1. Introduction: The Rollercoaster IPO Market of 2025
The 2025 IPO market has been nothing short of a rollercoaster. After years of a sluggish pipeline, Wall Street finally got a wave of new listings—but not all of them delivered smooth rides. Some stocks took off like rockets on debut, while others belly-flopped into the market pool. Welcome to the world of IPO pops and IPO flops, where one company’s champagne toast is another’s regretful hangover.
2. The IPO Pops: Big Winners of 2025
If you’re looking for fireworks, Figma (FIG) lit up Wall Street with a jaw-dropping +98.7% first-day surge. Not to be outdone, Circle (CRCL) popped an astounding +168%, fueled by its dominance in the stablecoin space. And then came Chime, the U.S. neobank, which scored a strong +59% debut. Together, these IPOs reminded investors that tech and fintech still have plenty of fuel left in the tank.
3. More Pops Worth Noting
Beyond the headlines, several mid-tier IPOs have also delivered solid performances. AI infrastructure names, SaaS startups, and fintech platforms rode the hype wave. On average, IPOs in the first half of 2025 returned +27.5% on day one, one of the best runs in a decade. In fact, an equal-weighted IPO strategy nearly outperformed the S&P 500 fifteenfold during this stretch. Talk about beating the market!
4. The IPO Flops: Who Fell Flat
Of course, not every IPO story is champagne and confetti. Venture Global, an LNG giant, became the poster child of flop city, erasing $24 billion in market value since its debut. Ouch. Meanwhile, SailPoint—backed by Thoma Bravo—stumbled out of the gate with a 10% day-one drop. These high-profile flops show that not even strong industries or private equity backing can guarantee success when valuations are too rich.
5. Why Pops Happen, Why Flops Hurt
So, what separates the champagne from the spilled soda? IPO pops usually come from a blend of strong fundamentals, perfect timing, and investor excitement. Flops, on the other hand, often carry inflated valuations, weak narratives, or shaky financials that can’t justify the hype. Or as we like to say: investors love shiny new toys, but some arrive with dead batteries.
6. IPOs Still on Deck for 2025
The year isn’t over, and some blockbuster names are still lining up to go public. Klarna is targeting a $13–14B valuation with its U.S. listing. Gemini, the crypto exchange founded by the Winklevoss twins, is prepping an IPO in the $17–19 per share range. CoreWeave, the AI infrastructure darling that just inked a huge OpenAI deal, is also expected to make its debut. Other big names on the radar include Databricks, Shein, Netskope, and Reliance Jio. Investors will soon find out if these newcomers will pop or flop.
7. Conclusion: Lessons from the Class of 2025
The 2025 IPO market has been equal parts thrilling and humbling. The winners prove that public markets still reward strong narratives and growth stories. The losers are a reminder that hype without substance gets punished quickly. For investors, the lesson is clear: do your homework, don’t chase every headline, and remember—this is the year of IPO fireworks. Some dazzled, some fizzled, and the show’s not over yet.
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