News

Key points:

• 2025’s IPO boom has delivered huge wins for names like Figma, CoreWeave, and Circle, while others, such as Venture Global, have stumbled.
• High-growth sectors offer big potential but come with risks from volatility, lofty valuations, and unproven models.
• Disciplined investing—focusing on fundamentals, valuations, and timing—is key to separating winners from losers.

Last week, design software giant Figma made headlines with one of the most explosive IPOs of this year. The American software company raised over $1.2 billion on the NYSE stock exchange, achieving a market capitalization of more than $56 billion, making it the largest IPO of the year so far. But it’s not alone. From AI disruptors to crypto innovators, 2025 is shaping up to be a blockbuster year for companies going public.

On Thursday, August 7th, Firefly Aerospace - the first commercial rocket-maker to successfully land on the moon earlier this year - launched its own IPO. The offering was 25 times oversubscribed, setting a record as the largest space industry IPO in US history. On the first day of trading, shares ended 35% higher than the initial offering price.

After several years of rising interest rates and soaring inflation that kept investors wary of riskier bets, 2025 is signalling a dramatic resurgence in market appetite for bold, high-growth ventures.  It's time for an overview of the most significant new names of 2025.

What is an IPO?

IPO (Initial Public Offering) is the first time a company issues shares on the stock market.  For investors, it’s a chance to get in early – sometimes before the rest of the market catches up. But IPOs can be volatile. Some stocks soar, others stumble. That’s why it’s crucial to understand the story behind the numbers.

Why are IPOs interesting for investors?

Beyond the headlines and opening-day hype, IPOs can offer unique opportunities that established stocks often can’t match. They can provide early access to fast-growing companies, exposure to new sectors, and the chance to capture strong initial momentum - if you know what to look for.

• Potential for “day-one pop” and momentum trading. IPOs can deliver strong initial returns due to pent-up demand, limited float, and media buzz - creating short-term investment opportunities.
• Exposure to high-growth themes and emerging sectors. IPOs often provide access to companies riding transformative trends like AI, fintech, clean energy, and crypto - before they’re widely held.
• “Getting in early”. Investors are drawn to the idea of backing the next breakout success story, especially when structural tailwinds support long-term growth.
• Diversification. IPOs can introduce new business models or geographies not represented in existing public markets, enhancing diversification.

Largest IPOs in 2025 so far

Unsurprisingly, the biggest IPOs this year occurred in the US. It has been an active year, with 201 IPOs so far, surpassing last year's total of 112. By comparison, Euronext had 40 IPOs, and China has seen 101 new public listings on its mainland exchanges.

Here are the largest IPOs of 2025 (as of August 1, 2025):

7. Smithfield Foods, Inc. (NASDAQ: SFD)

• Market Cap: $9.5 billion
• IPO Price: $20 Smithfield Foods, the Virginia-based world’s largest pork producer and owned by a Chinese parent company, is up over 20% since its IPO. The company offers investors a global food play, with performance closely tied to commodity cycles, geopolitical risks, and regulatory shifts.

6. SailPoint (NASDAQ: SAIL)

• Market Cap: $12.4 billion
• IPO Price: $22 SailPoint, a key player in identity management and security, went public on Nasdaq in February. After an April dip, the stock recovered, offering investors a defensive play with potential upside tied to recurring revenues and enterprise adoption.

5. Chime Financial Inc. (NASDAQ: CHYM)

• Market Cap: $12.5 billion
• IPO Price: $27 Chime is a fintech company offering mobile banking, particularly popular among younger users. It debuted at $27 per share in June, reaching nearly $45 before settling around $34.40, still up 27% above its IPO price, offering investors growth potential with lingering questions around monetization and user retention.  

4. Venture Global (NYSE: VG)

• Market Cap: $25 billion
• IPO Price: $25 Venture Global, a liquefied natural gas (LNG) specialist with a $25 billion market cap, is the only stock in this cohort trading significantly below IPO, offering exposure to energy security trends amid volatile geopolitical and climate-driven price swings.

3. Circle Internet Group (NYSE: CRCL)

• Market Cap: $40.8 billion
• IPO Price: $31 Circle, a payment technology company managing stablecoins EURC and USDC, skyrocketed from an IPO price of $31 to $183, marking a stellar performance since its listing, but regulatory risks are key to watch in this space.

2. CoreWeave (NASDAQ: CRWV)

• Market Cap: $55.7 billion
• IPO Price: $40 CoreWeave, a former crypto miner turned AI cloud powerhouse leasing infrastructure to giants like Microsoft, rebounded 185% post-IPO, tapping into the booming demand for AI computing despite fierce sector competition.

1. Figma (NYSE: FIG)

• Market Cap: $56 billion
• IPO Price: $33

Figma’s collaborative design platform is beloved by tech teams worldwide. The company’s shares have tripled post-IPO, cementing its spot as the year’s biggest U.S. tech debut - but lofty valuations may test investor nerves.

Risk to watch

Even though IPOs can be exciting and deliver outsized returns, they also come with unique pitfalls that investors should recognise before committing significant capital. From wild early price swings to inflated valuations and untested business models, knowing the red flags can help you separate promising newcomers from costly disappointments.

• Hype vs. fundamentals. Media buzz and oversubscription can inflate expectations and generate high volatility for the shares. Focus on the company’s financial health and ability to execute, and keep in mind that early sell-side analysis tends to be more promotional than objective.
• Execution risk. Many IPOs involve young companies with unproven business models or volatile earnings and limited historical performance data - making accurate valuation more challenging.
• Valuation compression post-IPO. Many IPOs trade down after initial excitement fades. Be cautious of inflated debut pricing which might lead to long-run under-performance.
• Allocation lottery. Many investors don’t get meaningful opening-price fills.

Upcoming IPOs to watch

Several notable IPOs are still expected this year. Payment provider Stripe could have one of the largest IPOs ever. Chinese fashion giant Shein seeks a London listing, while companies like Klarna and Discord also hint at public ambitions. None have yet announced specific dates.

Practical tips for investors

• Consider waiting until the first earnings call for clearer fundamentals.
• Compare valuation multiples to mature peers, not just to other hot IPOs.
• Look beyond the headlines, evaluate the company’s IPO rationale and capital deployment strategy.

IPOs can open the door to some of the market’s most dynamic companies, but success requires more than chasing headlines. By balancing excitement with discipline—evaluating fundamentals, timing, and risk—you can position yourself to capture the upside while avoiding costly missteps. In the fast-moving world of new listings, preparation is your best edge. Stay tuned for updates!

Note: In this article, we highlight the largest IPOs of 2025 by current market cap and not by capital raised. Performance metrics reflect publicly available pricing and return data is calculated based on closing prices, from listing through the stated periods. All data issued from Bloomberg as of 7 August 2025.

In this article, we highlight the largest IPOs of 2025 by current market cap and not by capital raised. Performance metrics reflect publicly available pricing and return data is calculated based on closing prices, from listing through the stated periods. All data issued from Bloomberg as of 1^stof August 2025.   This material is marketing content and should not be regarded as investment advice. Trading financial instruments carries risks and historic performance is not a guarantee of future results. The instrument(s) referenced in this content may be issued by a partner, from whom Saxo receives promotional fees, payment or retrocessions. While Saxo may receive compensation from these partnerships, all content is created with the aim of providing clients with valuable information and options.

Listen to the full episode now or follow Saxo Market Call on your favorite podcast app:

• Le Shrub on “Quant-Monkey-Geddon” - always entertaining and worth a follow on X / Substack etc. Has also been a podcast guest where I first came across him.
• Le Shrub also tipped me off with link to X post looking the Goldman Sachs Long/Short Index and how poorly the Long/Short outfits have been performing over last two months (a sign that “something wrong here”.
• Jesse Felder discussing how loose financial conditions really are with some great chart pulls at the most recent Felder Report:
• Jesse Felder again on the record low insider buying interest.
• Endgame Macro with a rundown of the US geopolitical strategic game plan. How will China respond to this

Today’s chart of the day: Meta

Meta earnings after the close will be an interesting one. A bit surprising that the IV rank only at 30%, with an “expected move” through Friday of about 5.4% as of Barchart’s snapshot. Yesterday saw an ugly sell-off bar to the round 700 level (options-linked?). As noted on the pod today, interesting to see how the market treats the stock if Zuckerberg continues further ups the capex plans on AI data centers and not least, salaries for top talent in the field. I have no insight here on what Meta will deliver - just asking questions.

Questions and comments, please!