Everyone said 2025 was the year the IPO window reopened. And technically, it did. 174 companies raised over $31 billion in the first half alone — the highest since 2021.
But here’s what nobody wants to talk about: most of the B2B and tech IPOs from 2025 are now trading below their IPO price. Several of them significantly below.
In the end, the IPO reopening of 2025 was mostly … a bust.
Here’s the full scorecard as of late February 2026, what actually happened, and what it means for founders thinking about going public.
The Full Scorecard
The Winners (Trading Above IPO Price)
CoreWeave (CRWV) — Up ~123% from IPO price
IPO’d in March 2025 at $40. Stock peaked at $187 by June. Now trading around $89. Still the clear standout of the entire class, but that $187-to-$89 decline tells you something about how even the winners get repriced. CoreWeave’s story is pure AI infrastructure — GPU cloud, Nvidia partnership, $55.6 billion revenue backlog. The market rewarded the AI narrative more than anything else in 2025. Revenue hit $3.6B+ in just the first three quarters.
Hinge Health (HNGE) — Up ~28% from IPO price
The quiet winner nobody talks about. IPO’d at $32 in May 2025, now around $41. What makes Hinge Health interesting is the fundamentals: 51% revenue growth, 85% gross margins, 31% free cash flow margins. This is a digital MSK therapy company serving 24.6 million covered lives. It proves that B2B healthtech with real unit economics can work in public markets, even without the AI buzzword in every sentence.
Circle (CRCL) — Up ~100% from IPO price
The USDC stablecoin issuer IPO’d at $31 in June 2025. The stock briefly rocketed to nearly $299 before crashing back to around $62. Still a double from IPO price, but that ride from $299 to $62 is the kind of volatility that gives CFOs nightmares. Circle’s performance is heavily correlated to crypto sentiment, which makes it a different animal than traditional B2B.
The Losers (Trading Below IPO Price)
And this is where it gets painful.
Klarna (KLAR) — Down ~69% from IPO price
The biggest disaster of the class. IPO’d at $42 in November 2025, popped to $57 on day one, and has since collapsed to around $13. Class action lawsuits have been filed. For context, Klarna was valued at $45.6 billion in its 2021 private round. Its public market cap today is roughly $5 billion. That is a 90% decline from peak private valuation. The BNPL model is under real pressure from rising credit costs, and the “AI company” repositioning hasn’t convinced public market investors.
Netskope (NTSK) — Down ~56% from IPO price
KKR-backed cybersecurity company IPO’d at $24 in December 2025. Now trading around $10.60, hitting its 52-week low. The entire cybersecurity sector has been under pressure from AI disruption fears — the concern being that AI agents could fundamentally change how security is bought and deployed. PE-backed IPOs in general have performed terribly in this cycle.
MNTN (MNTN) — Down ~39% from IPO price
The CTV adtech company with Ryan Reynolds as Chief Creative Officer IPO’d at $16 in May 2025, popped 60% on day one to nearly $25, and has since fallen to around $9.70. The business itself is actually strong — 82% gross margins in Q4, 36% year-over-year revenue growth, record net income. But small-cap B2B adtech doesn’t get love in a market obsessed with AI infrastructure.
SailPoint (SAIL) — Down ~38% from IPO price
The PE-backed identity security re-IPO. Went public (again) at $23 in February 2025. Now around $14. The CEO resignation in February 2026 didn’t help. Revenue is $862 million and growing 20%+, but the stock keeps sliding. This is what happens when you’re a solid enterprise security company without a compelling AI transformation story.
Figma (FIG) — Down ~28% from IPO price
One of the most dramatic arcs of 2025. Figma IPO’d at $36 in September after Adobe’s $20B acquisition was blocked by regulators. The stock exploded to nearly $143 on its first day — a 4x pop. And then it just kept falling. Now trading around $26, below where it priced. Revenue is growing 40%, the company just raised full-year 2026 guidance to $1.36-$1.37 billion, and it’s starting to monetize AI features. But the market is pricing in AI disruption risk to design tools, and Figma hasn’t yet proven the AI revenue model at scale.
Navan (NAVN) — Down ~27% from IPO price
The corporate travel and expense platform formerly known as TripActions. This one is a case study in valuation compression. Navan was valued at $9.4 billion in its last private round. It IPO’d in October 2025 at $14 per share, roughly a $6.5 billion valuation — already a 30%+ haircut. Now it’s trading around $10, a ~$2.5 billion market cap. The business is real: $656 million TTM revenue, 32% growth, 10,000+ customers. But a Rule of 40 score near zero (30% growth minus 30% losses) doesn’t command a premium in 2026.
ServiceTitan (TTAN) — Down ~11% from IPO price
The vertical SaaS platform for trades contractors IPO’d in December 2024 at $71. Hit $131 by May 2025. Now around $63. Revenue is approaching $1 billion with 25% growth. ServiceTitan is the “best of the non-AI” B2B companies — dominant in its vertical, strong platform revenue, expanding into fintech. But even category leaders in vertical SaaS are getting compressed.
Gone Private
OneStream (OS) — Going Private After 17 Months KKR took OneStream public in July 2024 at $20. The stock opened 29% above listing price. Everyone celebrated. Now Hg Capital is buying it for $24 per share — a 31% premium to where the stock was trading, but less than where it opened on day one. OneStream is at roughly $500M+ ARR growing mid-20s with customers like Toyota, UPS, and General Dynamics. The IPO worked for KKR. It did not work for public market investors. This is the clearest signal that public markets in 2026 simply don’t reward steady, predictable B2B growth the way they used to.
What’s Actually Going On
Three things are happening simultaneously:
1. The market only rewards AI infrastructure, not AI-adjacent
CoreWeave returned 123%. Everything else in B2B? Mostly negative. The market is drawing a sharp distinction between companies that ARE the AI infrastructure (CoreWeave, to some extent Nvidia’s ecosystem) and companies that merely USE AI or claim to be “AI-powered.” Slapping “AI” into your S-1 doesn’t move the needle anymore.
2. First-day pops are a trap
Almost every 2025 IPO had a strong first day. Figma popped 4x. MNTN popped 60%. Chime popped 59%. Circle popped 122%. But those pops have almost universally faded. The average IPO from this class is now trading well below its first-day close. Institutional investors are flipping shares fast, and there isn’t enough sustained demand to hold these levels.
3. The valuation bar has permanently moved
Median public B2B multiples ended 2025 at 5.6x EV/Sales — down from 6.3x at the start of the year and well below the 10-year average of 27.5x EV/EBITDA. The top decile gets 15-20x. The bottom quartile trades at 2-4x. Simply being a SaaS company growing 30% is no longer a ticket to premium valuation. You need GAAP profitability, or an AI narrative that investors believe, or preferably both.
What This Means for Founders
If you’re thinking about IPO’ing in 2026:
The window is technically open. You CAN go public. But you’re going public into a market that will immediately test whether your valuation is real. The companies that will succeed in the 2026 IPO class — Anthropic, SpaceX, Databricks, Stripe — are generational companies. If you’re a $500M ARR B2B company growing 30%, you can go public, but expect a 6-8x revenue multiple, not 15x.
The real math:
The recent batch of B2B IPOs roughly averaged 50% growth at $500M ARR. If you’re not in that tier, you’re waiting longer. And even if you ARE in that tier, Navan shows you what happens — you go public at a 65% discount from peak private valuation and still trade down further.
PE is the backstop, not the goal:
OneStream, JAMF, and others have shown that if public markets don’t reward you, private equity will buy you at 3-5x ARR and make you profitable themselves. That’s the floor, not the ceiling.
The 2021 valuation you raised at? That was the peak.
If you raised at 40x+ ARR in 2021 and haven’t grown into that valuation by now, start managing expectations. Every B2B founder I talk to who went public in 2025 tells me the same thing: the journey from private peak to public reality was the hardest part.
The 2026 Pipeline
The next wave should be different. Anthropic, SpaceX, and Databricks aren’t just category leaders — they’re category creators. Stripe has been printing money for years. If these companies go public, they’ll likely perform well because they’ve earned their valuations through sustained execution.
But for the rest of the unicorn herd? The 1,000+ unicorns still waiting in the wings? The data from 2025 is clear: you can go public, but the market has changed permanently. Grow efficiently, get profitable, and have a real AI strategy — or be prepared for a valuation haircut that makes your 2021 board deck look like fiction.
The IPO window is open. But only sort of, kind of.
