US IPO Weekly Winners & Losers

Another billion-dollar IPO, and another big pop.

Crypto exchange Bullish (NYSE: BLSH) priced above the upped range to raise $1.1 billion and soared +84%, the latest sign that growth IPOs are back in demand. After some volatile early trading it finished the week +88% above offer.

Crypto tailwinds and positive market sentiment arguably played a bigger role than fundamentals here, but broader trading for the year’s larger IPOs is still strong, with the $100+ million crowd averaging a +34% return from offer.

Bullish’s offering brings the YTD count of billion-dollar IPOs up to seven. That’s more than in each of the past three years, and puts 2025 closer to pre-COVID levels.

That number should grow in the fall, with more heavy hitters lining up listings. Fintech Klarna (NYSE: KLAR) and ticket marketplace StubHub (NYSE: STUB) both updated financials this week ahead of reported September launches. In the private backlog, SoftBank’s payments app PayPay confidentially filed for a US IPO that is rumored to raise $2+ billion.

The week’s other notable deal came from another exchange operator, options-focused Miami International (NYSE: MIAX). The company priced above the range and traded up +34%. We now expect a quiet calendar through Labor Day. In the meantime, big filings will grab headlines, including Via Transportation (NYSE: VIA) on Friday.

Mixed economic data sent markets up and down during the week. The IPO Index ended with a +2.1% gain, outpacing the S&P 500, which returned +0.9%. Precision medicine platform Tempus AI jumped +21.2% after last week’s report showed strong growth and narrowing losses. AI infrastructure play CoreWeave sank -22.8% despite a revenue beat and raise, due to weak guidance on margins and an IPO lock-up expiration (something you can track on our premium data platform IPO Pro).