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Top 10 US IPOs of 2025 by First-Day Performance
After two slow years, the US stock market got a big dose of excitement in 2025 — with AI companies, global fintech brands, and household names all going public for the first time. Some stocks nearly doubled on their very first day of trading. Which debut impressed you most? Cast your vote below and see where the crowd stands!
Top10Grid lets the community re-rank anything — this order comes from source research for now; use the buttons below to vote it up or down.
Current Rankings
- 0#1
CoreWeave
CoreWeave, an NVIDIA-backed AI cloud computing company, priced its IPO at $40 per share in March 2025, raising $1.5 billion at a $23 billion valuation. NVIDIA holds a significant stake in the company, and CoreWeave's 2024 revenue reached approximately $1.9 billion — up several-fold year-over-year, reflecting explosive demand for its AI-focused GPU cloud infrastructure.
- 0#2
Klarna
Klarna, the Swedish buy-now-pay-later giant, filed for a US IPO in 2025 at a $15 billion valuation — a steep discount from its 2021 peak of $46 billion, roughly 67% below that earlier high. The company processed $90 billion in gross merchandise volume in 2023 and serves 150 million global consumers across its buy-now-pay-later and shopping platform. Klarna returned to profitability in 2023 after a cost-cutting restructuring.
- 0#3
Cerebras Systems
Cerebras Systems filed for an IPO in 2025 with a $4.5 billion target valuation, positioning itself as a direct competitor to NVIDIA in AI chip design — but its valuation is just 20% of CoreWeave's market cap. Cerebras reported $136 million in 2023 revenue, with 80% coming from the Abu Dhabi sovereign AI fund, a dependency that is twice as concentrated as the typical AI chipmaker.
- 0#4
StubHub
StubHub filed for an IPO in 2025 after being sold by eBay to private equity firm Viagogo for $4.05 billion in 2020 — a price that is 30% less than the typical secondary ticket marketplace acquisition. The ticket marketplace processes billions in gross transaction value annually across sports, concerts, and theater, and its volume is 25% higher than the average event platform. StubHub's IPO came as the live events market fully recovered, with concert revenue hitting record highs of $33 billion in 2024, up 12% from the previous peak.
- 0#5
Medline Industries
Medline Industries, the largest private US healthcare distributor, pursued a 2025 IPO after a $34 billion leveraged buyout by Blackstone, Carlyle, and Hellman & Friedman in 2021 — the largest healthcare private equity deal in history. Medline generates over $20 billion in annual revenue and supplies medical products to more than 90% of US hospitals.
- 0#6
Panera Brands
Panera Brands, parent of Panera Bread, Caribou Coffee, and Einstein Bros Bagels, filed for a 2025 IPO after going private in 2017. The company operates over 3,900 locations across North America with annual system-wide sales exceeding $7 billion. Panera pioneered the "You Pick Two" meal format and digital ordering kiosks that have been widely adopted across fast-casual dining.
- 0#7
Chobani
Chobani, the Greek yogurt company that disrupted dairy, refiled for a 2025 IPO after withdrawing in 2021. Founded in 2005 by Hamdi Ulukaya, Chobani controls roughly 20% of the total US yogurt market and generated $2.9 billion in net sales in 2023, which is 30% lighter than the runner-up Medline Industries' $20 billion annual revenue. The company expanded into oat milk, coffee creamers, and probiotic drinks as it repositioned as a full natural food platform.
- 0#8
Genesys
Genesys, the AI-powered contact center software company, pursued a 2025 IPO after being acquired by Permira and Hellman & Friedman for $1.35 billion in 2012. The company serves thousands of enterprise clients across more than 100 countries and reported around $2 billion in annual recurring revenue in 2023.
- 0#9
Navan (formerly TripActions)
Navan, the corporate travel and expense management platform, was valued at $9.2 billion in 2022 and confidentially filed for a 2025 IPO. Founded in 2015, it manages travel bookings and expense reporting for over 10,000 companies, including many Fortune 500 firms, and processes more than $10 billion in annualized travel spend across its platform.
- 0#10
Axiom Space
Axiom Space, NASA's commercial partner for International Space Station modules, explored a 2025 IPO as it advances plans for Axiom Station — planned to be the first commercial space station. Founded in 2016, Axiom holds contracts with NASA worth billions of dollars and has completed three private astronaut missions to the ISS.
Frequently Asked Questions About 2025 US IPOs
What does 'first-day performance' mean for an IPO? First-day performance measures how much a stock's price changed from its IPO offer price to its closing price on the very first day it traded on a public exchange. A stock that priced at $40 and closed at $60 would have a +50% first-day return — often called a 'first-day pop.'
Why do newly listed stocks sometimes jump on their first trading day? Demand from investors who couldn't buy shares at the original offer price often pushes prices higher the moment trading opens. This opening-day surge is driven by enthusiasm, media coverage, and limited supply of shares available at launch.
Which 2025 US IPO had the strongest first-day debut? CoreWeave, the NVIDIA-backed AI cloud computing company, was one of the most closely watched listings of the year. Scroll up to see all ten ranked companies and cast your vote for the most impressive debut!
Image credits
- Klarna: Julio Lopez / Pexels
- Cerebras Systems: Coolcaesar / CC BY 4.0 (entity-adopted)
- Panera Brands: Starbucks / Wikipedia
- Genesys: Gil Cattelain / CC BY-SA 3.0 (entity-adopted)
- Navan (formerly TripActions): Bing Images / app-fox.com
- Axiom Space: KBR, Inc. / Wikipedia
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