Top IPOs of the Year: Rankings, Results, and Future Forecasts

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

Global IPO Market in 2025: A Time of Great Opportunities

Results of Dynamics and Key Growth Drivers

The primary public offerings (IPOs) market in 2025 has become a true success story after two years of relative calm. Global IPO activity reached impressive figures: 539 deals raised $61.4 billion in the first half of the year, and by the third quarter, the total amount raised surged 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 policy 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. Particularly crucial was the reduction in uncertainty regarding U.S. tariff policies, allowing many companies that had long postponed their IPO plans to finally proceed.

Interestingly, the quality of issuances has noticeably improved compared to the peak in 2021. A quarter of the companies that went public in 2025 were already profitable, a stark contrast to just 12% in 2021. The average revenue of tech IPOs was approximately $831 million, with four companies surpassing the $1 billion revenue mark. This indicates that more mature and financially stable enterprises are entering the market.

Leaders of the Global IPO Market in 2025

The ranking of the largest IPOs this year reflects global trends in the economy and innovation. Leading the list are technology companies and renewable energy firms, confirming investor interest in these sectors.

Figma emerged as one of the standout examples of a successful IPO in 2025. The company, which specializes in collaborative design tools, raised $4.2 billion at a valuation of approximately $20 billion—almost the same amount Adobe offered in a failed acquisition attempt in 2022. With revenues of about $821 million in the past twelve months and achieving profitability in the first quarter of 2025, Figma showcased a resilient business model that is highly valued by today's investors.

CoreWeave represents a new generation of tech companies specializing in cloud computing for artificial intelligence. Despite significant losses in 2025, the firm raised $2.8 billion due to the enormous growth potential in AI infrastructure. CoreWeave's stock surged by almost 200% since its placement in late March, making it one of the best IPOs of the year.

Regional Trends and Market Characteristics

The United States leads in capital raised, despite initial uncertainty due to the new administration's tariff policies. The American market exhibited one of the best performances in history for early quarters, with cross-border placements accounting for a record share of total U.S. IPOs.

Notably, the results of venture-backed IPOs in the U.S. were striking. The average return of such offerings surpassed 100% from their listing prices and significantly outperformed the tech sector index. The median return reached impressive percentages, notably exceeding the growth of broader market indices during the comparable period.

Europe's IPO market demonstrated uneven dynamics with important regional characteristics. Sweden unexpectedly emerged as one of the most popular IPO destinations in Europe, attracting companies due to a favorable regulatory environment and high local market liquidity. The average age of European companies at the time of IPO increased from 20 years in 2021 to over 40 years in 2025, indicating a more conservative approach to entering public markets.

Turkey hit a 20-year high in terms of volume and number of deals in the first quarter, a pleasant surprise for the EMEIA region. This was driven by structural reforms and improvements in the country's macroeconomic situation.

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

South Korea reached a more than 20-year high in the number of listings in the first quarter, only trailing behind the first quarter of 2021. This was the result of active government policies supporting tech startups and an improved investment climate.

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

Stars and Underperformers of the Year by Returns

The year 2025 was marked by a stark differentiation in performance among various types of IPOs and sectors. Venture-backed companies significantly outperformed traditional private equity (PE) investments: by various estimates, their average returns far exceeded those of PE-backed IPOs.

Circle Internet Group, the company behind the USDC stablecoin, became the year's true sensation. Its IPO coincided with a surge in institutional interest in cryptocurrency payments and digital assets. The firm demonstrated a sustainable business model based on transaction fees and reserve management, enabling it to achieve an impressive 450% growth.

Venture-backed companies exhibited a fundamentally different trajectory compared to PE-backed deals. Research shows that venture-funded tech companies typically remain public for an average of six years before potential reprivatization, often at a premium to the IPO price. In contrast, many PE-backed firms return to private ownership nearly at their listing prices.

Sector Performance Analysis and Trends

The technology sector unequivocally dominated in 2025, both in terms of overall market capitalization of IPOs (amounting to tens of billions of dollars) and returns. This sector became the primary beneficiary of growing interest in artificial intelligence and cloud technologies.

The healthcare sector exhibited stable but more modest results, with overall capitalizations in the multi-billion dollar range and moderate returns. The industrial sector showed unexpectedly strong performance with noticeable growth in capitalization and share prices.

The energy sector emerged as the leading underperformer of the year with negative average returns. This occurred despite the overall increase in energy prices, indicating specific challenges faced by companies that went public in this sector. The materials sector also showed negative dynamics.

The Impact of Lock-up Periods on Stock Performance

Lock-up periods continue to significantly affect stock trading post-IPO. In the coming months, lock-up periods are expiring for dozens of companies totaling around billions of dollars, which may create additional pressure on stock prices.

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

Regulators in certain countries are also tightening requirements; for example, in India, lock-up durations for a portion of anchor investor shares have increased, which is expected to reduce volatility in the initial months following the listing.

2026 IPO Market Forecast: New Horizons and Opportunities

Macroeconomic Drivers and Market Expectations

Prospects for the IPO market in 2026 appear promising due to the convergence of several positive factors. Investment banks predict a sustained recovery in the IPO market, indicating that the window of opportunity has essentially reopened. The global IPO momentum, fueled by resilient stock markets, easing monetary policies, and more favorable financial conditions, is gaining traction. Opportunities for issuers are expanding, particularly for those who can leverage macro trends, transform the AI revolution into growth, and create narratives that resonate with selective investors.

A number of major growth funds are anticipating 2026 as a crucial period for IPO activity. Accumulated demand from both issuers and investors is creating optimal conditions for large-scale placements.

Expected Major Placements and Unicorns for 2026

The pipeline of anticipated IPOs for 2026 is impressive in both quantity and quality of potential issuers. Special attention is being given to tech unicorns that are finally ready to enter public markets.

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

Industry Trends and Technological Priorities

Artificial intelligence will dominate the IPO landscape in 2026. Notable players in AI/Media are preparing to enter the market, including creators of large language models and infrastructural solutions, as well as several fast-growing product platforms.

Companies like Anthropic have all the prerequisites for a successful IPO: billions in revenue, solid partnerships with tech giants, and expertise among their leadership teams in public markets. The Canadian corporate AI platform Cohere is considering options for additional funding and a potential IPO. With nearly a billion dollars raised and support from strong strategic investors, the company is in a favorable position.

Fintech and digital payments will continue to attract investor attention. Players in the BNPL and ticketing segments have already updated their plans to take advantage of improving market conditions. "Green" technologies and sustainability will be important themes in 2026. Companies operating in renewable energy and ESG solutions will receive additional support from institutional investors and dedicated funds.

Practical Strategies for Investors: How to Maximize Participation in the IPO Boom

Step-by-Step Guide for Retail Investors to Participate in IPOs

Participation in IPOs has become more accessible for retail investors thanks to the digitalization of processes and the simplification of regulatory requirements. The first step is to open a brokerage and depository account with a provider offering access to IPOs. Modern platforms allow online applications with swift confirmations and fund blocking.

The application process includes several key stages: selecting an IPO from the available offerings; reviewing the prospectus and financial indicators of the company; determining the number of lots to purchase; confirming the application and blocking funds; awaiting allocation results and notifications. Minimum investments in certain markets start at the equivalent of $1–2 thousand, making IPOs accessible to a wide range of investors. It’s essential to understand that submitting an application does not guarantee share allocation—oversubscription results in proportional distribution or a lottery among applications.

IPO vs. Secondary Market: Which Strategy to Choose

The dilemma between IPOs and the secondary market remains one of the central issues for retail investors. IPOs frequently demonstrate strong short-term results; average first-day growth can reach several tens of percent, and some placements are sensitive to news, surging by many percentage points within weeks.

The median long-term returns of IPOs often fall short of those in the secondary market. Research indicates that IPOs held for 1–3 years frequently underperform compared to established public companies. The optimal strategy for most investors is a combined approach: allocating 10–20% of the portfolio to carefully selected IPOs while maintaining core positions in proven secondary market companies.

Risk Management and Selection of Promising Placements

Risk management in IPO investments requires a particular 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 to assess insider intentions and avoid selling pressure.

Key principles for IPO selection include fundamental analysis—prioritizing companies with growing revenues, a pathway 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 important; specific sectors like energy and materials may exhibit weak post-listing performance. Careful valuation analysis is necessary; median multiples have become significantly lower than during previous hype cycles, though that does not exclude overvaluation of particular issuers. The quality of underwriters also matters; deals organized by leading investment banks often demonstrate better performance due to more stringent selection.

Using Derivatives and Alternative Strategies

CFDs and other derivatives provide additional opportunities for trading around IPO events. The gray market allows positions to be taken before the official allocation, and the possibility of short selling through derivative instruments offers means for hedging or speculative plays on overvalued placements.

The “wait and see” strategy is becoming increasingly popular among experienced investors. Waiting 3–6 months after an IPO allows for an assessment of the company's real operational dynamics and helps avoid initial hype volatility. Pre-IPO investments through specialized platforms are becoming accessible to qualified retail investors, providing the opportunity to purchase shares before the official allocation with potentially more favorable terms.

Conclusion: Navigating a New Era of IPO Opportunities

Conclusions and Recommendations

The IPO market of 2025 demonstrated a radical transformation compared to the speculative boom of 2021. The entry of more mature, financially stable companies created a foundation for sustained growth in the primary placement sector. Double-digit growth rates in offering volumes and high average returns for venture-backed IPOs signal a healthy market recovery.

2026 promises to be a turning point for the IPO industry. The pipeline of dozens of tech unicorns, including leaders in AI, fintech, and digital commerce, creates 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 is crucial. Short-term speculative strategies in IPOs can yield impressive outcomes, but long-term value creation requires 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 retail investors.

The technological revolution, macroeconomic stabilization, and pent-up demand create a unique window of opportunity in 2026. Investors who have learned from the volatility of 2025 and employ disciplined selection and risk management practices will gain the greatest advantages from the forthcoming IPO boom.