From Wolf Street, December 29:
Of the largest 20 IPOs, 14 trade below their IPO price; only 6 trade above it. Many plunged from their post-IPO pop.
There were 202 IPOs in 2025 – not including the 144 SPACs that went public – the most since the IPO boom in 2021 (blue columns, left scale in the chart). But a big part of that volume was driven by foreign micro-IPOs of minuscule outfits. So the total amount raised by the 202 companies was $44 billion (red line, right scale), driven by a few big immensely hyped IPOs: The largest 20 IPOs (by amounts raised) accounted for $25 billion of the $44 billion raised. The top nine raised each over $1 billion, and $16.5 billion combined.
The drama that occurred were the first-day “pops” followed by long plunges from the intraday highs. By Friday, December 26, the stocks of nearly all of the largest 20 IPOs had plunged from their intraday highs, with 11 of the 20 plunging by over 40%; and four – we’ll include Figma here though it barely missed being in the largest 20 – plunging by 73% or more. This includes crypto and AI heroes.
And of these largest 20 IPOs, the stocks of 14 had dropped below their IPO prices by Friday. The IPO price is the price at which the company sold shares to institutional investors the day before the stock starts trading publicly.
The largest 20 IPOs by amounts raised, plus Figma.
The list below shows the largest 20 IPOs by amount raised in 2025. The largest of the 20 was Medline, which raised $6.27 billion in the IPO. The smallest of the top 20 was Fermi, which raised $683 million during the IPO.
I added Figma to the list, though it didn’t make the cut-off (it raised $412 million) because it was a hugely hyped IPO with a mega-spike during the first two days and then a hard plunge.
The right column shows the percentage decline from the intraday high.
The second column from the right shows the percentage change from the IPO price – the price at which the company sold the IPO shares to institutional investors the day before the stock started trading publicly.
The negative percentage changes are marked in bold....
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