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.
Trade with 70% Backtested Accuracy
Stop guessing "Should I Buy NDAQ?" and start using high-conviction signals backed by rigorous historical data.
Sign up today to access powerful investing tools and make smarter, data-driven decisions.
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: 89.200
Low
101.00
Averages
111.50
High
123.00
Current: 89.200
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.
Three Major IPOs Set to Ignite Market Excitement
- Upcoming Giants: SpaceX, OpenAI, and Anthropic are expected to go public by year-end, with SpaceX's valuation between $1.75 trillion and $2 trillion, while OpenAI and Anthropic are valued close to $1 trillion each, which will heighten market interest in tech stocks.
- Innovative Share Allocation: SpaceX plans to allocate up to 30% of its shares to retail investors, significantly higher than the typical 5% to 10%, aiming to raise $75 billion, which would surpass Saudi Aramco's record IPO.
- Impact of Rule Changes: The Nasdaq's new
See More
Cerebras Aims to Raise $3.5 Billion in Nasdaq IPO
- IPO Financing Goal: Cerebras plans to raise up to $3.5 billion by going public on Nasdaq, offering 28 million shares at $115 to $125 each, potentially valuing the company at $26.6 billion, reflecting strong market demand for its AI chips.
- Significant Revenue Growth: The company reported a 76% year-over-year revenue increase in Q4, reaching $510 million, along with a net income of $87.9 million, indicating successful business model transformation and boosting investor confidence.
- Strategic Partnership Opportunity: Cerebras has secured a deal with OpenAI to provide up to 750 megawatts of AI computing power by 2028, valued at over $20 billion, which not only enhances its market position but also lays the groundwork for future revenue growth.
- Founder Shareholding Situation: CEO Andrew Feldman will not sell shares in the IPO, retaining 10.3 million shares worth up to $1.28 billion at the high end, demonstrating his confidence in the company's future prospects.
See More
Cboe Global Markets Reports Significant Q1 Profit Surge Amid Market Volatility
- Significant Profit Growth: Cboe Global Markets reported a net income of $384.1 million for Q1, translating to $3.66 per share, a substantial increase from $249.4 million and $2.37 per share a year earlier, showcasing the company's robust profitability amid market volatility.
- Trading Driven by Volatility: Heightened market volatility due to the Middle East conflict led to a surge in options trading, with average daily volume in index options reaching an all-time high of 6.1 million contracts, a 27% increase from 4.8 million a year prior, significantly boosting transaction and clearing fee revenues.
- Strategic Restructuring Plan: Cboe announced a 20% workforce reduction as part of a strategic realignment, with CEO Craig Donohue stating that this move aims to enhance focus and investment in core businesses driving earnings, reflecting the company's agility and foresight in navigating market changes.
- Strong Industry Performance: Cboe's impressive results align with the overall strong performance of U.S. exchange operators like CME Group, Nasdaq, and Intercontinental Exchange, indicating that increased trading activity across the industry is bolstered by market volatility, further solidifying Cboe's competitive position.
See More
S&P Considers Easing Index Inclusion Standards Ahead of Major IPOs
- Inclusion Standards Adjustment: S&P Dow Jones Indices announced a consultation on potential rule changes, planning to halve the minimum public listing period from 12 months to 6 months to expedite the inclusion of large companies like SpaceX and OpenAI.
- Profitability and Liquidity Requirements: In addition to shortening the listing period, S&P is considering relaxing profitability and liquidity requirements, allowing mega-cap companies without positive net income to be included, which could significantly impact market liquidity.
- IPO Wave Outlook: Companies like SpaceX, OpenAI, and Anthropic are projected to launch IPOs later this year, raising over $240 billion combined, potentially reshaping market liquidity and triggering hundreds of billions in passive buying.
- Positive Market Reaction: U.S. stock indexes have performed strongly this month, with the S&P 500 and Nasdaq Composite reaching record highs, while related ETFs like SPDR S&P 500 ETF and Invesco QQQ Trust also saw gains, reflecting optimistic market sentiment towards the new rules.
See More
Nasdaq Approved to Launch Market Prediction Instruments
- New Market Tool Launch: The SEC's approval of Nasdaq's proposal allows the listing and trading of new stock market prediction instruments tied to major indices, marking a significant step towards the legitimization of prediction markets and the opening of new revenue streams.
- Contract Details: These cash-settled contracts pay a fixed amount at expiration based on whether the index finishes above or below a set level, with a payout of $100 if they expire in the money, enhancing investment flexibility for market participants.
- Index Association: Nasdaq MRX will initially list options linked to the Nasdaq-100 index and the Nasdaq-100 Micro index, the latter based on 1/100th of the full value of the Nasdaq-100, further enriching investor choices in the options market.
- Industry Response: A Nasdaq spokesperson welcomed the SEC's approval, indicating that the proposal meets regulatory requirements, while competitor Cboe Global Markets is also targeting a similar contract launch, reflecting strong demand for prediction tools in the market.
See More
ICE Q1 Profit Surpasses Expectations Amid Increased Trading Volumes
- Surge in Trading Volume: ICE reported a 45% year-over-year increase in total average daily volume for Q1, with energy trading ADV rising by 32%, indicating that heightened market volatility has significantly boosted trading activity and revenue potential.
- Significant Revenue Growth: Revenue from ICE's exchange business grew by 30% to $1.78 billion in Q1, while energy-related trading revenue surged by 46% to $814 million, demonstrating the company's strong financial performance amid macroeconomic uncertainty.
- Adjusted Earnings Beat Expectations: ICE's adjusted earnings reached $1.34 billion, or $2.35 per share, surpassing analysts' average estimate of $2.26 per share, reflecting the company's effective risk management capabilities in a complex market environment.
- Diversification Strategy Advancement: ICE is expanding into retail-focused and digital asset businesses, recently announcing a $600 million investment in prediction markets platform Polymarket, aiming to diversify revenue streams and reduce reliance on traditional trading market fluctuations.
See More
Three Major IPOs Set to Ignite Market Excitement
- Upcoming Giants: SpaceX, OpenAI, and Anthropic are expected to go public by year-end, with SpaceX's valuation between $1.75 trillion and $2 trillion, while OpenAI and Anthropic are valued close to $1 trillion each, which will heighten market interest in tech stocks.
- Innovative Share Allocation: SpaceX plans to allocate up to 30% of its shares to retail investors, significantly higher than the typical 5% to 10%, aiming to raise $75 billion, which would surpass Saudi Aramco's record IPO.
- Impact of Rule Changes: The Nasdaq's new
See More
Cerebras Aims to Raise $3.5 Billion in Nasdaq IPO
- IPO Financing Goal: Cerebras plans to raise up to $3.5 billion by going public on Nasdaq, offering 28 million shares at $115 to $125 each, potentially valuing the company at $26.6 billion, reflecting strong market demand for its AI chips.
- Significant Revenue Growth: The company reported a 76% year-over-year revenue increase in Q4, reaching $510 million, along with a net income of $87.9 million, indicating successful business model transformation and boosting investor confidence.
- Strategic Partnership Opportunity: Cerebras has secured a deal with OpenAI to provide up to 750 megawatts of AI computing power by 2028, valued at over $20 billion, which not only enhances its market position but also lays the groundwork for future revenue growth.
- Founder Shareholding Situation: CEO Andrew Feldman will not sell shares in the IPO, retaining 10.3 million shares worth up to $1.28 billion at the high end, demonstrating his confidence in the company's future prospects.
See More
Cboe Global Markets Reports Significant Q1 Profit Surge Amid Market Volatility
- Significant Profit Growth: Cboe Global Markets reported a net income of $384.1 million for Q1, translating to $3.66 per share, a substantial increase from $249.4 million and $2.37 per share a year earlier, showcasing the company's robust profitability amid market volatility.
- Trading Driven by Volatility: Heightened market volatility due to the Middle East conflict led to a surge in options trading, with average daily volume in index options reaching an all-time high of 6.1 million contracts, a 27% increase from 4.8 million a year prior, significantly boosting transaction and clearing fee revenues.
- Strategic Restructuring Plan: Cboe announced a 20% workforce reduction as part of a strategic realignment, with CEO Craig Donohue stating that this move aims to enhance focus and investment in core businesses driving earnings, reflecting the company's agility and foresight in navigating market changes.
- Strong Industry Performance: Cboe's impressive results align with the overall strong performance of U.S. exchange operators like CME Group, Nasdaq, and Intercontinental Exchange, indicating that increased trading activity across the industry is bolstered by market volatility, further solidifying Cboe's competitive position.
See More
S&P Considers Easing Index Inclusion Standards Ahead of Major IPOs
- Inclusion Standards Adjustment: S&P Dow Jones Indices announced a consultation on potential rule changes, planning to halve the minimum public listing period from 12 months to 6 months to expedite the inclusion of large companies like SpaceX and OpenAI.
- Profitability and Liquidity Requirements: In addition to shortening the listing period, S&P is considering relaxing profitability and liquidity requirements, allowing mega-cap companies without positive net income to be included, which could significantly impact market liquidity.
- IPO Wave Outlook: Companies like SpaceX, OpenAI, and Anthropic are projected to launch IPOs later this year, raising over $240 billion combined, potentially reshaping market liquidity and triggering hundreds of billions in passive buying.
- Positive Market Reaction: U.S. stock indexes have performed strongly this month, with the S&P 500 and Nasdaq Composite reaching record highs, while related ETFs like SPDR S&P 500 ETF and Invesco QQQ Trust also saw gains, reflecting optimistic market sentiment towards the new rules.
See More
Nasdaq Approved to Launch Market Prediction Instruments
- New Market Tool Launch: The SEC's approval of Nasdaq's proposal allows the listing and trading of new stock market prediction instruments tied to major indices, marking a significant step towards the legitimization of prediction markets and the opening of new revenue streams.
- Contract Details: These cash-settled contracts pay a fixed amount at expiration based on whether the index finishes above or below a set level, with a payout of $100 if they expire in the money, enhancing investment flexibility for market participants.
- Index Association: Nasdaq MRX will initially list options linked to the Nasdaq-100 index and the Nasdaq-100 Micro index, the latter based on 1/100th of the full value of the Nasdaq-100, further enriching investor choices in the options market.
- Industry Response: A Nasdaq spokesperson welcomed the SEC's approval, indicating that the proposal meets regulatory requirements, while competitor Cboe Global Markets is also targeting a similar contract launch, reflecting strong demand for prediction tools in the market.
See More
ICE Q1 Profit Surpasses Expectations Amid Increased Trading Volumes
- Surge in Trading Volume: ICE reported a 45% year-over-year increase in total average daily volume for Q1, with energy trading ADV rising by 32%, indicating that heightened market volatility has significantly boosted trading activity and revenue potential.
- Significant Revenue Growth: Revenue from ICE's exchange business grew by 30% to $1.78 billion in Q1, while energy-related trading revenue surged by 46% to $814 million, demonstrating the company's strong financial performance amid macroeconomic uncertainty.
- Adjusted Earnings Beat Expectations: ICE's adjusted earnings reached $1.34 billion, or $2.35 per share, surpassing analysts' average estimate of $2.26 per share, reflecting the company's effective risk management capabilities in a complex market environment.
- Diversification Strategy Advancement: ICE is expanding into retail-focused and digital asset businesses, recently announcing a $600 million investment in prediction markets platform Polymarket, aiming to diversify revenue streams and reduce reliance on traditional trading market fluctuations.
See More
