The US IPO market saw the debut of cryptocurrency firms and unicorns making their way to the NYSE and NASDAQ. Companies like Circle, Figure Technology Solutions, Firefly Aerospace, and Figma Inc., among others, were listed in the index this year. This allowed traders to take entry positions right from the beginning and ride the wave in the charts.
Not every IPO that was listed this year gave profits to investors, as many slumped the same day and never recovered. The others generated massive gains in a short period, swelling investors’ portfolios in less than six months. In this article, we will highlight the top winners and losers of the US IPO market this year.
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IPO Market in the US 2025: Top Winners and Losers
Top Winners:
- Circle (CRCL)
Fintech group Circle Inc., which provides support to digital assets such as the USDC stablecoin and many others, was listed on the NYSE in early June this year. The new US IPO saw robust demand with increased support from cryptocurrency investors. It was launched for $83 per share and has now reached $130 in September. In just three months, CRCL jumped close to 58% turning an investment of $1,000 into $1,580.
- Figure Technology Solutions (FIGR)
Another blockchain-based firm, Figure Technology Solutions, that provides a capital marketplace for lending, funding, and secondary market activity, was listed in the Nasdaq index on September 11, 2025. Its price was $31 during launch and hit an all-time high of $45 in five days. FIGR is now at the $40 level, signifying a 28% surge in just two weeks. Also, the blockchain-based US IPO churned $1,000 investment into $1,280 in 14 days.
Top Losers:
- Figma Inc
The software and program-designing interface firm Figma was the hottest tech-based US IPO. However, its performance is abysmal as it debuted on the NYSE exchange at $122 in August this year, but is now at $58. That’s a steep decline of over 53% in less than two months of its debut. Therefore, an investment of $1,000 would be worth $470, and a quick recovery from here seems difficult.
- Firefly Aerospace Inc (FLY)
The US-based aeronautical firm Firefly Aerospace, which provides space transportation solutions by developing and launching small- to medium-lift rockets, was among the most talked about US IPO this year. Moreover, it failed to take flight in the charts, delivering a lackluster performance. It debuted at $60 in August, and its price is now at $41. It has fallen close to 31% in less than 60 days of trading.