to the public is expected to reach higher than the $15 billion valuation of the company, possibly reaching $25 billion, depending on the demand in the stock market.
The interesting aspect of the move of the company into the stock market is the fact that the company has to balance the culture and user experience of the organization in line with the Wall Street requirements, as indicated by a Bloomberg report that states that the analysts and investors are looking to see how the company will balance the community experience with the need to boost the monetization of the organization, as the majority of the revenues of the organization come from the paid Nitro subscription service of the organization, although the revenue generated by the organization per user is still quite low.
Discord’s plans for going public also suggest other dynamics within the tech industry. After there was a lull in tech IPOs, other tech companies are planning their IPOs for 2026. This comes after Discord rejected an offer for an acquisition deal by Microsoft in 2021.
3. Plaid
Estimated Valuation: $6.1 billion
Expected IPO Date: 2026
Industry: Fintech
Plaid is another fintech company that’s often mentioned as one of the fintech companies planning their IPO for 2026. The company makes money by linking financial apps with bank accounts. This makes Plaid essential for many financial services, including payment services and verification services. According to Crunchbase, Plaid is “very likely” to go public in 2026, based on their recent funding, revenue, and size.
Over the years, Plaid’s valuation has fluctuated. For example, during Plaid’s last significant funding round in 2021, the company’s valuation stood at about $13.4 billion. This, however, changed in 2025 after the company conducted a share sale of $575 million, valuing the company at about $6.1 billion.
This may be attributed to the challenging markets, which have seen investor sentiment turn less positive about fintech companies.
Plaid has yet to make any announcements regarding its plans for an IPO, though its executives have said there’s no plan for an IPO anytime soon, and 2025 wasn’t on their radar.
However, the company’s CEO believes that strategic considerations should be the priority, rather than rushing into public markets. The company’s share sale may be the final private funding before the company goes public, which may be in 2026, depending on the markets.
As far as investors are concerned, they should be aware of how Plaid is continuing to grow its revenue and expand product offerings. Adoption of the services offered by the fintech company have seen a significant uptick, including the adoption of identity and payment products.
4. SpaceX
Estimated Valuation: $1.5 trillion
Expected IPO Date: Late 2026
Industry: Space and Defense Tech
The much-awaited IPO of SpaceX is anticipated to take place in 2026. According to sources close to the company, SpaceX insiders have confirmed to banks and investors that a full IPO is planned for the second half of 2026.
The IPO of SpaceX is expected to be one of the biggest IPOs in history. Initial estimates suggest that SpaceX is looking to raise between $25 billion to $30 billion in an IPO. This means that SpaceX is likely to go public as a publicly traded company with a valuation of over $1 trillion.
The much-awaited IPO of SpaceX is believed to be a milestone in Elon Musk’s journey as a businessman. He is believed to have been against a public listing for SpaceX until now.
The IPO of SpaceX is also significant in the sense that investors in SpaceX and its employees will be able to liquidate their shares in a wider market. Moreover, market watchers feel that the listing of SpaceX is significant in the sense that the company is planning to set up a data center in space and continued implementation of AI technology in its products.
The background behind the SpaceX IPO is that there has been rapid growth in its commercial activities. Starlink is a significant part of SpaceX’s activities, and its launch services to governments and companies are growing.
Investors feel that the prospect of the SpaceX IPO is a potential catalyst for the stock market, especially in the tech and space sectors. If SpaceX meets its growth targets in the mid-to-late 2026 period, it has the potential to make a new entry in the stock market history books as the largest IPOs ever.
5. OpenAI
Estimated Valuation: $1 trillion
Expected IPO Date: 2026 or 2027
Industry: Tech
OpenAI is considered to be one of the biggest potential IPOs in the market in 2026. The tech industry has initiated the first steps towards the much-awaited IPO, which is likely to be filed in the second half of 2026. The move is likely to pave the way for vast capital markets, and OpenAI is likely to make deeper inroads in the computing infrastructure industry and product development. Discussions are underway with the relevant parties, though no official announcement has been made in this regard.
The valuation of OpenAI has been said to be extremely high and has been reported to be as high as $830 billion in terms of its market capitalization, which may rise to as much as $1 trillion if the demand for stocks is high enough to warrant it. The move may prove to be one of the largest stock exchange listings in the history of stock exchanges.
The company has been extremely careful in the past regarding the much-awaited IPO move, with the CEO of OpenAI, Sam Altman, having expressed mixed feelings about the move to go public with its stocks in the stock exchange.
The move to go public with its stocks in the stock exchange has been viewed to be a potentially significant move in the stock exchange, with the move seen to open doors to vast capital markets as it aims to penetrate deeper into the computing space. Although it has not been officially announced, discussions have been initiated with relevant parties regarding the matter. The capital requirements of the company are extremely high, given that it invests heavily in servers and AI clusters globally.
The company has also made several moves in terms of its corporate structure that may ease its eventual move to go public with its stocks in due course. One such example is that OpenAI has reserved a large stock grant pool for its employees that may line up incentives before it goes public.
Therefore, investors and analysts are looking forward to seeing how events in 2026 will turn out. Consequently, in the event that OpenAI chooses to go ahead with the IPO, the IPO is anticipated to transform the technology sector while setting a precedent for AI-based publicly traded firms. However, issues related to profitability, competition, and rising costs are still an integral part of the story as the IPO event draws nearer.
6. Anthropic
Estimated Valuation: $300 billion
Expected IPO Date: Late 2026
Industry: Tech
Anthropic is one of the most talked-about AI firms that could go public in 2026. According to reports from the Financial Times and Reuters, the firm has begun working on plans for an initial public offering, which include talks with top banks and hiring a law firm to aid in planning. This shows that the firm is serious about going public in the future, despite a lack of an announcement regarding the IPO date.
The firm received funding of around $183 billion in September 2025. Reports suggest that the firm could receive even higher funding, which could increase the firm’s valuation to above $300 billion. This could affect the firm’s IPO, especially since the firm could go public after receiving such substantial funding.
Since its inception in 2021 by former Open AI executives, the company has grown immensely. The company’s Claude has found its footing in the corporate world, and the company is expecting significant revenue growth in the next year. The company has investors who believe in it, and it has substantial capital support from tech companies like Google and Amazon, hence financial and moral support as it seeks to go public.
Despite this momentum, however, there is still room for flexibility in regards to timing. This has been noted by analysts, as meetings and legal work are indicative of an early stage in the process. While it’s still possible for Anthropic to pursue a potential IPO by the end of 2026, assuming a favorable stock market, it has yet to commit to a potential date or banking partners for such a deal. This is part of a larger trend related to tech stocks, especially related to high-growth AI stocks and their potential profitability.
7. Canva
Estimated Valuation: $42 billion
Expected IPO Date: Late 2026 or 2027
Industry: Technology/Software
Canva is still a company that is being mentioned as a potential IPO candidate, even though it has yet to officially announce such plans. According to Crunchbase, Canva is a “probable” potential candidate for an upcoming IPO in 2026, given its size and revenue growth. While it has yet to officially announce such plans, a 2026 IPO is still a possibility, especially given its momentum and presence in the tech industry.
Canva has clearly moved far beyond its status as a simple design software company, given its annualized revenues of over $3.3 billion and over 240 million monthly users. It has also moved into AI software and enterprise tools, giving it a presence in the tech industry far beyond simple design software. This has led to an assessment by venture firms such as Blackbird Ventures, which believes that Canva could be “ready” for a potential IPO by the end of 2026, should they wish to pursue such a deal.
This confidence has already been demonstrated by the investors in the secondary markets, where the company has a valuation of $42 billion. The improvement in the company’s financials and its user base will provide the company with the underlying metrics, which are generally sought for a public market listing. The comparison to companies like Figma, which went public in 2025, will also provide a precedent for how companies in the design space will be able to raise capital in the public markets for a high valuation.
Canva’s management has been careful in not committing to a timeline for the potential IPO. The company’s founders have already stated that a public listing for the company is “probably imminent” in the next couple of years, and analysts still believe 2026 to be a potential timeline for the company’s potential IPO, though a 2027 timeline for the company’s potential IPO also remains on the table. If they do go public this year, they could be one of the more notable tech IPOs outside of the more common AI and Fintech-focused companies, which have also been planning to go public.
8. Crusoe Energy Systems
Estimated Valuation: $13 billion
Expected IPO Date: 2026
Industry: Tech
Crusoe Energy Systems is one of the companies to keep an eye on in 2026, especially since investors will be keeping an eye out for major plays in the field of AI and infrastructure. According to Crunchbase's list of companies to keep an eye on for their potential IPOs in 2026, Crusoe Energy Systems has been included in the list of "probable" companies to go public in 2026, especially since they have completed a large Series E round of funding in late 2025, raising close to $1.4 billion and taking their valuation to over $10 billion.
The company has been in talks with investment banks and advisors for their potential IPO, but nothing has been locked in yet. According to sources close to the matter, Crusoe Energy Systems is still considering their options and could do other deals in lieu of or in addition to a traditional IPO.
Crusoe Energy Systems operates in the field of AI-optimized data centers and infrastructure, which has been referred to as an "AI factory" concept, wherein the company essentially turns energy into computing capacity. The company has been growing their infrastructure projects, especially in the area of large-scale deployments for major AI initiatives, and this has put the company in a space where investors will be keeping an eye out for their potential IPO in 2026.
9. Revolut
Estimated Valuation: $75 billion
Expected IPO Date: 2026
Industry: Fintech
Revolut again finds a place on the IPO roadmaps, but the journey of the company towards the IPO is still in the stage of development. The company finds a place on the list of the most likely companies for the IPO, as per the data available on Crunchbase, based on the size of the company, investor support, and geographical presence of the company. The other sources predicting the IPO date of the company also place Revolut among the top-tier FinTech companies likely to go public at the earliest this year.
The valuation of the company has multiplied manifold in the private markets. An offering of secondary shares of the company in 2024 led to the valuation of the company touching the level of $75 billion.
The company is aiming high with the revenue and profit projections for the company. The company aims to touch the level of $9 billion in terms of revenue and $3.5 billion in terms of profits by the end of 2026.
However, the company’s top management has also stated that the company may stretch the IPO roadmap beyond 2026 if the need arises.
The FinTech company has grown beyond the scope of the original digital banking concept.
However, that scale also brings in pressures. Inflation and cost pressures in key markets could affect whether or not it’s the right time for a listing. Experts even go as far as to say that a listing in an environment of economic uncertainty could test the appetite of investors for high-growth but low-profit businesses in the fintech space.
Revolut is a name that is of interest to both investors and market watchers. If Revolut does list in 2026, it could be one of the biggest fintech IPOs of the year. However, execution on profitability targets and timelines is crucial in determining when exactly Revolut is going to list.
10. Monzo
Estimated Valuation: $8 billion (£6 billion)
Expected IPO Date: 2026
Industry: Fintech
Monzo is a name that has been in the IPO pipeline for a while now. And 2026 is a year when most people expect Monzo to test the IPO waters. Monzo is included in Crunchbase's list of probable IPOs in 2026 for fintech companies that are ready to list. Similarly, Saxo's list of probable IPOs in 2026 includes Monzo and other disruptive financial technology companies.
The leadership is of the opinion that an IPO is a priority for Monzo. Monzo has managed to increase its user base to millions of people and is working towards profitability after several years of investment.
The board members and management of Monzo believe that the company can strengthen its foothold in both the UK and international markets with the help of an IPO. The company had partnered with various investment banks during its initial stage, including Morgan Stanley.
The timing of the company’s IPO has indeed been a topic of internal debate for the company, as there have been reports of departures of company executives, including the former CEO, TS Anil, who resigned due to differences of opinion with the board members on the right time for the company’s IPO.
To the potential investors, one of the key concerns may be the right time for the company’s IPO, although the concern of whether the company should go public is less significant, as the company has plans for doing so. The stock market has been favorable for tech stocks, including fintech, although the conditions may vary over time.
11. Kraken
Estimated Valuation: $20 billion
Expected IPO Date: Early 2026
Industry: Fintech/Cryptocurrency
Kraken, the veteran cryptocurrency exchange headquartered in the United States, is one of the most discussed fintech companies that is expected to go public in 2026. The company has indeed initiated the process of going public, as it filed a confidential registration for the company’s IPO with the Securities Exchange Commission of the United States, which may be expected to go public in the first quarter of 2026, provided the conditions remain favorable for the company’s IPO.
The level of private market support has increased over time and has risen significantly during the buildup to the IPO. In 2025, Kraken raised $500 million at a $15 billion valuation. However, it has since raised an additional $800 million in funding from big investors such as Citadel Securities, Jane Street, and many others. This has seen its valuation go up to $20 billion. This shows how much these investors believe in Kraken and how it has been given more time to come up with its products before going public.
Kraken's business performance has also been a testament to its potential for a successful IPO. This is because it has seen a significant uptick in its business revenue. This is supported by reports indicating that its revenue has more than doubled over the course of a single year, with its adjusted earnings turning profitable.
This is a great achievement, especially considering that exchanges in the crypto market are yet to turn profitable. Kraken's expansion portfolio has seen it offer a range of services to its clients. This includes multiple asset classes, tokenized stocks, and strategic acquisitions.
Market sentiment on exchanges and potential for a successful IPO has seen a significant uptick after a tough run for these organizations. This is because analysts and investors alike are seeing a potential listing by Kraken and other blockchain organizations as a sign of maturity in the digital asset market. This could be a great sign for these organizations and could propel it further into mainstream finance.
Kraken’s path to a successful 2026 IPO is definitely on track, considering that it has witnessed a steady flow of fund-raising and a huge surge in its valuation and financial growth. This is a great sign for an organization that’s on the verge of one of the most highly anticipated exchanges in recent years.
12. Consensys
Estimated Valuation: $7 billion
Expected IPO Date: Mid-2026
Industry: Tech/Cryptocurrency
Consensys, a blockchain software company and parent company of MetaMask, a popular Ethereum wallet, is moving towards a public listing, which could come as early as 2026. This is because it has been featured on a list of major tech and crypto exchanges that could list on public exchanges next year, according to a number of financial publications and websites that cover initial public offerings. This could be because of its unique position on the Ethereum network and its range of products.
According to reports published as of late 2025, Consensys has chosen JPMorgan Chase and Goldman Sachs to lead its preparations for the IPO. Both are among the most active underwriters of major listings in the United States.
Consensys operates in a niche that allows it to connect with both developers and end users in the crypto space. It has tens of millions of monthly users with its product MetaMask, which is a gateway to decentralized finance and Ethereum-related services.
Apart from that, other products that Consensys has are Infura, which is a node infrastructure service, and Linea layer-2 network, both of which generate recurring revenues and enterprise relationships and may have played a role in differentiating Consensys from other companies that are simply wallet developers and may have affected investors’ interests in the IPO.
Further, the overall crypto-related companies’ listings in the U.S. market have been a major contributor to why Consensys has chosen to list its company in the public market. After the listing of crypto companies like Circle and Bullish in the digital asset space in 2025, it seems like Consensys and other infrastructure companies are taking the leap into the public market. The listing of Consensys is likely to be one of the largest in the U.S. public market from a crypto-related company since Coinbase was listed in 2021.
What is an IPO?
An initial public offering, or IPO, is a process through which a company that was previously a private company issues its shares to the public for the first time. This allows the company to raise capital from public investors. This capital is mostly used to finance expansion, research, debt relief, and other activities.
If a company decides to go public, it works with investment banks to determine how much it’s worth and at what price it should be sold to investors. After it has been approved to be listed in either the New York Stock Exchange or NASDAQ stock exchange, it then becomes available to investors to trade its stocks.
As 2026 is turning out to be a great year for companies going public, investors are interested in knowing which companies are going public and how they are performing in the market.
*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%
The 2026 IPO by Aktis Oncology surprised the biotech sector, as it was one of the major biotech IPOs in 2026. Aktis Oncology started the IPO process by announcing that it would be raising around $182 million through the IPO process.
However, in the final IPO process, the company was able to raise over double that amount by raising around $318 million by selling 17.65 million shares at $18 apiece, which was well above the initial price range. The stock started trading on January 9, 2026, after the IPO process at significantly higher prices than the IPO price. This indicates that the sentiment of the company is positive among the investors.
The big pharma companies also supported the company in the offering, as one of the biggest players in the industry, Eli Lilly, has also invested significantly in the company's stock.
The funds that the company has been able to raise through the offering will be utilized in the further development of the business, including further clinical trials such as the 1b stage of the clinical trials of the company's technology.
In conclusion of the offering, the company has confirmed that the underwriters have exercised all the options to sell the shares of the company, thus raising funds closer to $365 million. This is a testament to the fact that the demand for the stock of the company among the investors is strong, despite the fact that there were few biotech IPOs in the last year.
2. Chime
Current Valuation: $9.615 billion
IPO Date: June 12, 2025
Stock Performance: −17.11%
Chime’s IPO took place in June 2025 after waiting for such a long period. The company offered 32 million shares priced at $27 each, above the range of $24 to $26 per share. The company generated $864 million in gross proceeds and has a fully diluted valuation of $11.6 billion, which is below its peak valuation as a private company of $25 billion. Chime started trading on the Nasdaq stock exchange under the ticker CHYM on June 12, 2025.
The company’s stock began trading at $43 at the start of the day and higher than its IPO price. The stock rose to $45 before falling and started trading lower than it opened. On its first day of trading, Chime closed above its IPO price.
The company’s business model is based on providing low-cost banking services to everyday people via mobile banking. Chime does not operate as a bank and provides fee-free checking accounts and savings accounts and other services via partnerships with chartered banks. Chime has been successful in acquiring millions of members via its business model of providing everyday people with low-cost banking products.
The company’s IPO can be seen as a measure of investors’ interest in financial technology companies outside of payment or cryptocurrency companies that have already gone public. The company’s stock has started trading higher than its IPO.
3. Klarna
Current Valuation: $10.284 billion
IPO Date: September 10, 2025
Stock Performance: −31.44%
Klarna, a Swedish fintech company known for its buy-now, pay-later services, went public on the New York Stock Exchange in September 2025. The company raised around $1.37 billion by issuing around 34.3 million shares at a price of $40 per share. The company’s market value at the time of listing was around $15 billion. The stock price has gone higher than its pricing range, indicating a strong demand for its shares from institutional investors.
Klarna has made a great start in its trading on the New York Stock Exchange. The company’s stock price has gone higher, touching a price of $52 on the first day of trading on the New York Stock Exchange, well above its listing price of $40. At the end of the first trading session, its stock closed at just under $46, a gain of around 15% from its listing price, taking its market value to $17.4 billion, a significant listing for a fintech company in the United States in 2025, providing a shot in the arm for the overall market.
Klarna’s road to listing has been a tough one, and the company has initially decided to call off its listing in the first half of 2025 owing to market volatility and overall economic uncertainty. The company has decided to list its shares in the United States because it’s its biggest and fastest-growing market, in spite of facing tough competition and regulatory hurdles in the country. The company has expanded its services from buy-now, pay-later services to other financial services, including debit and credit cards and embedded financial services in partnership with large companies.
The stock of Klarna has been in a declining trend since the announcement of the third-quarter results in September 2025, as the provisions for credit losses rose significantly from the prior year, as did the operating losses of the company. The stock of the company has declined significantly to below the price at which it was listed, and a securities class-action lawsuit has been filed against the company, accusing it of failing to disclose the trends in credit loss provisions in the prospectus of the company’s initial public offering.
The first outing of Klarna is a reflection of the interest in fintech listings as well as the challenges faced by fintech business models.
4. CoreWeave
Current Valuation: $47.45 billion
IPO Date: March 28, 2025
Stock Performance: +149.74%
CoreWeave is a new entrant in the fintech space, as it listed its shares in the initial public offering in late March 2025 at $40 per share. The company has managed to raise $1.5 billion through the sale of 37.5 million shares, much less than its previous plans to sell in the price range of $47 to $55 per share. The company ended up with a valuation at around $23 billion when it started trading on the Nasdaq stock exchange under the ticker CRWV.
In their attempt to list their shares, CoreWeave and its underwriters decided to lower the number of shares and the price in a move that shows investors are increasingly becoming wary of fintech companies and the business model they adopt. Despite this, CoreWeave remains one of the biggest in terms of funds raised in 2025 in the AI space.
While listing its shares, CoreWeave didn’t get a great response from investors. On the first day of listing, the company’s shares were slightly down and opened at $39. On the same day, it closed at its issue price of $40. However, after a few days, its shares rose above its issue price and touched the low-$50s on high trading volume.
Prior to listing its shares, CoreWeave announced a remarkable increase in its revenue, raising its revenue from hundreds of millions of dollars to almost $2 billion in 2024. However, it reported a net loss as it spent heavily on growth. The company has partnered with other major tech giants, including Microsoft and OpenAI. This has given a sense of stability to the company, as both partnerships involve billions of dollars.
After listing its shares, the company’s stocks have faced a rollercoaster ride, indicating both negative and positive sentiments about the company’s growth prospects, including infrastructure costs related to artificial intelligence technology. Currently, its stocks are higher than its IPO stocks, though it’s part of the company’s stock nature.
5. Figma
Current Valuation: $13.758 billion
IPO Date: July 31, 2025
Stock Performance: −28.71%
Figma, a design company that offers design tools, went public on the New York Stock Exchange on July 31, 2025, after pricing its initial public offering at $33 per share, selling almost 37 million Class A shares. The company’s stock is trading higher than the price at which it was initially offered on the first day of trading, closing at $115.50, which is more than three times higher than the price at which it was initially offered, raising the company’s value to $50 billion on the first day of trading.
Figma’s stock is trading higher than the price at which it was initially offered on the first day of trading because of the heavy demand for the company’s stock, causing investors to gain if they bought the company’s stock during the initial public offering, making the company’s IPO one of the most dramatic tech stock debuts of the year.
Figma’s stock is significantly higher than the $20 billion that Adobe offered to acquire the company a few years ago, although the deal was blocked by regulators.
In the days that followed, the trading dynamics forced the company’s stock price down from its highs following the IPO. A few days after, Figma’s market value was around $45 billion, $11 billion lower than its peak but still significantly higher than its IPO price.
Figma has been under pressure since its first quarterly earnings report as a publicly traded company. The company has seen its stocks falling after its quarterly earnings report, in which it slightly underperformed in its revenue growth and earnings estimate. The company has seen its stocks falling due to the difficulties that have been experienced in meeting the high expectations that came with its spectacular market debut.
Figma’s IPO is important to the tech market because it shows that there is still interest in companies that are growing and in the software space, even in a market that has been quiet in terms of IPOs in the past few years.
6. Gemini Space Station
Current Valuation: $1.228 billion
IPO Date: September 12, 2025
Stock Performance: −72.09%
Gemini Space Station, a cryptocurrency exchange company, went public in September 2025, marking a significant and highly anticipated cryptocurrency exchange IPO since Coinbase went public. The company, founded by Cameron Winklevoss and Tyler Winklevoss, raised around $425 million from its IPO, where it sold around 15.2 million shares at a price of $28 per share.
The demand for the company’s shares was strong ahead of its scheduled IPO. The company’s IPO has been over 20 times oversubscribed, indicating significant institutional interest in the company, despite lingering crypto market jitters. The company and its underwriters decided to cap the deal at $425 million because it was oversubscribed so quickly. The company’s stock is trading on the Nasdaq exchange under the symbol GEMI.
The company’s stock opened at $37 and rose to $46 before falling to $32 at close time on the first day of trading. The company’s stock, however, fell to below the $28 IPO price to $25 just a few days after trading on the Nasdaq exchange, similar to what has been seen with other companies in recent times.
The timing of the Gemini IPO was not favorable for crypto assets. The success of the IPO was a reflection of the availability of capital for well-known crypto exchanges. The volatility in the stock price was a reflection of how fragile the crypto space was. For the IPO market in general, this wasn’t a breakout IPO but rather a reminder of how the capital markets view crypto assets 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 its IPO at $23.50 and raised approximately 34 million shares for $800 million in gross proceeds. The stock was listed on the NYSE and had the ticker symbol STUB.
StubHub closed its first day of trading at $22.17, lower than its IPO price of $23.50, even after seeing an initial pop in its stock price.
A few weeks later, an article published in Reuters reported that StubHub stock was gaining traction after analysts' positive views on the company. The article went on to say that analysts showing positive views on the company helped to calm investors' nerves after its IPO.
Another article published in Barron’s reported that the first impression of this stock wasn’t strong, but analysts have gone bullish on this stock and have assigned high ratings and price targets to this stock, and this selloff has been a buying opportunity for investors.
In the first IPO-related announcement, the company’s stock was impacted negatively as the company didn’t provide any guidance on near-term performance. Instead, the company announced that it would provide guidance on the company’s performance in the year 2026. This issue was more critical than the revenue line in the market’s response to the company’s announcement. By January 2026, investor law firm announcements of the potential class action lawsuit related to the company’s loss after the IPO were sent out.
8. Bullish
Current Valuation: $5.872 billion
IPO Date: August 13, 2025
Stock Performance: +8.74%
Bullish launched its IPO on August 13, 2025. The company launched its IPO at $37, above the range of $32 to $33 that was expected. The company raised $1.15 billion from the IPO. This is a large amount for the company, especially since it’s in the crypto space. The company’s exchange is crypto-native, meaning it focuses on the crypto space. The company will also be receiving a portion of the IPO proceeds in the form of stablecoins, which are a type of crypto asset that’s pegged to the U.S. dollar. This is the first time this has occurred in the IPO market.
The company’s trading has been off to a great start, and Bullish’s stocks were listed on the NYSE and traded under the ticker BLSH. The stocks more than doubled on the first day of trading, opening at $90 and closing at $68. This valued Bullish at an impressive $10.25 billion. This has generated a lot of excitement and skepticism among analysts and investors. This is one of the better performances by a company on its IPO in 2025, especially considering it’s a company in the crypto and fintech industry.
The company has managed to secure investors such as Peter Thiel and offers a range of services such as trading, crypto, custody, and settlement on its exchange. This has given Bullish a chance to take advantage of the increased interest in crypto exchanges following the volatility witnessed in the crypto market over the last few years. Bullish has a high liquidity and institutional infrastructure, and this has contributed to the high interest seen in Bullish’s stocks by investors.
However, not all analysts and investors were as high on Bullish’s stocks, and some felt that the company’s high valuation and the current macro environment for crypto and digital currencies were a concern. The company has seen a fluctuating stock value since its IPO, and the recent drop could be attributed to profit-taking and general stock value. This could be a great opportunity for Bullish to open doors for other crypto companies to list their stocks in the public domain and could mark a change of heart for investors regarding digital currency platforms.
9. Venture Global
Current Valuation: $20.76 billion
IPO Date: January 24, 2025
Stock Performance: −65.40%
Venture Global is a liquefied gas exporter located in Arlington, Virginia. The company launched its initial public offering in January 2025. Venture Global priced its initial public offering of shares at $25 a share, a range of $23 to $27 a share. The company offered 70 million Class A shares during its initial public offering. The initial public offering of Venture Global resulted in a gross proceeds of $1.75 billion and a market capitalization of $60.5 billion. Shares of the company started trading on the New York Stock Exchange under the ticker VG on January 24, 2025.
The IPO was initially supposed to happen at a much higher valuation and price range. Initially, the company had planned to issue 50 million shares in an IPO priced between $40 and $46 a share, which translates into more than $2 billion. However, owing to heavy resistance from investors regarding earnings projections, a huge revision had to be made.
The IPO trading debut was not as successful as had been anticipated. Venture Global's shares opened for trading at about $24.05, below their IPO price. They closed a little lower than their IPO price of $25 on day one. Despite energy policy in the U.S. gearing up to support exports, investors seemed to be concerned about the company's earnings prospects in the near term.
The stock's performance was not satisfactory even after the IPO. Venture Global's shares have been trading below their IPO price for a considerable time. In fact, in early 2026, Venture Global's shares had dropped significantly from their IPO price. Venture Global's IPO was a success in terms of entering the IPO records as one of the biggest energy IPOs of 2025 in terms of proceeds.
10. Medline Industries
Current Valuation: $36.742 billion
IPO Date: December 17, 2025
Stock Performance: −0.70%
Medline Industries had the largest IPO of 2025 in the United States. The company offered 216,034,482 shares at $29 apiece, raising gross proceeds of about $6.26 billion. The company also granted the underwriters an option for 30 days to buy another 32,405,172 shares of the company's stock. Medline Industries began trading on the Nasdaq Global Select Market under the ticker symbol MDLN on December 17, 2025.
Medline Industries' stock opened 20.7% above the company's IPO price on the first day of trading and ended the day significantly higher, 40% above the company's IPO price during early trading sessions. This gives Medline Industries an initial stock market capitalization of about $46 billion on the first day of trading, indicating high demand for the stock of a profitable and cash-flowing company after a spotty IPO market.
Medline Industries is a leading manufacturer and distributor of medical and surgical products for use by hospitals and healthcare providers worldwide. Before the company's IPO, it was owned by a private equity group consisting of Blackstone, Carlyle, and Hellman & Friedman following their $34 billion leveraged buyout of the company in 2021. The company reported robust financial performance going into the IPO, with almost $20.6 billion in revenue and almost $1 billion in net income for the nine months ended September 27, 2025.
Medline Industries' giant IPO is a significant milestone for public stocks. This comes after a year during which public equity issuance activity regained momentum, showing that large, private equity-backed industrial stocks can thrive even outside of tech and growth groups.
Frequently Asked Questions
Why do companies go public?
Going public helps firms raise capital for growth initiatives, reduce debt, and increase access to capital markets. In addition, going public increases the brand awareness of the firm. Moreover, going public helps the existing shareholders of the firm cash out or realize the value of their investment in the firm.
How can I invest in an IPO?
In order to invest in an IPO, one needs to have a brokerage account. In most cases, one can buy the shares of the firm that has gone public once the shares start trading on the stock exchange.
How do I evaluate an IPO?
In order to evaluate an IPO, it’s always a good idea to look at the fundamentals of the company. This includes looking at how well the company has been doing and how it’s been faring relative to the industry. Finally, it’s a good idea to look at how the company plans to utilize the money it received.
What are the risks of investing in IPOs?
When it comes to investing in an IPO, there are a number of risks involved. This is because a company that has gone public has not yet tested its waters on the stock market. This means that it’s not guaranteed to succeed.
How are market conditions related to the IPO?
Market conditions are a very important aspect for the IPO. If market conditions are favorable, then it’s a sure bet that the IPO will be successful.
Key Takeaways
IPO market activity has been quiet, and we’re expecting a real reopening in 2026, although it won’t be a straight-line move higher. Renaissance Capital is forecasting a step-up in activity this year, with 200 to 230 IPOs and $40 to $60 billion raised, led by larger issuers returning to market. This is important because there have been a lot of good stories over the last couple of years that still struggled when they started to trade.
The real test is how the market receives the next round of large, prominent companies in AI, fintech, and digital assets, where the biggest backlog of deals is still to be priced. The market has been quick to punish bad guidance, bad unit economics, and credit risk in those spaces. The latest round of IPOs has shown that a strong first day is no guarantee of a strong first year.
This is a great environment for deal teams that are well-prepared, and companies that view the IPO as a process, rather than an event, are in a better position when the window opens. DealRoom’s M&A Platform can aid in the process of streamlining the due diligence process for a merger or acquisition.
DealRoom is a platform that provides a single source of truth for the investor, the company, or the financial team that needs to prepare for the merger or acquisition. Get a demo today to learn how DealRoom can improve the due diligence process.
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