Figma and the 6 other biggest IPOs of 2025

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.