US IPO Weekly Winners & Losers

We’ve reached the long Labor Day weekend… which means the fall IPO market is finally here.

Read about it in our newly-released 2025 Fall Preview. You can get the full report with 34 companies that have lined up fall listings on IPO Pro.

Expect to see the first wave of launches in the coming week. Five recent filers will be eligible to kick off their roadshows on Tuesday, in addition to those already marinating in the pipeline.

• Blockchain-powered lender Figure (Nasdaq: FIGR) and crypto exchange Gemini (Nasdaq: GEMI) will likely generate buzz amid strong tailwinds in digital assets and fintech.

• Investors are paying up for growth, and transport-tech unicorn Via Transportation (NYSE: VIA) is the latest example of the return of VC-backed tech. Meanwhile, fast-growing coffee chain Black Rock Coffee (Nasdaq: BRCB) is set for the first major IPO from a US-based restaurant play in about two years.

• While not as flashy as the others, Blackstone’s building systems services provider Legence (Nasdaq: LGN) shows the IPO pickup extends to private equity deals.

• The month’s likely headliner, buy-now-pay-later lender Klarna (NYSE: KLAR) is poised to launch its estimated $1+ billion IPO after delaying earlier in the year. Helping matters, close comp Affirm is up more than 45% YTD after an earnings beat on Friday.

• We’re also watching for ticket marketplace StubHub (NYSE: STUB), which revived its IPO plans in August with updated (but underwhelming) financials.

New inflation data on Friday matched expectations but still landed above the Fed’s 2% target rate. That paves the way for a September rate cut, but doesn’t quell uncertainty about the inflationary impact of tariffs. The IPO Index ended the week up +0.3%, compared to a -0.1% loss for the S&P 500. AI play CoreWeave led the winners, up +9.6% on tailwinds from Nvidia’s earnings. Precision medicine platform Tempus AI landed at the bottom, off -5.8%.