If you're hunting for high-growth stocks, initial public offerings (IPOs) are one of the best places to look. Some of the most valuable companies in the world were once freshly minted public offerings, and early investors who spotted them early made a fortune.
But not every IPO is a winner. Volatility is high, track records are short, and enthusiasm can send valuations to irrational heights fast. Here's what's worth your attention right now.
Top recent IPO stocks (2025-2026)
| Name and ticker | Market cap | Dividend yield | Industry |
|---|---|---|---|
| CoreWeave (NASDAQ:CRWV) | $51.8 billion | 0.00% | IT Services |
| Figma (NYSE:FIG) | $14.3 billion | 0.00% | Software |
| Circle Internet Group (NYSE:CRCL) | $14.5 billion | 0.00% | Software |
| Omada Health (NASDAQ:OMDA) | $667.1 million | 0.00% | Healthcare Providers and Services |
| StubHub (NYSE:STUB) | $3.3 billion | 0.00% | Entertainment |
1. CoreWeave
NASDAQ: CRWV
Key Data Points
CoreWeave (CRWV +9.19%), a generative artificial intelligence (AI)-focused cloud infrastructure business, had a disappointing IPO, but the stock has surged since then, gaining more than 300% from its IPO price of $40 at one point, though it gave back much of those gains in a November tech sell-off. Fund manager Michael Burry, known for "The Big Short," said AI stocks like CoreWeave were underestimating depreciation for graphics processing units (GPUs), showing the high risk of the company's business model.
CoreWeave's IPO came at the end of March 2025, when concerns about tariffs, weakening consumer sentiment, and a potential slowdown in AI spending weighed on the market. The IPO was undersubscribed, and the offering was priced below its target range. Nvidia (NVDA +0.68%), a major customer, bought into the offering, helping to make it happen.
As confidence in the economy returned, CoreWeave stock soared. The company is delivering skyrocketing growth with revenue up 134% in the third quarter, showing soaring demand for the AI computing power that it offers. However, CoreWeave is still deeply unprofitable on a generally accepted accounting principles (GAAP) basis and has high customer concentration, making it risky. Its business model also requires heavy spending on capital expenditures, buying GPUs that it essentially rents out as computing power to customers, meaning it has considerable debt and high interest expenses.
It's a risky stock, but its growth rate shows it has huge potential. It's also a rare pure-play AI stock.
2. Figma
NYSE: FIG
Key Data Points
Figma (FIG +10.83%) is one of the newest companies to go public with its IPO at the end of July.
The stock soared initially as Figma has built a strong business around design software with a stable of top customers, strong top-line growth, GAAP profits on the bottom line, and new AI-powered products.
Prior to going public, Figma was in the news for agreeing to be sold to Adobe for $20 billion. However, regulators broke up the deal, claiming that it was anti-competitive.
Though Figma still competes against Adobe, the company has arguably the leading brand in user experience and user interaction (UX/UI) software, and has a bright future in front of it.
The company is investing aggressively in AI and recently popped after OpenAI touted a Figma integration.
Since surging on its IPO, the stock has faded on concerns about overspending on new products, broader concerns about valuation, and pressure on SaaS stocks due to fears about disruption from AI. In February 2026, the stock was trading down about a third from $33 IPO price with a market cap well below Adobe's buyout offer of $20 billion.
3. Circle
NYSE: CRCL
Key Data Points
Circle Internet Group (CRCL +0.31%) went public in June with a blazing-hot IPO. After pricing its offering at $31, the stock opened at $69 on its first trading day and jumped 56% over the next two days, though it's since retreated from most of its initial surge.
The demand for Circle's shares indicates strong interest in crypto stocks. There are only a few pure-play crypto stocks on the market, and crypto did well through most of 2025, with Bitcoin (BTC +3.37%) hitting an all-time high before concerns about a bubble and a weakening labor market led to a sell-off in cryptocurrencies.
Circle issues the stablecoin USDC (USDC -0.01%), the biggest dollar-denominated stablecoin after Tether (USDT +0.01%). It earns money on transaction fees and interest on the reserves it holds to back the stablecoin, though that means falling interest rates could eat into profits. It also recently launched Circle Payments Network, which can facilitate cross-border payments in real time.
Circle was profitable in 2024, with $155.7 million in net income on $1.7 billion in revenue, up 16% from 2023.
4. Omada Health
NASDAQ: OMDA
Key Data Points
NYSE: STUB
Key Data Points
After years under the umbrella of eBay and then Viagogo, a ticket exchange platform, StubHub went public in September 2025.
Stubhub is not a new company by any means, having been founded in 2000 in the dot-com boom. While it's growth has slowed over the years, the company has an attractive business model, thanks to the network effects endemic in secondary ticketing platforms.
It's the largest secondary ticket marketplace in the world, though it trails Ticketmaster as the largest overall ticketing platform.
After a boost from Taylor Swift's Eras tour, Stubhub experienced a downshift in revenue growth in 2025. Through the first three quarters of 2025, revenue grew just 5% to $1.17 billion.
The company has historically been profitable on a cash basis, but it has $1.6 billion in debt, much of which came from its acquisition by Viagogo.
Its first few months as a public company have been a disappointment, with the stock down more than 50% from its $23.50 IPO price as of Feb. 2026.
IPO stocks to watch in 2026
These companies haven't gone public yet, but they're among the most anticipated offerings in years.
1. OpenAI
OpenAI is one of the most anticipated IPOs in Wall Street history as the generative AI leader was valued at $500 billion in its most recent funding round, and the company is in talks to raise tens of billions of dollars more from Amazon and Nvidia.
While it's been easy for the company to raise money in the private markets, the ChatGPT creator could go public as soon as this year.
According to The Wall Street Journal, the company is preparing for a public offering in the fourth quarter, aiming to beat rival Anthropic to market. The company recently restructured its business as a for-profit enterprise and defined the stakes that investors like Microsoft hold in the company.
2. Anthropic
Not to be outdone, Anthropic, the other leading AI company and maker of the Claude chatbot, is also reportedly planning its own IPO.
The start-up was valued at $350 billion in its last funding round, and, as of Feb. 2026, was close to raising $20 billion in another round.
In December, Financial Times reported that Anthropic had hired the law firm Wilson Sonsini to prepare for an IPO that could happen as early as 2026.
Anthropic has gotten a lot of attention for its Claude Code tool, which has driven a sell-off in software stocks, as some investors believe it could replace a lot of traditional coding and software.
3. SpaceX
SpaceX, Elon Musk's aerospace company, is also on the list of high-profile companies that could go public this year. Musk himself has confirmed reports that the company intends to go public this year, and an offering could come as soon as June.
The Wall Street Journal said Musk's lieutenants have reached out to index managers to secure earlier inclusion for the company, a strong sign of its intention to go public.
SpaceX also recently merged with xAI, Musk's AI company, presumably in part to beef up SpaceX's prospects ahead of an IPO.
How to evaluate an IPO stock
Once a company files its S-1 prospectus with the SEC, you can dig into its actual finances. Here's what to focus on:
- Revenue growth: How fast is the top line expanding, and is the rate accelerating or decelerating?
- Profitability: Is the company profitable on a GAAP basis? If not, how long until it could be?
- Business model: Is this a proven model (cloud software, payments) or an unproven concept that needs to establish itself?
- Customer concentration: Heavy reliance on a handful of customers is a risk — CoreWeave is a good example.
- Valuation: Plenty of IPOs have excellent businesses but debut at prices that make it impossible to generate a return. Don't chase heat.
One more thing worth knowing: IPO stocks are subject to lockup periods -- typically six months -- that prevent insiders from selling. When those expire, the stock can drop if insiders rush for the exits.
How to buy IPO stock
- Open your brokerage app: Log in to your brokerage account where you handle your investments.
- Search for the stock: Enter the ticker or company name into the search bar to bring up the stock's trading page.
- Decide how many shares to buy: Consider your investment goals and how much of your portfolio you want to allocate to this stock.
- Select order type: Choose between a market order to buy at the current price or a limit order to specify the maximum price you're willing to pay.
- Submit your order: Confirm the details and submit your buy order.
- Review your purchase: Check your portfolio to ensure your order was filled as expected and adjust your investment strategy accordingly.
Pros and cons of investing in IPO stocks
There are a number of pros and cons to investing in IPO stocks. Let's review some of the big ones.
Pros:
- Investing in IPOs can get you exposure to big winners.
- Most top stocks were once IPOs.
- You can get in early on a stock you like.
Cons:
- Most IPOs underperform the market.
- IPOs tend to be more volatile and riskier than the average stock.
- It can take time for an IPO to find equilibrium in the market, and it's hard to know where it will settle.
In general, IPOs offer substantial potential upside and occasionally produce big winners, but most debuts do not perform as well as the S&P 500, whose stocks have proven their mettle on their way to earning membership in the index.
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