Medline is one of the exceptions, after seven trading days.

By Wolf Richter for WOLF STREET.

There were 202 IPOs in 2025 – not including the 144 SPACs that went public – the most since the IPO boom in 2021 (blue columns, left scale in the chart). But a big part of that volume was driven by foreign micro-IPOs of minuscule outfits. So the total amount raised by the 202 companies was $44 billion (red line, right scale), driven by a few big immensely hyped IPOs: The largest 20 IPOs (by amounts raised) accounted for $25 billion of the $44 billion raised. The top nine raised each over $1 billion, and $16.5 billion combined.

The drama that occurred were the first-day “pops” followed by long plunges from the intraday highs. By Friday, December 26, the stocks of nearly all of the largest 20 IPOs had plunged from their intraday highs, with 11 of the 20 plunging by over 40%; and four – we’ll include Figma here though it barely missed being in the largest 20 – plunging by 73% or more. This includes crypto and AI heroes.

And of these largest 20 IPOs, the stocks of 14 had dropped below their IPO prices by Friday. The IPO price is the price at which the company sold shares to institutional investors the day before the stock starts trading publicly.

The largest 20 IPOs by amounts raised, plus Figma.

The list below shows the largest 20 IPOs by amount raised in 2025. The largest of the 20 was Medline, which raised $6.27 billion in the IPO. The smallest of the top 20 was Fermi, which raised $683 million during the IPO.

I added Figma to the list, though it didn’t make the cut-off (it raised $412 million) because it was a hugely hyped IPO with a mega-spike during the first two days and then a hard plunge.

The right column shows the percentage decline from the intraday high.

The second column from the right shows the percentage change from the IPO price – the price at which the company sold the IPO shares to institutional investors the day before the stock started trading publicly.

The negative percentage changes are marked in bold.

The 20 Largest IPOs in 2025
			IPO Price	Intraday high	Dec 26 close	% from IPO price	% from high
1	Medline	MDLN	29.00	45.50	44.13	45%
2	Venture Global	VG	25.00	25.50	6.95	-72%	-73%
3	CoreWeave	CRWV	40.00	187.00	76.42	91%	-59%
4	SailPoint	SAIL	23.00	26.35	21.15	-8%	-20%
5	Klarna Group	KLAR	40.00	47.48	29.59	-26%	-38%
6	Bullish	BLSH	37.00	118.00	41.14	11%	-65%
7	Circle Internet Group	CRCL	31.00	298.99	81.27	162%	-73%
8	NIQ Global Intelligence	NIQ	21.00	20.39	16.38	-22%	-20%
9	BETA Technologies	BETA	34.00	39.50	29.84	-12%	-24%
10	Navan	NAVN	25.00	25.00	15.53	-38%	-32%
11	Netskope	NTSK	19.00	27.99	18.29	-4%	-35%
12	Firefly Aerospace	FLY	45.00	73.80	23.34	-48%	-68%
13	Chime Financial	CHYM	27.00	44.94	26.49	-2%	-41%
14	Alliance Laundry	ALH	22.00	27.48	21.35	-3%	-22%
15	SmartStop Self Storage	SMA	30.00	39.77	31.52	5%	-21%
16	StubHub Holdings	STUB	23.50	27.89	13.28	-43%	-52%
17	Figure Technology	FIGR	25.00	49.49	44.05	76%	-11%
18	Legence Corp.	LGN	28.00	50.20	44.60	59%	-11%
19	Accelerant Holdings	ARX	21.00	31.18	16.51	-21%	-47%
20	Fermi	FRMI	21.00	36.99	8.88	-58%	-76%
	Figma	FIG	33.00	142.92	38.54	17%	-73%

Some of the standouts among the largest IPOs in 2025.

#1 Medline [MDLN], the healthcare supplies giant, was one of the exceptions that is trading near its high.

But the stock has been trading for only seven days, as of Friday, during the quiet pre-holiday period.

It raised $6.3 billion in its IPO on December 16, the largest IPO since 2021, at an IPO price of $29 a share. It popped by 40% on the first day of trading on December 17 to $41, giving it a market capitalization of about $55 billion. On Friday, it closed at $44.13.

This IPO opened the exit door for the PE firms Blackstone, Carlyle, and Hellman & Friedman, that had bought 79% of the company in 2021 from the founding Mills family in a leveraged buyout, at a deal value of about $34 billion. It then went on an international shopping spree. The LBO and the debt-funded shopping spree left the company with nearly $17 billion in debt. During the IPO, the company raised $6.3 billion, which will help reduce that pile of debt.

#2 Venture Global [VG] went public in January 2025 at an IPO price of $25 a share, raising about $1.75 billion, and giving the company briefly a market cap of about $60 billion.

That IPO price, which had already been lowered in the days before the IPO, was about the high for the stock, which topped out at $25.50. On Friday, it closed at $6.95, down by 72% from its IPO price and down by 73% from its intraday high:

Venture Global liquefies US natural gas and exports the LNG from its four export terminals to customers around the world.

#3 CoreWeave [CRWV], one of the AI infrastructure companies, went public in March and raised $1.5 billion at an IPO price of $40 a share. Among the institutional investors that bought shares at the IPO price was Nvidia ($250 million).

Shares started exploding in late April to peak at $187 on June 20 amid AI-mania, and have since then plunged by 59%. But they’re still up by 91% from the IPO price.

CoreWeave leases data centers from landlords, equips them with AI-servers powered by Nvidia chips, and then rents out the computing power. It funds the purchases of the servers with large amounts of expensive junk-rated debt, with the servers as collateral.

#5 Klarna Group [KLAR], a Swedish provider of Buy-Now-Pay-Later and other payments services to the ecommerce industry, went public in September at an IPO price of $40 a share and raised $1.37 billion.

The stock, at $29.59 on Friday, has plunged by 26% from the IPO price and by 38% from the intraday high:

#6 Bullish [BLSH], a cryptocurrency exchange and blockchain technology company headquartered in the Cayman Islands, went public in August at an IPO price of $37 a share and raised $1.11 billion.

The shares exploded to a high of $118.00 during the first-day pop, giving the company a market cap for a few seconds of $18 billion, then plunged. On Friday, they closed at $41.14, down by 65% from the intraday high, but still up by 11% from the IPO price.

#7 Circle Internet Group, a platform for stablecoin and blockchain applications, went public in June at an IPO price of $31 a share, raising $1.05 billion. Then came a phenomenal 867% multiday spike to the intraday high of $298.99 a share, followed by a 73% plunge from that high that left the stock still 162% up from the IPO price.

#10 Navan, Inc., a corporate travel and expense management platform, went public in October at the IPO price of $25 a share, but on the first day of trading, shares dropped right out of the gate and never traded at the IPO price. The intraday high was $22.75 on the first day.

On Friday, shares closed at $15.53, down by 38% from the IPO price and down by 32% from the intraday high.

#12 Firefly [FLY], a space and defense company, went public in August at an IPO price of $45 a share, raising $868 million. Then shares spiked to $73.80 on the first day before plunging. On Friday, after a 13.7% plunge, shares closed at $23.34, down 68% from the intraday high and down by 48% from the IPO price.

#20 Fermi [FRMI] went public in October at an IPO price of $33 a share, raising $683 million. On the second day of trading, shares reached their intraday high of $36.99, then plunged. On Friday, shares closed at $8.88, down by 58% from the IPO price and by 76% from the intraday high.

Figma, the design software company, missed the cutoff for the largest 20 IPOs, but it’s included here because it had an iconic IPO. It went public in July at the IPO price of $33 a share, spiked to $142.92 during the first day of trading and closed at $115.50.

VC firms Index Ventures, Greylock, Kleiner Perkins and Sequoia “are sitting on $24 billion worth of stock after massive IPO pop,” CNBC gushed after the first day of trading.

By Friday, the stock had plunged by 73% from the high, but was still up 17% from the IPO price.

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