U.S. IPOs have raised nearly US$75.3-billion so far this year.Seth Wenig/The Associated Press
Medical supply giant Medline’s MDLN-Q shares rose 41 per cent above their offer price in their hotly anticipated New York debut on Wednesday, rounding out a strong year for U.S. IPOs with volumes hitting their highest since 2021.
New listings made a strong comeback in 2025 after nearly three years of sluggish activity, buoyed by rate-cut hopes and a more supportive dealmaking backdrop.
Eye-popping first-day performances by heavyweights such as Circle and Figma also lifted sentiment.
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According to data from Dealogic, IPOs in the U.S. have raised nearly US$75.3-billion so far this year, the biggest haul since 2021. Here’s how an ETF tracking major newly public stocks has fared against the benchmark S&P 500 over the past year:
Below is a look at how some of the biggest IPOs in recent years have performed:
Circle Internet Group Inc. (CRCL-N)
The stablecoin issuer raised US$1.05-billion in an upsized IPO in June, debuting with a valuation of nearly US$18-billion on a fully diluted basis.
Its shares more than doubled on day one, closing about 168 per cent above the IPO price. The stock has gained 20 per cent since then.
Coreweave Inc. (CRWV-Q)
The AI cloud firm’s Nasdaq debut was muted in March, but the stock has jumped 78 per cent despite opening nearly 3 per cent below its offer price.
The Nvidia-backed company raised about US$1.5-billion in its IPO for a valuation of about US$23-billion on a fully diluted basis.
Figure Technology Solutions Inc. (FIGR-Q)
The blockchain lender’s shares started trading 44 per cent above their offer price in September, and have gained 7.5 per cent since then.
Stubhub Holdings Inc. (STUB-N)
The ticket reseller debuted at 8 per cent above its IPO price in September but erased all gains to close the day lower. Since then, shares have fallen 40 per cent.
Fermi Inc. (FRMI-Q)
The data-center real estate investment trust, co-founded by former U.S. Energy Secretary Rick Perry, began trading in October 19 per cent above the IPO price but has lost 61 per cent since then.
Bullish (BLSH-N)
The parent of crypto news website CoinDesk upsized its IPO and priced above range to raise US$1.11-billion. The company’s stock opened more than double the IPO price in its NYSE debut in August but has since fallen 53 per cent.
Firefly aerospace Inc. (FLY-Q)
The Northrop Grumman-backed space-tech firm upsized its IPO and priced above range to raise US$868.3-million. Its stock opened nearly 56 per cent above the IPO price on the Nasdaq in August.
However, the stock on Tuesday closed nearly 71 per cent below the price at which it opened on its debut day.
Figma Inc. (FIG-N)
Design software maker Figma raised US$1.22-billion in its July IPO and ended its first day on the NYSE with an eye-popping gain of 250 per cent.
Its shares are now trading about 58 per cent lower than where they opened.
Chime Financial Inc. (CHYM-Q)
The financial technology company priced its IPO above the marketed range, raising US$864-million in June.
The stock opened 59 per cent higher on debut but is now trading nearly 43 per cent below the price at open.
Etoro Group Ltd (ETOR-Q)
Robinhood rival eToro secured a valuation of US$5.64-billion after its shares surged 34 per cent in their Nasdaq debut in May.
The stock and cryptocurrency trading platform raised US$620-million in an upsized IPO. Its stock has nearly halved since then.
Venture Global Inc. (VG-N)
The liquefied natural gas exporter raised US$1.75-billion in its offering in January, settling for nearly half the valuation it had aimed for earlier.
The company’s shares opened nearly 4 per cent below their IPO price in a subdued NYSE debut. The stock has lost 75 per cent of its value.
Sailpoint Inc. (SAIL-Q)
The Thoma Bravo-backed identity security company’s shares traded flat in their Nasdaq debut in February, valuing it at US$12.8-billion. The stock has since lost nearly 8 per cent.
The Austin, Texas-based company raised $1.38 billion in an upsized IPO.
Note: Stock performance since debut is calculated on the basis of the opening trade, unless otherwise mentioned.