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: 86.270
Low
101.00
Averages
111.50
High
123.00
Current: 86.270
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.
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- Positive Market Response: Amid easing cryptocurrency regulations under the Trump administration, exchange operators are intensifying efforts to capitalize on the tokenization boom, which is expected to attract more investors to this innovative trading method.
- Initial Scope of Application: Initially, securities eligible for tokenized trading will be limited to stocks in the Russell 1000 Index and exchange-traded funds (ETFs) tracking major benchmarks like the S&P 500 and Nasdaq 100.
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- Increased Trading Flexibility: Investors can now choose to trade either traditional shares or tokens, all within Nasdaq's existing exchange, enhancing market liquidity and trading convenience.
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- Approval for Tokenization: The U.S. SEC has approved Nasdaq's proposal to allow certain stocks to be traded and settled in tokenized form, marking a significant step toward mainstream blockchain settlement in equity markets.
- Positive Market Response: Amid easing cryptocurrency regulations under the Trump administration, exchange operators are intensifying efforts to capitalize on the tokenization boom, which is expected to attract more investors to this innovative trading method.
- Initial Scope of Application: Initially, securities eligible for tokenized trading will be limited to stocks in the Russell 1000 Index and exchange-traded funds (ETFs) tracking major benchmarks like the S&P 500 and Nasdaq 100.
- Intensifying Competition: The New York Stock Exchange is also developing a platform for 24/7 trading of tokenized U.S.-listed equities and ETFs, while Coinbase Global plans to launch tokenized equities in December, indicating strong market interest in tokenized trading.
See More
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- Alibaba's Profit Decline: Alibaba reported a staggering 66% drop in net income for the quarter ending December 31, with revenue only increasing by 2%, indicating significant challenges in AI profitability that may drive other companies to accelerate their AI monetization efforts.
- Market Share Battle: Apple defied a 4% contraction in the overall Chinese market by achieving a 23% surge in smartphone sales in the first nine weeks, leveraging government subsidies and aggressive e-commerce discounts to capture market share from competitors, showcasing its supply chain advantages.
- Uber-Rivian Partnership: Uber is committing up to $1.25 billion to Rivian to develop a fleet of 50,000 robotaxis by 2031, with an initial $300 million investment aimed at launching services in San Francisco and Miami, enhancing Uber's hardware integration capabilities.
- Accenture's Growth Challenges: Accenture's bookings grew by 6% in Q2, but only 1% in local currencies, reflecting challenges in the public and health sectors that could impact its overall performance moving forward.
See More
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- Tokenized Trading Approval: The SEC approved Nasdaq's proposal on Wednesday, allowing the trading of certain high-volume stocks like Nvidia and Tesla in tokenized forms, marking a significant shift towards blockchain technology in traditional stock markets.
- Increased Trading Flexibility: Investors can now choose to trade either traditional shares or tokens, all within Nasdaq's existing exchange, enhancing market liquidity and trading convenience.
- Unified Trading Identifiers: Both tokenized and traditional stocks will trade under the same ticker and Cusip number, ensuring interchangeability and simplifying the trading experience for investors.
- Settlement Mechanism Assurance: All trades will settle through the Depository Trust Company, which processes many stock trades, further enhancing transaction security and efficiency while promoting market trust.
See More
2026 Market Slow Start Raises Investor Concerns
- Weak Market Performance: At the start of 2026, the S&P 500 has dropped over 1%, while the Nasdaq has fallen around 3% due to concerns over inflated valuations and high AI spending, indicating a decline in investor confidence in growth stocks.
- Increased Investment Risk: The Invesco QQQ Trust is heavily weighted in tech stocks, with approximately 60% of its holdings in technology companies, particularly Nvidia, Apple, and Microsoft, which together account for 22% of the fund, exposing it to significant risks if the tech sector weakens.
- Historical Returns vs. Future Uncertainty: Although the Invesco QQQ has delivered over 460% returns in the past decade, significantly outperforming the S&P 500's 233%, current economic and geopolitical uncertainties could lead to substantial declines in tech stock values, negatively impacting the ETF's performance.
- Long-Term Investment Strategy: Despite short-term risks, the Invesco QQQ remains a solid option for long-term investors, as its holdings will adjust over time, potentially leading to higher returns in the future.
See More
Stock Market Turmoil Raises Investor Concerns
- Market Underperformance: The S&P 500 and Nasdaq have both declined recently, with investor concerns heightened due to economic uncertainty and the war in Iran, leading to a bearish market sentiment, although a full-blown crash has not yet occurred.
- High Valuations: The S&P 500's Shiller price-to-earnings ratio stands at approximately 39, the highest since the early 2000s, indicating that current stock valuations may be inflated and could face downward pressure, necessitating caution among investors.
- Historical Performance Insight: Over the past three years, the S&P 500 has consistently outperformed its long-term average, with gains exceeding 20% in 2023 and 2024, and even last year's 16% increase was above historical averages, demonstrating market resilience.
- Long-Term Investment Strategy: Despite market volatility, investors like Warren Buffett advocate for remaining invested over the long term, utilizing index funds to track the S&P 500's performance, thereby reducing risk and ensuring portfolio appreciation over time.
See More
Beyond Meat Faces Delisting Risk Amid Stock Plunge
- Stock Price Plunge: Beyond Meat's stock has fallen 76% over the past year, closing at $0.81 on Monday, and faces delisting risk from Nasdaq if it remains below $1.00.
- Reverse Split Likelihood: The company received a warning from Nasdaq for trading below $1 for 30 consecutive days, making a reverse split likely to maintain listing status, although this won't fundamentally change its financial health.
- Financial Struggles: Over the last 12 months, Beyond Meat incurred $238 million in losses against $291 million in revenue, showing a lack of consistent growth and leading to investor pessimism about its future.
- Market Challenges: Despite launching a new beverage line to drive growth, the high price and processed nature of its products have diminished consumer appeal, prompting investors to be cautious as the stock may continue to decline.
See More
