US IPO Weekly Winners & Losers

“Fear of missing out” (FOMO) has returned to the IPO market.

Design software platform Figma (NYSE: FIG) raised $1.2 billion in the largest VC-backed tech IPO since 2021, and then rocketed +250%, the best first-day pop for a billion-dollar IPO ever, smashing the record set by Circle a month earlier.

At pricing, the company was valued at $20 billion, right in line with its canceled Adobe buyout two years ago. By the end of its first day of trading, its market cap more than tripled to $70 billion, or 85x trailing sales.

There was a lot to like about this deal. Impressive growth, solid margins, and a strong competitive position are a winning combination. It has a real AI tech stack. But the fundamentals alone can’t explain a move this big. Clearly there is pent-up demand for high-quality growth stocks, and the IPO market has a much larger audience than before.

Figma’s success cements it as one of the headline IPOs of 2025. While not every startup has the same growth profile, it should open the door for more tech listings in the fall. Fintech unicorn Klarna now appears to be targeting a September IPO after previous delays.

Somewhat obscured by Figma’s unicorn-sized shadow, Ambiq Micro (NYSE: AMBQ) also hit the ground running. The AI-focused chipmaker soared +60% in its debut and ended slightly up from there. The second medical device maker in a row, Shoulder Innovations (NYSE: SI), was met with lukewarm demand.

Three sizable IPOs are scheduled for next week, led by space tech developer Firefly Aerospace (Nasdaq: FLY). We could see a couple more launches for mid-August pricings, but don’t expect too much from the calendar until bankers return from their annual summer vacations.

Tariff rollouts and a bad jobs report weighed on markets near the end of the week. The IPO Index slid -1.4%, beating the S&P 500’s -2.4%. Social media platform Reddit jumped +26.1% and chipmaker Arm fell -15.7%, both on earnings.