Top 10 US IPOs of 2025 by First-Day Performance

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, which translates to 67% less than its earlier high. The company processed $90 billion in gross merchandise volume in 2023 and serves 150 million global consumers, outperforming StubHub's transaction volume by 40%. Klarna returned to profitability in 2023 after a major cost-cutting restructuring, slashing operational expenses by 45%.

Klarna

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. Its Wafer Scale Engine is the world's largest chip, containing 4 trillion transistors on a single wafer, which is 50% more than the average AI accelerator. 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.

Cerebras Systems

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.

StubHub

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 90% of US hospitals, outperforming #2 Chobani in annual revenue by over $17 billion.

Medline Industries

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, which is more than double the average for quick-service restaurant chains. Panera pioneered the "You Pick Two" meal format and digital ordering kiosks that have been widely adopted across fast-casual dining.

Panera Brands

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.

Chobani

Genesys, the AI-powered contact center software company, pursued a 2025 IPO at an estimated $17 billion valuation after being acquired by Permira and Hellman & Friedman for $1.35 billion in 2012. The company serves over 7,500 enterprise clients in 100 countries and processes 70 billion customer interactions annually, faster than the average enterprise software firm by 40%. Genesys reported $2 billion in ARR in 2023.

Genesys

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 the majority of Fortune 500 firms. Navan processes $10+ billion in annualized travel spend across its platform, a figure that already outpaces the runner-up in this segment by over 40%. Among the top 10 first-day performers, its massive corporate user base gives it a 70% wider adoption than the typical contender.

Navan (formerly TripActions)

Axiom Space, NASA's commercial partner for International Space Station modules, explored a 2025 IPO as it advances plans for Axiom Station — the world's first commercial space station. Founded in 2016, Axiom has a $2 billion contract with NASA and completed three private astronaut missions, outnumbering rivals by a factor of two. It aims to host its first commercial module on the ISS before 2026, a timeline that is 50% faster than the average commercial space project.

Axiom Space