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
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: 83.290
Low
101.00
Averages
111.50
High
123.00
Current: 83.290
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.
SpaceX's IPO Boosts Nasdaq's Prominence
- Massive IPO Scale: SpaceX's initial public offering raised $75 billion (or $85.7 billion including overallotments), providing significant funding for the company while enhancing Nasdaq's market stature.
- Strong Stock Performance: The stock surged nearly 20% on its first trading day and another 20% on the second day, indicating robust market confidence in SpaceX's growth potential and generating substantial trading volume for Nasdaq.
- Attracting More Tech Companies: SpaceX's decision to list on Nasdaq may encourage other major tech firms like OpenAI and Anthropic to follow suit, further solidifying Nasdaq's position as the preferred exchange for tech IPOs and enhancing its competitive edge.
- Sustained Revenue Streams: Nasdaq benefits from listing fees and ongoing data sales from IPOs, creating a stable income stream that not only boosts its financial performance but also provides funding for future business expansion.
See More
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- Delisting Notification: Nasdaq has informed QMMM Holdings that its securities will be delisted on June 24, 2026, unless the company appeals to a Listing Qualifications Hearings Panel, which could significantly impact investor confidence and stock value.
- Trading Suspension: Since October 11, 2025, trading of QMMM's ordinary shares has been halted due to a temporary suspension by the U.S. Securities and Exchange Commission, leading to decreased liquidity and increased uncertainty for investors.
- Appeal Process: QMMM has the right to appeal to the Listing Qualifications Hearings Panel before the delisting takes effect, and a successful appeal could restore trading, providing the company with a chance to recover, although risks remain high.
- Market Impact: Once removed from Nasdaq, the securities may shift to over-the-counter trading, which could offer some trading opportunities for investors, but overall market confidence may suffer further due to the delisting.
See More
SpaceX Achieves Record IPO Cash Raise and Trading Performance
- Record IPO Financing: SpaceX raised $75 billion in its IPO, setting a new record for any public offering, reflecting strong market confidence in its future despite ongoing profitability concerns.
- Valuation Surpasses Competitors: On its first trading day, SpaceX achieved a valuation of approximately $2.1 trillion, surpassing established companies like Tesla and Broadcom, indicating its immense potential in the tech and space sectors.
- Rapid Index Inclusion: Due to changes in Nasdaq and Russell index rules, SpaceX will be included in the Russell 1000 and Russell 3000 just five trading days post-IPO, forcing index funds to buy shares, which could artificially inflate its stock price in the short term.
- Investor Risk Warning: While fast index inclusion provides early market support for SpaceX, its unconventional lockup schedule may allow insiders to sell shares to retail investors, leading to a potential wealth transfer, prompting investors to exercise caution.
See More
SpaceX IPO Sets Record Cash Raise Amid Risks for Retail Investors
- Record Financing: SpaceX raised $75 billion in its IPO, more than doubling the previous record, and achieved a valuation of approximately $2.1 trillion on its first trading day, surpassing established companies like Broadcom and Tesla, indicating strong market demand.
- Accelerated Index Inclusion: Due to amendments in the U.S. Russell Index inclusion criteria, SpaceX is set to enter the Russell 1000 and Russell 3000 within five trading days post-IPO, which will compel index-tracking funds to buy shares, potentially inflating its stock price in the short term.
- Lack of Investor Protections: While the rapid index entry provides initial price support, the unique lockup schedule and the removal of investor protections may expose retail investors to risks of insiders selling shares soon after the IPO, particularly as early as the second trading day after the first quarterly report.
- Cautious Market Response: Despite the buzz surrounding SpaceX's IPO, analysts advise retail investors to proceed with caution, given the unusual shareholder unlock schedule and potential wealth transfer risks, which could adversely affect long-term returns.
See More
SpaceX Completes IPO, Raising Nearly $86 Billion
- Historic Fundraising: SpaceX successfully raised nearly $86 billion in its IPO, marking the largest IPO in history and dispelling doubts about its ability to raise such a large sum at an initial valuation of $1.77 trillion, further solidifying its market capitalization exceeding $2.5 trillion.
- Index Inclusion: SpaceX is expected to be added to several major market indexes within three weeks of trading, and while it cannot join the S&P 500 for a year, this inclusion will drive forced buying from index funds and ETFs, thereby increasing stock demand.
- Options and Leveraged ETFs: Options and leveraged ETFs for SpaceX will begin trading on June 16, allowing investors to bet on future stock prices, which adds liquidity and can narrow the bid-ask spread, making the stock more attractive to traders.
- Lock-Up Expiration Risks: The lock-up period for SpaceX will begin to expire after the release of its second-quarter earnings, allowing insiders to sell 20% of their shares shortly thereafter, with additional sales contingent on stock performance, potentially flooding the market with shares and increasing supply pressure.
See More
SpaceX Completes IPO, Surpassing $2.5 Trillion Market Cap
- Successful IPO and Valuation: SpaceX has officially completed its IPO, raising nearly $86 billion and surpassing a market cap of $2.5 trillion as of June 15, marking the largest IPO in history and dispelling doubts about its ability to raise such funds at an initial valuation of $1.77 trillion.
- Index Inclusion: The company is expected to be added to several major market indexes within the next three weeks, which, while not including the S&P 500 for a year, will drive forced buying from passive investors, thereby enhancing stock demand and solidifying its market position.
- Lock-Up Period and Liquidity: Insiders will be able to sell shares over the next six months, with the first key date following the release of Q2 earnings; if the stock trades above $175.50, additional shares can be sold, potentially increasing supply in the market and affecting stock price volatility.
- Investor Strategy Recommendation: Given the upcoming index additions and lock-up expirations, analysts suggest that investors may be better off waiting until after 180 days to reassess the true market value of SpaceX before making purchasing decisions.
See More
SpaceX's IPO Boosts Nasdaq's Prominence
- Massive IPO Scale: SpaceX's initial public offering raised $75 billion (or $85.7 billion including overallotments), providing significant funding for the company while enhancing Nasdaq's market stature.
- Strong Stock Performance: The stock surged nearly 20% on its first trading day and another 20% on the second day, indicating robust market confidence in SpaceX's growth potential and generating substantial trading volume for Nasdaq.
- Attracting More Tech Companies: SpaceX's decision to list on Nasdaq may encourage other major tech firms like OpenAI and Anthropic to follow suit, further solidifying Nasdaq's position as the preferred exchange for tech IPOs and enhancing its competitive edge.
- Sustained Revenue Streams: Nasdaq benefits from listing fees and ongoing data sales from IPOs, creating a stable income stream that not only boosts its financial performance but also provides funding for future business expansion.
See More
Nasdaq to Delist QMMM Holdings Securities
- Delisting Notification: Nasdaq has informed QMMM Holdings that its securities will be delisted on June 24, 2026, unless the company appeals to a Listing Qualifications Hearings Panel, which could significantly impact investor confidence and stock value.
- Trading Suspension: Since October 11, 2025, trading of QMMM's ordinary shares has been halted due to a temporary suspension by the U.S. Securities and Exchange Commission, leading to decreased liquidity and increased uncertainty for investors.
- Appeal Process: QMMM has the right to appeal to the Listing Qualifications Hearings Panel before the delisting takes effect, and a successful appeal could restore trading, providing the company with a chance to recover, although risks remain high.
- Market Impact: Once removed from Nasdaq, the securities may shift to over-the-counter trading, which could offer some trading opportunities for investors, but overall market confidence may suffer further due to the delisting.
See More
SpaceX Achieves Record IPO Cash Raise and Trading Performance
- Record IPO Financing: SpaceX raised $75 billion in its IPO, setting a new record for any public offering, reflecting strong market confidence in its future despite ongoing profitability concerns.
- Valuation Surpasses Competitors: On its first trading day, SpaceX achieved a valuation of approximately $2.1 trillion, surpassing established companies like Tesla and Broadcom, indicating its immense potential in the tech and space sectors.
- Rapid Index Inclusion: Due to changes in Nasdaq and Russell index rules, SpaceX will be included in the Russell 1000 and Russell 3000 just five trading days post-IPO, forcing index funds to buy shares, which could artificially inflate its stock price in the short term.
- Investor Risk Warning: While fast index inclusion provides early market support for SpaceX, its unconventional lockup schedule may allow insiders to sell shares to retail investors, leading to a potential wealth transfer, prompting investors to exercise caution.
See More
SpaceX IPO Sets Record Cash Raise Amid Risks for Retail Investors
- Record Financing: SpaceX raised $75 billion in its IPO, more than doubling the previous record, and achieved a valuation of approximately $2.1 trillion on its first trading day, surpassing established companies like Broadcom and Tesla, indicating strong market demand.
- Accelerated Index Inclusion: Due to amendments in the U.S. Russell Index inclusion criteria, SpaceX is set to enter the Russell 1000 and Russell 3000 within five trading days post-IPO, which will compel index-tracking funds to buy shares, potentially inflating its stock price in the short term.
- Lack of Investor Protections: While the rapid index entry provides initial price support, the unique lockup schedule and the removal of investor protections may expose retail investors to risks of insiders selling shares soon after the IPO, particularly as early as the second trading day after the first quarterly report.
- Cautious Market Response: Despite the buzz surrounding SpaceX's IPO, analysts advise retail investors to proceed with caution, given the unusual shareholder unlock schedule and potential wealth transfer risks, which could adversely affect long-term returns.
See More
SpaceX Completes IPO, Raising Nearly $86 Billion
- Historic Fundraising: SpaceX successfully raised nearly $86 billion in its IPO, marking the largest IPO in history and dispelling doubts about its ability to raise such a large sum at an initial valuation of $1.77 trillion, further solidifying its market capitalization exceeding $2.5 trillion.
- Index Inclusion: SpaceX is expected to be added to several major market indexes within three weeks of trading, and while it cannot join the S&P 500 for a year, this inclusion will drive forced buying from index funds and ETFs, thereby increasing stock demand.
- Options and Leveraged ETFs: Options and leveraged ETFs for SpaceX will begin trading on June 16, allowing investors to bet on future stock prices, which adds liquidity and can narrow the bid-ask spread, making the stock more attractive to traders.
- Lock-Up Expiration Risks: The lock-up period for SpaceX will begin to expire after the release of its second-quarter earnings, allowing insiders to sell 20% of their shares shortly thereafter, with additional sales contingent on stock performance, potentially flooding the market with shares and increasing supply pressure.
See More
SpaceX Completes IPO, Surpassing $2.5 Trillion Market Cap
- Successful IPO and Valuation: SpaceX has officially completed its IPO, raising nearly $86 billion and surpassing a market cap of $2.5 trillion as of June 15, marking the largest IPO in history and dispelling doubts about its ability to raise such funds at an initial valuation of $1.77 trillion.
- Index Inclusion: The company is expected to be added to several major market indexes within the next three weeks, which, while not including the S&P 500 for a year, will drive forced buying from passive investors, thereby enhancing stock demand and solidifying its market position.
- Lock-Up Period and Liquidity: Insiders will be able to sell shares over the next six months, with the first key date following the release of Q2 earnings; if the stock trades above $175.50, additional shares can be sold, potentially increasing supply in the market and affecting stock price volatility.
- Investor Strategy Recommendation: Given the upcoming index additions and lock-up expirations, analysts suggest that investors may be better off waiting until after 180 days to reassess the true market value of SpaceX before making purchasing decisions.
See More
