The IPO Market Has Awoken: This Week, StubHub and Netskope Lead Tech’s Return to Public Markets
After years of IPO drought, September 2025 delivered the most concentrated IPO activity since November 2021, with over $6 billion raised across multiple landmark debuts. From last week’s historic $4.4 billion surge featuring Klarna’s $1.37B fintech comeback to this week’s dual $800M+ offerings from StubHub and Netskope, September represents more than isolated success stories—it signals the definitive return of risk appetite and growth stock demand that B2B leaders have been waiting for.
The big takeaway? The window is open again, but only for companies with real fundamentals. September’s IPO calendar tells the story of a market that rewards disciplined valuations, proven business models, and sustainable unit economics over pure growth narratives.
September 2025: The Great IPO Awakening
September 2025 will be remembered as the month the. tech IPO market truly awakened. For the first time since late 2021. With over $6 billion raised across landmark debuts, this represents the most concentrated IPO activity since the 2021 peak—but with fundamentally different characteristics.
IPO Timeline: 2025 Recovery vs. 2021 Boom
2025 Major IPOs by Month
2025 Total Through September: $25+ billion raised, 246 total IPOs
Key Differences from 2021:
- Conservative Pricing: Most companies priced at or above range but with realistic valuations
- Fundamental Focus: Revenue growth, path to profitability, and unit economics matter
- Sector Diversity: Beyond pure tech into infrastructure, consumer brands, and traditional industries
- Institutional Selectivity: Oversubscription rates show genuine demand, not speculation
The pattern reveals a maturing market that rewards substance over hype—exactly what B2B leaders need to understand for their own IPO timing.
September’s Two-Week IPO Surge: $6+ Billion in Debuts
Week 1 (September 9-13): The $4.4B Foundation
- Klarna (KLAR): The Swedish fintech giant raised $1.37 billion at $40 per share (above its $35-37 range) and jumped 15% on debut, closing at $45.82 for a $17.3 billion market cap. The buy-now-pay-later leader’s conservative pricing after falling from a $46 billion private valuation tells the entire market story in miniature.
- Figure Technologies (FIGR): The blockchain-based lender raised $787.5 million and achieved a $5.3 billion valuation, with shares rising 44% from the IPO price. The company’s focus on mortgage origination through blockchain technology attracted strong institutional demand.
- Gemini (GEMI): The Winklevoss brothers’ cryptocurrency exchange priced at $28 per share (well above the original $17-19 range) and surged over 60% at open before settling 14% higher. Nasdaq’s $50 million strategic investment as part of a partnership deal validated the crypto exchange model.
- Via Transportation: The transit tech firm raised $492.9 million at $46 per share (above the $40-44 range) for a $3.65 billion valuation. The company’s smart routing technology for public transportation hit investor demand for sustainable urban mobility solutions.
- Black Rock Coffee Bar (BRCB): The drive-through coffee chain raised $294 million at $20 per share (above its $16-18 range) and jumped 38% on debut, closing at $27.53. With 158 locations and plans for 1,000 stores by 2035, plus $1.2 million average unit volumes, Black Rock showed consumer IPOs could succeed alongside tech.
- Legence Corp (LGN): The Blackstone-backed engineering services provider raised $728 million at $28 per share and gained 8.9% on debut. The company’s building systems focus with sustainability angles attracted infrastructure investors.
Week 2 (September 16-19): The $1.7B Tech Validation
This week’s StubHub and Netskope debuts, raising $800M and $908M respectively, proved that September’s momentum extends beyond the initial surge into sustained institutional appetite for well-positioned companies.
Strategic Timing Lessons:
Unlike 2021’s frothy valuations and subsequent crashes, this wave is built on more fundamentals, somewhat conservative pricing, and genuine investor selectivity. These sequential successes—spanning fintech, crypto, transportation, consumer brands, and infrastructure—created the perfect setup for this week’s larger offerings.
The pattern is unmistakable: diverse sectors are finding success, but fundamentals still matter. Each company demonstrated clear business models, realistic valuations, and strong investor demand that extended across traditional tech boundaries.
StubHub: The Marketplace Giant Finally Goes Public
The Numbers That Matter:
- Raised: $800 million at $23.50 per share
- Market Cap: $8.6 billion (down from $9.2B initial target)
- 2024 Revenue: $1.8 billion
- Q1 2025 Growth: 10% YoY revenue growth to $397.6M
- GMS Growth: 15% YoY to $2.08 billion
StubHub’s journey to public markets reads like a B2B survival guide. Originally seeking a $16.5 billion valuation, the company had to reality-check expectations down to $8.6 billion—a humbling but necessary recalibration that many growth companies should study.
What B2B Leaders Can Learn:
The marketplace model that StubHub perfected offers critical insights for B2B platforms. Processing over 40 million tickets from 1 million sellers with gross merchandise sales of $8.7 billion in 2024 demonstrates the power of two-sided network effects. For B2B founders building marketplace elements, StubHub’s 27% GMS growth shows that when you nail product-market fit, scale follows.
But here’s the reality check: despite massive scale, StubHub posted a $116.74 million net loss on $1.8 billion in revenue. The lesson? Growth at scale still requires disciplined unit economics. Their path to profitability will be watched closely by every growth-stage B2B company grappling with similar challenges.
Market Timing Lessons:
StubHub’s IPO timeline reveals crucial timing insights. After delaying twice—once due to Trump’s April tariff announcements that sent markets into turmoil—the company waited for optimal conditions. The stock opened at $25.35 but closed at $22, reminding us that even in favorable markets, post-IPO performance isn’t guaranteed.
Netskope: Cybersecurity’s $908M Validation
The Fundamental Story:
- Raised: $908.2 million at $19 per share (top of range)
- Market Cap: $8.6 billion
- ARR: $707 million (33% YoY growth)
- Revenue: $328 million (31% growth in H1 2025)
- Customer Quality: 4,300+ customers including 30% of Fortune 100
Netskope’s IPO performance—jumping 18% on day one after being 23x oversubscribed—demonstrates what happens when cybersecurity fundamentals meet market timing.
The B2B Metrics That Mattered:
Netskope’s $707 million ARR growing at 33% YoY represents the kind of recurring revenue growth that public markets crave in cybersecurity. Their land-and-expand model with Fortune 100 customers shows the sticky, high-value relationships that drive predictable growth.
For B2B companies evaluating IPO readiness, Netskope’s metrics provide a benchmark: $700M+ ARR, 30%+ growth, and enterprise customer concentration create compelling public market narratives.
The Cybersecurity Tailwinds:
Netskope’s timing couldn’t be better. With 73% of businesses planning cybersecurity budget increases in 2025 (per Morgan Stanley) and massive acquisitions like Google’s $32B Wiz deal validating the sector, cybersecurity B2B companies are riding unprecedented demand.
What This Week Means for B2B IPO Planning
The Market Window Reality:
These IPOs succeed because market conditions aligned with company readiness. Both companies delayed launches during market volatility, demonstrating that even strong fundamentals require favorable conditions.
Valuation Discipline Required:
StubHub’s valuation compression from $16.5B to $8.6B expectations shows that even in recovering markets, companies must right-size valuations. The days of “growth at any cost” pricing are over.
The Fundamentals Filter:
Notice what both companies share: massive scale, real revenue, and clear paths to profitability. Netskope’s $707M ARR and StubHub’s $1.8B revenue represent the minimum scale threshold for today’s IPO market.
Strategic Implications for B2B Leaders
For Later-Stage B2B Companies:
If your ARR exceeds $400M with 25%+ growth, this market offers opportunity—but only with disciplined expectations. Study how both companies positioned their stories around sustainable unit economics rather than pure growth.
For Growth-Stage Companies:
Use this window to strengthen fundamentals. The market will remain selective, favoring companies with clear paths to profitability and efficient growth metrics.
For Early-Stage B2B:
Focus on building the foundation metrics that matter: net revenue retention above 110%, efficient customer acquisition costs, and expanding gross margins. These IPOs remind us that fundamentals ultimately determine public market success.
Looking Ahead: The $300 Billion+ IPO Pipeline Heats Up
With Stripe, Databricks, Canva, and other major B2B companies still private, successful first-day performance creates momentum for additional filings. The September IPO calendar represents the busiest period since 2021, suggesting the drought may finally be ending.
The Key Questions:
- Can this momentum sustain through Q4 2026 and beyond?
- Will success breed more realistic valuations or return to bubble pricing?
- How will public market performance influence late-stage private valuations?
The B2B Takeaway
This week’s IPO activity represents more than market recovery—it’s a validation that well-run, fundamentally sound companies can still access public capital. For B2B leaders, the message is clear: focus on sustainable growth, disciplined unit economics, and patient timing.
The window is open, but it’s a narrow one that rewards preparation and penalizes hype.
For B2B companies considering IPO timing, study these debuts closely. Success requires more than favorable markets—it demands the kind of operational excellence and financial discipline that both StubHub and Netskope demonstrated throughout their journey to public markets.
