After a lull in tech IPOs, IPO activity picked up again in 2025. However, not all new issues were able to convince investors by the end of the year.
• Price developments after the stock market debut were very different in 2025
• Companies with significant price losses despite a strong start
• Only a company with positive performance
After a lengthy phase characterized by reluctance to IPO tech companies due to concerns about inflation and recession, IPO activity increased slightly again in 2025. The list of tech IPOs in 2025 included CoreWeave, Circle, Figma, Chime and Netskope. But how did the shares perform after their stock market debuts last year?
Circle stock
At the beginning of June, Circle Internet Group, publisher of the stablecoin USD Coin (USDC), launched on the New York Stock Exchange. The company had originally planned to offer 24 million shares in the IPO at a price range of $24 to $26 each. Since demand far exceeded expectations, Circle increased the issue volume and price range several times. Ultimately, 34 million shares were issued at an issue price of $31. The issue price was therefore significantly above the original price range. On the first day of trading on the NYSE, things went up even further: At the end of their first trading day, Circle shares were ultimately trading at $83.23, 168.48 percent above their issue price.
In the following weeks, Circle shares reached their previous all-time high of $298.99. Since then, however, the share has lost significant value again, so that it ended 2025 around 4.7 percent below the closing price on the first day of trading at $79.30. The market capitalization was $18.67 billion.
Figma stock
At the end of July, the web design specialist Figma ventured onto the US stock exchange NYSE. The company placed around 36.94 million shares at a price of $33, which was also well above the originally planned range of $25 to $28. The opening price was even 85 US dollars, around 174 percent above the expected issue price, which, according to Forbes, corresponded to issuing proceeds of over 1.2 billion US dollars. Ultimately, the price of a Figma share was $117.59 on the first day of trading. The shares reached their previous record at $142.92 – but have since fallen significantly.
Since their stock market debut, the shares have lost around 68.2 percent in value and only cost $37.37 at the end of 2025. The market capitalization was $18.52 billion.
Chime stock
The San Francisco-based fintech company Chime launched on the US tech exchange Nasdaq in mid-June. The San Francisco-based company’s shares opened at $43, 59 percent above the issue price of $27. This valued the digital bank at $18.4 billion. The company, along with some of its investors, sold 32 million shares at a price above the marketed range to raise $864 million in the IPO. However, by the end of the first day of trading, the initial hype had subsided somewhat and the stock closed at $37.11, below the initial price.
The initial euphoria has now completely disappeared here too: Chime shares have lost around 32 percent since their IPO in June until the end of 2025 and cost 25.17 US dollars. The market capitalization was still $9.43 billion.
Netskope share
Cybersecurity company Netskope reached a valuation of $8.79 billion in its Nasdaq debut. The shares started at $23 each, well above the issue price of $19. The company sold 47.8 million shares in its IPO at the high end of its raised price range of $17 to $19 apiece, raising $908.2 million. At the end of the first trading day, one Netskope share still cost $22.49. The company benefits from companies increasing their spending on corporate security. “AI is sort of our specialty… we secure it and enable companies to use it by building protections around it,” Netskope CEO Sanjay Beri said in an interview with Reuters.
However, since its IPO, Netskope shares have lost around 22 percent and still cost $17.54 at the end of 2025. This gave the company a market capitalization of $6.97 billion.
CoreWeave stock
CoreWeave celebrated its debut on the US tech exchange Nasdaq in March 2025. Expectations were subdued in advance: the IPO price of CoreWeave shares was set at $40, which was well below the originally targeted issue range of $47 to $55. In addition, CoreWeave did not bring as many shares to investors as hoped. With 37.5 million shares, 23 percent fewer shares were sold than planned. As part of the IPO, CoreWeave raised $1.5 billion; the company was valued at $23 billion. The initial price of Coreweave shares was $39. At the end of the first day of trading, the stock was trading at $40 on NASDAQ, which was the same as the issue price.
However, by the end of 2025, the shares of the AI cloud company were able to increase significantly: they were quoted around 79 percent above their issue price at $71.61. At the end of December, the company had a market capitalization of $35.68 billion.
Of the five companies, only CoreWeave was able to show a positive performance after the end of the first trading day until the end of 2025, while the losses for the remaining debutants were very different.
Editorial team finanzen.net
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