Top IPOs of the Year: Ranking, Outcomes, and Forecasts for the Upcoming Period

Top IPOs of the Year: Rankings, Outcomes, and Forecast for the Next Period

Global IPO Market in 2025: A Time of Great Opportunities

Dynamics and Key Growth Drivers Analysis

The primary public offering (IPO) market in 2025 has turned into a true success story following a two-year relative lull. Global IPO activity achieved impressive results: 539 transactions raised $61.4 billion in the first half of the year, and by the third quarter, the total amount of capital raised increased by 89% compared to the same period last year.

This growth was made possible by a combination of several key factors. The easing of monetary policies by central banks created more favorable conditions for capital raising, while the increase in corporate earnings bolstered investor confidence in the fundamental indicators of companies. A particularly crucial factor was the reduction in uncertainty surrounding U.S. tariff policies, enabling many companies that had long postponed their IPO plans to finally execute them.

Interestingly, the quality of IPOs noticeably improved compared to the peak year of 2021. A quarter of the companies that went public in 2025 were already profitable, a significant increase from just 12% in 2021. The average revenue for tech IPOs stood at about $831 million, with four companies surpassing the $1 billion revenue mark. This indicates that the market is seeing more mature and financially stable enterprises.

Leaders of the Global IPO Market in 2025

The ranking of the largest IPOs this year reflects global trends in the economy and innovations. Leading the list are tech companies and green energy enterprises, confirming investors' sustained interest in these sectors.

Figma emerged as one of the most prominent examples of a successful IPO in 2025. The company, specializing in collaborative design tools, attracted $4.2 billion with a valuation of around $20 billion—practically the same amount that Adobe proposed in a failed acquisition deal in 2022. With revenue of approximately $821 million over the last twelve months and achieving profitability in the first quarter of 2025, Figma demonstrated a resilient business model that modern investors highly value.

CoreWeave represents a new generation of tech companies specializing in cloud computing for artificial intelligence. Despite significant losses in 2025, the company raised $2.8 billion due to enormous growth potential in the AI infrastructure space. CoreWeave's shares have surged nearly 200% since its IPO at the end of March, making it one of the best IPOs of the year.

Regional Trends and Market Features

The United States confidently leads in capital raised, despite initial uncertainties due to the new administration's tariff policy. The U.S. market showed one of the best performances ever recorded for the first quarters, with cross-border placements comprising a record share of all U.S. IPOs.

The results of venture-backed IPOs in the U.S. have been particularly impressive. The average return on such offerings exceeded 100% of the offering price and significantly outperformed the high-tech company index. The median return reached double digits, clearly surpassing the growth of broad market indices in the corresponding period.

The European IPO market exhibited uneven dynamics with significant regional characteristics. Sweden unexpectedly became one of the most popular locations for IPOs in Europe, attracting companies due to a favorable regulatory climate and high liquidity in the local market. The average age of European companies at the time of their IPO increased from 20 years in 2021 to over 40 years in 2025, indicating a more conservative approach to going public.

Turkey reached a 20-year high in terms of volume and the number of transactions in the first quarter, a welcome surprise for the EMEIA region. This was attributed to structural reforms and improvements in the country's macroeconomic situation.

The Asia-Pacific region demonstrated phenomenal recovery. The Hong Kong Stock Exchange retained its status as a global leader in capital raised due to several mega-IPOs. The Chinese mainland market showed exponential growth in capital raised, and India demonstrated a threefold increase in the number of deals in the third quarter.

South Korea achieved a 20-year high in the number of listings in the first quarter, second only to first-quarter levels in 2021. This was a result of active government policies supporting tech startups and improving the investment climate.

Performance Analysis: Who Won and Lost in the 2025 IPO Marathon

Stars and Underdogs of the Year by Returns

2025 has been a year of sharp differentiation in returns between various types of IPOs and sectors. Venture-backed companies significantly outperformed traditional private equity-backed firms: according to several estimates, their average return exceeded performance of PE-backed IPOs by a considerable margin.

Circle Internet Group, the company behind the USDC stablecoin, became a true sensation of the year. Its IPO came at a time of rising interest in cryptocurrency payments and digital assets from institutional investors. The company demonstrated a resilient business model based on transaction fees and reserve management, allowing it to achieve an impressive 450% growth.

Venture-backed companies showed a fundamentally different trajectory compared to PE-backed listings. Research indicates that venture-backed tech companies remain public for an average of six years before potential reprivatization, often at a premium to the IPO price. In contrast, many PE-backed companies revert to private ownership almost at the IPO offering prices.

Sector Performance Analysis and Trends

The technology sector unequivocally dominated in 2025 in terms of total IPO market value (in the tens of billions of dollars) and returns. This sector emerged as the main beneficiary of the growing interest in artificial intelligence and cloud technologies.

The healthcare sector showed stable, albeit more modest results, with an overall capitalization of several billion dollars and moderate returns. The industrial sector demonstrated surprisingly strong results with a notable increase in capitalization and stock prices.

The energy sector became the main underperformer of the year with negative average returns. This occurred despite the general rise in energy prices, indicating specific challenges faced by companies going public in this sector. The materials sector also exhibited negative trends.

The Impact of Lock-Up Periods on Pricing Dynamics

Lock-up periods continue to have a significant impact on stock trading following IPOs. In the coming months, lock-up periods will expire for dozens of companies with a total value of tens of billions of dollars, potentially creating additional pressure on stock prices.

CoreWeave exhibited extreme volatility during the accelerated expiration of its lock-up period in August 2025, highlighting the importance of monitoring these dates for investors. Traditional lock-up structures have returned to standard 180 days after a period of more flexible arrangements in 2020-2021.

Regulators in some countries are also tightening requirements: for instance, in India, lock-up periods for some portions of anchor investors' holdings have been extended to reduce volatility in the months following the listing.

IPO Market Forecast for 2026: New Horizons and Opportunities

Macroeconomic Drivers and Market Expectations

The outlook for the IPO market in 2026 appears promising due to the convergence of several positive factors. Investment banks forecast a steady recovery for the IPO market and indicate that the window of opportunity is, in essence, unlocked. The global IPO momentum, fueled by resilient equity markets, easing monetary policies, and more favorable financial conditions, is gaining speed. Opportunities are expanding for issuers able to leverage macro trends, capitalize on the AI revolution for growth, and create narratives that resonate with selective investors.

Several large growth funds anticipate 2026 as a period of significant IPO activity. The accumulating demand from both issuers and investors is creating ideal conditions for large-scale placements.

Expected Major Listings and Unicorns of 2026

The pipeline of expected IPOs for 2026 is impressive in both quantity and quality of potential issuers. Notably, tech unicorns are finally ready to enter public markets.

Databricks remains one of the most anticipated IPOs in data and analytics. The company exhibits sustained high revenue growth and serves as critical infrastructure for many Fortune 500 firms. Stripe is of particular interest as a potentially largest fintech IPO in history. With a valuation close to $100 billion, the company serves millions of businesses worldwide and continues its aggressive international expansion.

Industry Trends and Technology Priorities

Artificial intelligence will dominate the IPO landscape in 2026. Significant players in AI/Media, including those creating large language models and infrastructure solutions, as well as several rapidly growing product platforms, are preparing to enter the market.

Companies like Anthropic possess all the prerequisites for a successful IPO: revenue in the billion-dollar range, strong partnerships with tech giants, and the expertise of executive teams in public markets. The Canadian corporate AI platform Cohere is exploring opportunities for additional funding and a potential IPO. With nearly $1 billion raised and the backing of strong strategic investors, the company is well-positioned.

Fintech and digital payments will continue to capture investors' attention. Players in the BNPL and ticketing segment have already updated their plans to take advantage of improving market conditions. "Green" technologies and sustainability will become significant themes for 2026. Companies in renewable energy and ESG solutions will receive additional support from institutional investors and specialized funds.

Practical Strategies for Investors: Maximizing Gains from the IPO Boom

How Private Investors Can Participate in IPOs: A Step-by-Step Guide

Participation in IPOs has become more accessible for private investors due to the digitization of processes and simplification of regulatory requirements. The first step is to open a brokerage and custody account with a provider that offers access to IPOs. Modern platforms allow for online applications with quick confirmation and blockage of funds.

The application process includes several key stages: selecting an IPO from the available list of offerings; reviewing the offering prospectus and financial indicators of the company; determining the number of lots to purchase; confirming the application and blocking funds; waiting for allocation results and notifications. Minimum investments in some markets start from the equivalent of $1-2 thousand, making IPOs accessible to a wide range of investors. It is essential to understand that applying does not guarantee receiving shares—oversubscription leads to proportional allocation or a lottery among applications.

IPOs vs. Secondary Market: Which Strategy to Choose

The dilemma between IPOs and the secondary market remains central for private investors. IPOs often demonstrate strong short-term performance: the average growth on the first day can reach tens of percent, with some offerings responding keenly to news and rising by significant margins over a few weeks.

The median return of IPOs in the long term often trails behind the secondary market's performance. Studies show that IPOs held for 1-3 years frequently underperform established public companies. The optimal strategy for most investors is a balanced approach: allocating 10-20% of the portfolio to carefully selected IPOs while maintaining core positions in proven companies in the secondary market.

Risk Management and Selection of Promising Listings

Risk management in IPO investments requires a tailored approach due to high uncertainty and volatility. Lock-up periods play a critical role in shaping strategy: many professional investors wait for the expiration of the 180-day lock-up period to assess the real intentions of insiders and avoid sales pressure.

Key principles for selecting IPOs include fundamental analysis—prioritizing companies with growing revenues, pathways to profitability, and strong competitive advantages. In 2025, the share of issuers with positive earnings at the time of listing noticeably increased. Sectoral diversification is crucial: certain sectors, such as energy and materials, may show weak performance post-listing. Careful valuation analysis is necessary: median multiples are now significantly lower than during previous bullish cycles, but this does not rule out overvaluation of certain issuers. The quality of underwriters also matters: deals arranged by leading investment banks often exhibit better performance due to stricter selection criteria.

Using Derivatives and Alternative Strategies

CFDs and other derivatives provide additional opportunities for trading around IPO events. The grey market allows positions to be taken before the official listing, while the option for short selling through derivative instruments provides means for hedging or speculative plays on overpriced offerings.

The "wait and see" strategy is becoming increasingly popular among seasoned investors. Waiting 3-6 months post-IPO enables assessment of the company's actual operational dynamics and avoiding initial hype-driven volatility. Pre-IPO investments through specialized platforms are becoming available to qualified private investors, offering opportunities to purchase shares before the official listing on potentially more favorable terms.

Conclusion: Navigating a New Era of IPO Opportunities

Findings and Recommendations

The IPO market of 2025 demonstrated a profound transformation compared to the speculative boom of 2021. The public debut of more mature, financially resilient companies created a foundation for sustainable growth in the primary offering sector. Double-digit growth rates in offering volumes and high average returns from venture-backed IPOs signal a healthy market recovery.

2026 is poised to be a watershed year for the IPO industry. The pipeline of dozens of tech unicorns, including leaders in AI, fintech, and digital commerce, presents the potential for a historically significant year in terms of capital raised. Artificial intelligence and fintech will continue to dominate, but strong opportunities are emerging in "green" technologies and biotechnology.

For investors, balancing opportunities and risks becomes crucial. Short-term speculative strategies on IPOs can yield impressive results, but long-term value creation demands diligent fundamental analysis and a patient approach. A combined strategy with limited exposure to IPOs (10-20% of the portfolio) while maintaining core positions in established public companies remains optimal for most private investors.

The technological revolution, macroeconomic stabilization, and accumulated demand create a unique window of opportunity in 2026. Investors who have learned from the volatility of 2025 and apply a disciplined approach to selection and risk management stand to gain the most from the upcoming IPO boom.