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 investors who spotted them early made a fortune.
But not every IPO is a winner. Volatility is high in IPO stocks, 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)
1. CoreWeave
NASDAQ: CRWV
Key Data Points
CoreWeave (CRWV -2.27%), 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 +1.67%), 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 110% in the fourth quarter, showing soaring demand for the AI computing power 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 -6.69%) 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 April 2026, the stock was trading well below it $33 IPO price with a market cap of around just $10 billion.
3. Circle
NYSE: CRCL
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 during the dot-com boom. While its 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 in 2024, Stubhub experienced a downshift in revenue growth in 2025. It finished 2025 with gross merchandise sales (GMS) growth of 6%, or 18% excluding the impact of the Eras tour. Revenue was down 1.5% to $1.75 billion, showing its take rate declined.
The company has historically been profitable on a cash basis, but it has $1.5 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 70% from its $23.50 IPO price as of April 2026.
IPO stocks to watch in 2026
These companies haven't gone public yet, but they're among the most hyped 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 $852 billion pre-money in its most recent funding round in March 2026 after raising $110 billion from Softbank, 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 of 2026, 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 $380 billion in its last funding round, and, as of Feb. 2026, after raising $30 billion in its Series G 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 programs.
3. SpaceX
SpaceX, Elon Musk's aerospace company, is also on the list of high-profile companies that could go public this year. In fact, the company filed confidentially to go public on April 1.
According to media reports, the company is seeking valuation of as much as $2 trillion, and could raise $75 billion, which would make it the biggest IPO in history, and one of the most valuable companies in the world.
The Wall Street Journal said Musk's lieutenants have reached out to index managers to secure earlier inclusion for the company, which would add to demand for its stock.
SpaceX also recently merged with xAI, Musk's AI company, presumably in part to beef up its 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 the way to earning their membership in the index.
Tax considerations for IPO investors
If you are buying an IPO stock that's already publicly traded, the tax implications are the same as they would be for any stock.
You'll want to consider the holding period as well, as holding the stock for less than a year will be considered short-term capital gains, which is treated like ordinary income. Long-term capital gains, on the other hand, is charged at a lower rate, though it can be as high as 20%, depending on your marginal tax bracket.
For insiders, including employees and early investors, you'll want to consider the impact on restricted stock units (RSUs), which often have a default 22% tax withholding, and IPOs can cause RSUs to vest, meaning they become taxable as ordinary income immediately.
If you own stock options ahead of an IPO, exercising them before the stock goes public can work to your advantage to save on taxes.
Related investing topics
FAQ
IPOs: FAQ
About the Author
Jeremy Bowman has positions in CoreWeave, Figma, and Nvidia. The Motley Fool has positions in and recommends Bitcoin, Figma, Nvidia, and Omada Health. The Motley Fool has a disclosure policy.
