U.S. Exchanges

Initial Public Offering (IPO) — Definition & Recent IPOs

A complete guide to what an IPO is, how the process works, and a historical list of companies that have gone public on U.S. exchanges — including notable IPOs from 2025 and what to watch in 2026.

347 U.S. IPOs in 2025
+54% vs. 2024 IPO Count
$171.8B Global IPO Proceeds 2025
1,035 All-Time Record IPOs (2021)
Disclaimer: The information on this page is for educational and informational purposes only and does not constitute investment advice, a recommendation to buy or sell any security, or an offer to purchase any investment. IPO investing involves significant risk. Always consult a qualified financial professional before making any investment decisions.

This page tracks companies that have completed their initial public offerings on U.S. exchanges and provides a comprehensive educational guide to understanding the IPO process. Whether you're an investor researching a specific company's stock debut or looking to understand how the IPO market works, the sections below cover everything from the definition and process steps to how retail investors can participate — and the risks involved.

Definition

What Is an Initial Public Offering (IPO)?

An initial public offering, or IPO, is the first time a privately held company sells shares of its stock to the general public on a regulated stock exchange. Through this process — commonly referred to as "going public" — a company transitions from private ownership to public ownership, allowing any investor to purchase shares through a standard brokerage account.

Before an IPO, a company's shares are owned by a limited group: the founders, early employees, angel investors, and venture capital or private equity firms that funded the company's growth. The IPO provides those early stakeholders with a pathway to liquidity — the ability to sell their holdings on the open market — while simultaneously allowing the company to raise fresh capital from a broad base of public investors.

Under U.S. federal securities law, a company may not lawfully offer or sell shares to the public unless the transaction has been registered with the Securities and Exchange Commission (SEC) or an exemption applies. Once listed, shares trade freely on exchanges such as the New York Stock Exchange (NYSE) or Nasdaq, with prices fluctuating based on supply and demand throughout each trading day.

IPOs are a cornerstone of the U.S. capital markets, enabling high-growth companies to access funding at a scale that private financing cannot match. Companies like Dropbox, Inc. (DBX) and DocuSign, Inc. (DOCU) used their IPOs to fund global expansion and product development after years of venture-backed private growth.

IPO vs. Direct Listing vs. SPAC

A traditional IPO is not the only way a company can become publicly traded. Two notable alternatives have gained popularity in recent years:

Method New Shares Issued? Underwriter Required? Raises New Capital? Lock-Up Period? Notable Examples
Traditional IPO Yes Yes (investment bank) Yes Yes (90–180 days) CoreWeave (CRWV), Figma (FIG)
Direct Listing No No No No Spotify (SPOT), Coinbase (COIN)
SPAC Yes (via merger) Indirect Yes (trust proceeds) Varies Multiple blank check companies listed above

In a direct listing, no new shares are created and no underwriters are hired. Existing shareholders — founders, employees, and early investors — simply begin selling their holdings directly on the exchange. This avoids underwriting fees and the lock-up period, but the company raises no new capital. In a SPAC (Special Purpose Acquisition Company), a blank check shell company raises money through its own IPO, then uses those proceeds to acquire a private target company, taking it public through the merger.

Process

How the IPO Process Works

Taking a company public is a structured, multi-month process that involves investment banks, attorneys, regulators, and institutional investors. From the initial decision to go public to the first day of trading, the process typically takes six months to a year. Here is how each stage works:

01

Hiring an Underwriter

The company selects one or more investment banks — known as underwriters — to manage the offering. Underwriters commit to buying all of the new shares before they are listed, then resell them to institutional and retail investors. They also advise on the offering price, the number of shares to issue, and the target investor base. For large IPOs, multiple banks often form a group called a "syndicate." The lead underwriter, or bookrunner, takes the largest portion of the underwriting spread — sometimes up to 8% of gross proceeds.

02

SEC S-1 Filing and Due Diligence

Before shares can be sold, the company must file a Form S-1 registration statement with the SEC. This document — often called a "prospectus" or "red herring" in its preliminary form — is the first comprehensive public disclosure of the company's business model, financial history, management team, risk factors, and how the IPO proceeds will be used. The SEC reviews the filing and may ask questions or require changes. Investors and analysts study the S-1 intensely, as it is often the most complete window into a company's financials before the IPO.

03

The Roadshow and Bookbuilding

Once the S-1 is filed, company executives embark on a roadshow — a series of presentations to institutional investors such as mutual funds, hedge funds, pension funds, and endowments across major financial centers. These meetings serve a dual purpose: generating excitement for the IPO and gathering feedback on demand and pricing. The process of collecting investor orders at various price levels is called bookbuilding. Based on the level of demand generated, the underwriters and company finalize the IPO price range.

04

Pricing and First-Day Trading

The evening before the first day of trading, the underwriters set the final IPO offer price based on roadshow demand. Institutional investors buy shares at this price. On the first trading day, the stock opens on the exchange and is available to all retail investors — but the opening price is set by market demand, not by the underwriter, and can differ sharply from the offer price. High-demand IPOs often "pop" significantly on their first day: Circle Internet Group (CRCL) priced at $31 in 2025 but opened at $69, a 123% first-day surge. Less-anticipated offerings can open below their offer price.

05

The Lock-Up Period

After the IPO, insiders — executives, employees, and pre-IPO investors — are subject to a lock-up period, typically lasting 90 to 180 days, during which they are contractually prohibited from selling their shares. This restriction prevents a flood of insider selling immediately after the stock begins trading, which could depress the share price. When the lock-up expires, some insiders sell, which occasionally creates selling pressure on the stock. Retail investors should be aware of upcoming lock-up expirations for recently public companies they hold or are watching.

Motivations

Why Do Companies Go Public?

Companies pursue IPOs for a variety of strategic and financial reasons. Understanding these motivations helps investors assess whether a company is going public from a position of strength or simply to cash out early backers.

Reason What It Means Example
Raise Capital Access far more funding than possible through private markets or bank loans to fuel expansion, R&D, or debt paydown. DocuSign (DOCU) used its 2018 IPO to accelerate international expansion.
Founder & Investor Liquidity Allows founders, early employees, and VC/PE backers to sell their equity stakes and realize returns on years of investment. Early Spotify (SPOT) investors monetized holdings via its 2018 direct listing.
Brand Credibility & Profile A public listing signals maturity and transparency, attracting enterprise customers, partners, and top-tier talent. Okta, Inc. (OKTA) saw accelerated enterprise sales growth following its 2017 IPO.
Acquisition Currency Publicly traded stock can be used as payment in M&A deals, enabling growth by acquisition without depleting cash. Many large-cap companies made stock-funded acquisitions within 12–24 months of their IPOs.
Employee Retention Stock options and RSUs become much more valuable and liquid after an IPO, helping attract and retain top employees. Standard across high-growth tech IPOs listed on this page.
Market Overview

IPO Market Overview — 2025 & 2026 Outlook

2025 IPO Statistics at a Glance

The U.S. IPO market continued its multi-year rebound in 2025. A total of 347 IPOs priced on U.S. exchanges — a 54% increase from 225 in 2024 — reflecting renewed investor confidence in quality companies with proven business models. Globally, 1,293 IPOs raised $171.8 billion, a 39% increase in total proceeds year-over-year (EY Global IPO Trends, 2025).

Year Total U.S. IPOs Approx. U.S. Proceeds Market Conditions
2021 1,035 (all-time record) ~$142.4 billion Post-COVID bull market; SPAC boom
2022 181 Sharply reduced Rate hikes; tech selloff; market correction
2023 154 Recovering Cautious market; selective IPO window
2024 225 Moderate rebound Improving sentiment; quality-focused issuers
2025 347 (+54% YoY) Significant increase AI/TMT led; strong institutional demand; tariff uncertainty mid-year

Notable IPOs of 2025

The TMT (Technology, Media & Telecom) sector dominated 2025 IPO activity, accounting for seven of the top ten deals by proceeds. AI infrastructure companies attracted particularly strong investor demand. Healthcare contributed the year's single largest IPO — a $7.2 billion offering in December 2025. VC-backed IPOs dramatically outperformed PE-backed offerings, averaging returns of +450% vs. +18% post-IPO (DFIN, 2025).

Company Ticker Exchange IPO Price First-Day Open Sector Notable
CoreWeave CRWV Nasdaq $40.00 Below range (undersubscribed) AI Cloud Infrastructure Surged 300%+ post-IPO; Nvidia backstop buyer
Figma FIG Nasdaq $33.00 Strong pop on debut Design Software / SaaS Previously blocked Adobe acquisition; AI integration focus
Circle Internet Group CRCL NYSE $31.00 $69.00 (+123%) Crypto / Stablecoin (USDC) One of the largest first-day gains of 2025
Navan NAVN Nasdaq $25.00 Mixed debut Corporate Travel & Expense Tech Fell ~50% by mid-December 2025 — IPO risk example

Anticipated IPOs in 2026

The 2026 IPO pipeline is headlined by some of the most closely watched private companies in history. If even a fraction of the anticipated offerings come to market, 2026 could rival or exceed 2025 in total proceeds.

Company Sector Est. Valuation IPO Status (as of April 2026)
SpaceX Aerospace / AI $1.75 trillion+ Confidential S-1 reportedly filed; would be largest U.S. IPO ever
OpenAI Artificial Intelligence TBD IPO prep underway; CFO confirmed retail investor share allocation
Stripe Fintech / Payments ~$159 billion Tender offer completed at $159B valuation; co-founder says "in no rush"
Anthropic Artificial Intelligence TBD Reportedly working with banks and law firms on IPO planning
Discord Communications / Social TBD Confidential S-1 filed; potential debut Q2–Q3 2026

Note: IPO timelines and valuations are subject to change based on market conditions. The above information reflects publicly available reports as of April 2026 and does not constitute investment advice.

Investor Guide

How to Invest in an IPO

Participating in an IPO at the offer price — before the stock begins open-market trading — has historically been difficult for retail investors. However, several major brokerages now offer IPO access to individual investors, with varying eligibility requirements.

Brokerage Access Requirements

Most U.S. brokerages that offer IPO access require investors to meet one or more of the following conditions: a minimum account balance (often $100,000 or more at traditional firms), an active trading history, or qualification as an accredited investor. Platforms like Fidelity, Charles Schwab, and TD Ameritrade offer IPO access to qualifying retail clients. Newer platforms such as Robinhood and Public have worked to democratize IPO access for smaller investors, though allocation in high-demand offerings is not guaranteed and is often extremely limited.

Reading the S-1 Prospectus

The single most important document for evaluating any IPO is the S-1 registration statement, filed publicly with the SEC at EDGAR. Before investing, investors should review: the company's revenue growth trajectory and profitability (or path to it); the "Use of Proceeds" section, which reveals what the company plans to do with the IPO funds; the "Risk Factors" section, which discloses known threats to the business; insider ownership and planned selling after the lock-up expires; and competitive landscape disclosures.

Risks of IPO Investing

First-Day Volatility

IPO stocks often experience extreme price swings on their first day of trading. Retail investors who buy at the market open — well above the IPO offer price in hot offerings — may face immediate losses if the initial surge fades. Circle (CRCL) opened at $69 in 2025 after pricing at $31; investors who chased the opening day pop paid a significant premium.

Limited Operating History

Newly public companies have limited track records as public entities. Financial projections and business models have not been stress-tested by the scrutiny of quarterly earnings reports, short sellers, and analyst models. Many IPOs fail to meet early growth expectations, leading to significant stock declines within the first year.

Lock-Up Expiration Pressure

When insider lock-up periods expire — typically 90 to 180 days after the IPO — a wave of insider selling can temporarily suppress the stock price. Investors should track lock-up expiration dates for IPO stocks they hold and be prepared for increased volatility around those dates.

Long-Run Underperformance

Academic research and ETF performance data consistently show that IPOs as a group tend to underperform the broad market over three-to-five year periods. Renaissance Capital's IPO ETF has trailed the S&P 500 annually since its 2013 inception. While individual winners can be extraordinary, the average IPO is not a better investment than an index fund over the long run.

Analysis

Pros and Cons of IPO Investing

IPO investing can deliver outsized returns — but it carries risks that many investors underestimate. Before participating in any offering, consider both sides of the equation.

Pros Cons
Early access to high-growth companies before they are well-known to the broader market IPOs as a group have historically underperformed the S&P 500 over 3–5 years (Renaissance Capital)
Potential for significant first-day or early gains if the offering is in high demand (e.g., CRCL +123% on first day) High first-day prices make retail investors effectively buy at a premium vs. institutional allocations
Diversification into sectors and business models not yet represented in major indices Limited public financial history makes valuation difficult; S-1 projections may be overly optimistic
Opportunity to invest in transformative technologies (AI, biotech, fintech) at an early stage Lock-up expiration can create sudden selling pressure 90–180 days post-IPO
Access to companies backed by top-tier venture capital with strong due diligence track records Roughly 25% of U.S. IPOs since 2010 have traded below their offer price after the first day (Dealogic)
Companies like Okta (OKTA) and DocuSign delivered exceptional long-run returns from their IPO prices High-profile flops like Snap (SNAP) demonstrate that name recognition does not guarantee IPO performance
Historical List

List of Recent IPOs on U.S. Exchanges

The companies listed below have completed their initial public offerings on U.S. exchanges. Select any company's link to access charts, news, and company information. The list is organized by IPO date, with the most recent offerings appearing first.

full directory

initial public offering ipo definition and recent ipos — Complete Company List

IPOs in August 2018

IPOs in July 2018

IPOs in June 2018

IPOs in May 2018

IPOs in April 2018

IPOs in March 2018

IPOs in February 2018

IPOs in January 2018

IPOs in December 2017

IPOs in November 2017

IPOs in October 2017

IPOs in September 2017

IPOs in August 2017

IPOs in July 2017

IPOs in September 2017

IPOs in August 2017

IPOs in July 2017

IPOs in June 2017

IPOs in May 2017

IPOs in April 2017

IPOs in March 2017

IPOs in February 2017

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IPOs in December 2016

IPOs in November 2016

IPOs in October 2016

IPOs in September 2016

IPOs in August 2016

IPO Resources

FAQ

Frequently Asked Questions About IPOs

  • An initial public offering (IPO) is the first time a privately held company sells shares of its stock to the general public on a stock exchange. Through this process — often called "going public" — a company transitions from private ownership to public ownership, allowing anyone to buy shares through a brokerage account. The IPO gives the company access to public capital markets and provides liquidity for early investors and founders.

  • The IPO process typically begins with a company hiring investment banks as underwriters, who help determine the share price and file a registration statement (Form S-1) with the SEC. The company then conducts a "roadshow" to pitch institutional investors and build demand — a process called bookbuilding — before shares are priced and begin trading on an exchange. The entire process from initial planning to the first trading day usually takes six months to a year.

  • In a traditional IPO, a company issues new shares and works with underwriters to sell them to investors, raising new capital in the process. A direct listing skips the underwriters — no new shares are created, and existing shareholders simply begin selling their holdings directly on the exchange. Direct listings are faster and cheaper but do not raise new money for the company; notable examples include Spotify (SPOT) and Coinbase (COIN).

  • A lock-up period is a contractual restriction — typically 90 to 180 days after the IPO — during which company insiders (executives, employees, and pre-IPO investors) are prohibited from selling their shares. This prevents a flood of insider selling immediately after the stock begins trading, which could pressure the share price. When the lock-up period expires, a sell-off sometimes occurs as insiders finally monetize their holdings.

  • Historically, IPOs as a group have underperformed the broader market over the long run — research by Renaissance Capital shows the average IPO ETF has trailed the S&P 500 annually since 2013. Individual results vary widely: some IPOs like CoreWeave (CRWV) surged 300%+ from their 2025 offer price, while others like Navan (NAVN) fell approximately 50% within months. Careful review of the company's S-1 prospectus, financials, and valuation is essential before investing.

  • An S-1 is a registration statement that U.S. companies must file with the Securities and Exchange Commission (SEC) before conducting an IPO. It contains detailed information about the company's business model, financial history, management team, risk factors, and how the proceeds from the offering will be used. Investors and analysts study the S-1 closely as it is often the first comprehensive public disclosure about a company's finances.

  • The U.S. IPO market saw 347 total offerings in 2025 — up 54% from 225 in 2024 — with the TMT (technology, media, and telecom) sector leading in both deal count and proceeds. Major 2025 IPOs included CoreWeave (CRWV), an AI cloud infrastructure company that priced at $40 and later surged over 300%; Figma (FIG), the design software platform; and Circle Internet Group (CRCL), a stablecoin issuer that opened 123% above its offer price. Healthcare contributed the year's single largest deal, a $7.2 billion IPO in December 2025.

  • The 2026 IPO pipeline is headlined by several high-profile tech and AI companies. SpaceX has reportedly filed confidential IPO paperwork with the SEC, with a potential valuation exceeding $1.75 trillion — which would make it the largest IPO in U.S. history. OpenAI is also preparing for a public offering and has confirmed retail investor share allocation. Stripe (valued at approximately $159 billion in a 2025 tender offer), Anthropic, and Discord are among other closely watched names potentially going public in 2026. As always, these timelines are subject to market conditions.

Related Resources

Explore Company Profiles from This List

InvestSnips tracks individual company data for many of the IPOs listed on this page. Explore profiles for charts, news, and financial information.

SaaS / eSignature DocuSign, Inc. (DOCU) IPO April 2018 — eSignature and agreement cloud platform; one of the landmark SaaS IPOs of the 2018 cycle. View Profile → Music Streaming Spotify Technology S.A. (SPOT) Direct listing April 2018 — pioneered the direct listing method as an alternative to the traditional IPO process. View Profile → Cybersecurity / Identity Okta, Inc. (OKTA) IPO April 2017 — enterprise identity solutions provider; a long-run outperformer from the 2017 IPO class. View Profile → Cloud Storage / SaaS Dropbox, Inc. (DBX) IPO March 2018 — global collaboration and cloud storage platform; raised significant capital to fund enterprise expansion. View Profile → Social Media Snap Inc. (SNAP) IPO March 2017 — Snapchat parent; a highly anticipated consumer tech IPO that illustrates the risks of investing in hyped offerings. View Profile → Cannabis REIT Innovative Industrial Properties (IIPR) IPO December 2016 — one of the first publicly traded cannabis-focused REITs; a notable niche-sector IPO from the 2016 class. View Profile →

Last Updated: April 2026 | This page is reviewed and updated periodically to reflect current IPO market data and notable new offerings. IPO statistics are sourced from the SEC, StockAnalysis.com, EY Global IPO Trends, Renaissance Capital, and the University of Florida (Ritter) IPO research database. This content is for informational purposes only and does not constitute investment advice.

initial public offering IPO definition recent IPOs how does an IPO work what is an IPO IPO process steps going public IPO investing upcoming IPOs 2026 IPO lock-up period S-1 filing direct listing vs IPO SPAC IPO underwriter SEC EDGAR EY Global IPO Trends 2025 Renaissance Capital StockAnalysis.com University of Florida Ritter IPO Database IPO definition and list page April 2026

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