2025 IPO Successes and Failures: Figma, Bullish, and Klarna Drive $31 Billion Revival
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Sep 29 2025
0mins
Should l Buy NDAQ?
Source: TipRanks
Strong IPO Activity in 2025: As of late September 2025, 254 companies have gone public on the NYSE and Nasdaq, surpassing the total for 2024 and 2023, with a significant increase in activity during the summer months, particularly in technology and financial technology sectors.
Diverse Performance Among IPOs: While some companies like Reddit and CoreWeave have seen substantial gains, others such as Figma and Firefly Aerospace have experienced significant declines, indicating a selective investor sentiment in the IPO market.
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Analyst Views on NDAQ
Wall Street analysts forecast NDAQ stock price to rise
10 Analyst Rating
9 Buy
1 Hold
0 Sell
Strong Buy
Current: 88.610
Low
101.00
Averages
111.50
High
123.00
Current: 88.610
Low
101.00
Averages
111.50
High
123.00
About NDAQ
Nasdaq, Inc. is a global technology company serving corporate clients, investment managers, banks, brokers, and exchange operators as they navigate and interact with the global capital markets and the broader financial system. The Company manages, operates and provides its products and services in three business segments: Capital Access Platforms, Financial Technology and Market Services. Its Capital Access Platforms segment comprises Data & Listing Services, Index and Workflow & Insights. The Financial Technology segment comprises Financial Crime Management Technology, Regulatory Technology and Capital Markets Technology businesses. Its Market Services segment includes its equity derivative trading and clearing, cash equity trading, fixed income, currency and commodities trading. It operates over 19 exchanges across several asset classes, including derivatives, commodities, cash equity, debt, structured products and exchange-traded products (ETPs).
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Morningstar Considers Index Design Changes for SpaceX IPO
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- New Liquidity Assessment: The firm plans to introduce an alternative liquidity assessment method following the debut of SpaceX and other large IPOs to meet the free float requirements for newly public companies, thereby accelerating their inclusion in benchmark indexes.
- CRSP Index Enhancements: Morningstar's CRSP Market Indexes will undergo enhancements to introduce an alternative liquidity screen, enabling funds, including Vanguard's $607 billion Total Stock Market ETF, to more rapidly incorporate companies like SpaceX into their portfolios.
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- AI Spending Downgrade: OpenAI's announcement to reduce its computing capacity spending from $1.4 trillion to $600 billion by 2030 may impact infrastructure investments by cloud providers like Oracle and Microsoft, leading to a ripple effect across the tech industry.
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- Earnings Expectations: According to FactSet, the S&P 500 is projected to have a blended growth rate of 12.5% in Q1, with 78% of reporting companies exceeding expectations, providing a positive backdrop for the upcoming earnings season that could further bolster market confidence.
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- Inclusion in Nasdaq-100: Sandisk is set to officially join the Nasdaq-100 index on April 20, a move that could further boost its stock price as more investment portfolios will passively hold the stock, increasing its market exposure.
- Investor Sentiment Optimistic: Although the Nasdaq-100 index has only risen about 2% this year, Sandisk's inclusion may attract more investors, especially those tracking the index through ETFs, potentially enhancing its market performance.
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See More
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- Index Design Changes: Morningstar is considering revising its market index design in light of SpaceX's anticipated $75 billion IPO, which could value the company at $1.75 trillion, making it the largest IPO in history and presenting unprecedented challenges for investors.
- New Liquidity Assessment: The firm plans to introduce an alternative liquidity assessment method following the debut of SpaceX and other large IPOs to meet the free float requirements for newly public companies, thereby accelerating their inclusion in benchmark indexes.
- CRSP Index Enhancements: Morningstar's CRSP Market Indexes will undergo enhancements to introduce an alternative liquidity screen, enabling funds, including Vanguard's $607 billion Total Stock Market ETF, to more rapidly incorporate companies like SpaceX into their portfolios.
- Industry Standard Evolution: As companies like SpaceX delay going public, Nasdaq and S&P Dow Jones Global Indices are also contemplating rule adjustments to expedite the inclusion of newly listed companies, although some investors express concerns that this may lower inclusion standards.
See More
Nasdaq Expected to Announce Dividend Increase
- Dividend Growth Anticipation: Nasdaq is expected to announce a dividend increase this April, extending its 13-year streak of annual dividend growth, with analysts forecasting a consensus annual dividend of $1.19 per share, translating to a quarterly dividend of $0.2975, which represents a 10.19% increase from the current $0.27, thereby boosting investor confidence.
- Historical Dividend Performance: The company last declared a dividend of $0.27 per share in January 2026, yielding 1.22%, and raised its dividend by 12.5% from $0.24 last April, demonstrating its commitment to shareholder returns and consistent profitability.
- Robust Growth Rate: Nasdaq has achieved a five-year dividend growth rate of approximately 10.58%, with a conservative four-year average payout ratio of 30.70%, indicating effective cash flow management while maintaining stable growth and shareholder returns.
- Ratings and Market Response: Currently, Nasdaq holds ratings of B for growth and dividend consistency, B- for safety, and D- for yield, reflecting a cautious market sentiment regarding its future performance while presenting potential buying opportunities for investors.
See More
Nasdaq-100 Index Reaches New High Amid Market Recovery
- Market Recovery: The Nasdaq-100 surged 17% between March 30 and April 17, marking the highest return over 13 trading days since the pandemic recovery in 2020, reflecting optimism as the U.S.-Iran conflict eases.
- Oil Price Impact: The index previously fell 12% due to soaring oil prices affecting consumer spending and corporate earnings, but the reopening of the Strait of Hormuz by Iran led to a drop in oil prices and further market gains.
- Uncertain AI Investment: OpenAI's revised spending plan to $600 billion by 2030 from $1.4 trillion may lead to reduced infrastructure spending by cloud providers like Oracle and Microsoft, impacting revenue across the tech sector.
- Strong Historical Performance: Despite risks in the AI sector, the Nasdaq-100 has recovered from five bear markets over the past 26 years, indicating long-term growth potential with a compound annual return of 10.1%.
See More
Nasdaq-100 Index Faces AI Industry Risks Amid Oil Price Surge
- Market Volatility: The Nasdaq-100 index recently fell by 12% due to soaring oil prices triggered by the U.S.-Iran conflict, highlighting investor concerns about consumer spending and corporate earnings, particularly regarding the sustainability of AI spending.
- AI Spending Downgrade: OpenAI's announcement to reduce its computing capacity spending from $1.4 trillion to $600 billion by 2030 may impact infrastructure investments by cloud providers like Oracle and Microsoft, leading to a ripple effect across the tech industry.
- Data Center Delays: Approximately half of the data centers planned to open in the U.S. this year are expected to be delayed or canceled due to component shortages and rising energy costs, exacerbating market concerns about the AI sector, especially given that tech stocks account for 60% of the Nasdaq-100's value.
- Historical Performance and Future Outlook: Despite short-term risks, the Nasdaq-100 index rebounded 17% over 13 days from March to April 2020, indicating strong long-term growth potential, as it has historically recovered from five bear markets, suggesting that the market may continue to rise after volatility.
See More
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- Market Rebound: The S&P 500 and Nasdaq Composite reached all-time highs this week, with the S&P 500 surpassing 7,100 for the first time, reflecting strong investor confidence in economic recovery and suggesting further upward momentum for equities.
- Earnings Expectations: According to FactSet, the S&P 500 is projected to have a blended growth rate of 12.5% in Q1, with 78% of reporting companies exceeding expectations, providing a positive backdrop for the upcoming earnings season that could further bolster market confidence.
- Oil Price Volatility: While oil prices have fallen to around $80 per barrel, significantly below the $110 peak during the conflict, the market must remain vigilant regarding the potential impacts of U.S.-Iran tensions on global supply chains, particularly concerning the safety of transit through the Strait of Hormuz.
- Technical Fragility: Despite the market's strong short-term performance, analyst Craig Johnson warns that the rapid transition from oversold to overbought conditions masks underlying macroeconomic risks, urging investors to remain cautious and focus on high-quality investment opportunities.
See More
Sandisk Stock Soars 2500% as It Joins Nasdaq-100
- Stellar Stock Performance: Sandisk's stock has surged over 2500% in the past year, achieving a market capitalization exceeding $130 billion, reflecting robust demand for its memory and storage products, particularly driven by artificial intelligence market growth.
- Inclusion in Nasdaq-100: Sandisk is set to officially join the Nasdaq-100 index on April 20, a move that could further boost its stock price as more investment portfolios will passively hold the stock, increasing its market exposure.
- Investor Sentiment Optimistic: Although the Nasdaq-100 index has only risen about 2% this year, Sandisk's inclusion may attract more investors, especially those tracking the index through ETFs, potentially enhancing its market performance.
- Future Growth Potential: Benefiting from a shortage in flash memory demand, Sandisk's forward price-to-earnings ratio stands at 19, indicating significant growth potential ahead, though investors should remain cautious of potential price pullbacks.
See More
