The initial public offering (IPO) market has been on fire in 2020 with some of the hottest IPOs we've seen in a decade. And when you include companies going public through special purpose acquisition companies (SPAC), there are dozens of exciting new businesses to invest in this year. 

Sifting through the IPOs that have taken place and the ones still expected this year, four companies emerged as exciting growth stocks for investors: Asana (ASAN -0.43%), Snowflake (SNOW -2.15%), DraftKings (DKNG 2.95%), and Airbnb. 

1. Asana: Managing work tasks more easily

Asana is the modern workflow-management tool that's built for a mobile world. It allows teams to assign tasks, manage approvals, and even make sure assignment forms are filled out before going on to the next person. If you've ever tried to manage a disparate team of workers, you know how valuable a tool like this can be, and Asana makes it easy. 

Wooden blocks spelling IPO.

Image source: Getty Images.

Like many companies going public, Asana isn't yet profitable. It reported a $41.1 million net loss for the second fiscal quarter of 2021 on $52 million of revenue. And management expects a loss of $40 million to $42 million in the fiscal third quarter. But the financial opportunity for Asana is much longer term.

If Asana can engrain itself as a valuable tool, it'll be a staple for businesses around the world. That'll allow the company to charge higher prices as it adds more features, and eventually generate a profit. I like how simple Asana's tools are, and for companies looking to get more efficient, it's a great tool to use. And an easy-to-use product is great to get behind after an IPO. 

2. Snowflake: Data in the cloud

The cloud-data company Snowflake has been one of the hottest IPOs of 2020, more than doubling on its first day on the market. The excitement isn't without merit, either. The company's sales increased 133% in the first half of 2020, the customer base has doubled over the past year, and there are more than 500 million queries daily on the company's platform.

The $72 billion market cap is lofty, considering Snowflake's $500 million revenue run-rate, but this is a stock that's all about long-term growth. Management thinks the cloud-data platform could be an $81 billion market opportunity, and it's just starting to be adopted. 

Like lots of IPOs, Snowflake is highly valued and therefore highly risky. But it has big backers in Warren Buffett's Berkshire Hathaway and a booming cloud business, so now is a great time to jump into this hot IPO. 

3. DraftKings: Online gambling's biggest name

Online gambling is another business that's just starting to gain steam, and DraftKings could be one of the best bets in the industry. The company went public earlier this year through a SPAC and hasn't looked back. 

In a theme that's becoming common for IPOs, DraftKings is losing money as it waits for the online gambling business to expand. But as online gambling expands beyond a handful of states where its legal and generating significant revenue, this could be a multibillion-dollar business.

I'm a big believer that online gambling will be commonplace a decade from now. And as a leader in the industry, DraftKings has the opportunity to capitalize on the growth. For IPO investors, this is a bet worth making. 

4. Airbnb: Upending travel as we know it

Finally, let's end this roundup with a company that's expected to IPO and may do so in November. Airbnb has arguably done more than any other company in recent years to change the way we travel, opening up opportunities to rent out rooms and homes around the world. And the network of users and suppliers it has built is ultimately its long-term value. 

Like all travel companies, Airbnb has been hit hard by the COVID-19 pandemic. And that led to a disappointing fundraising round in the spring, which valued the company at $18 billion. But long term, this is still a business with great opportunities to disrupt travel.

As we return to a more normal travel and vacation cadence, I think Airbnb's revenue will rebound and 2020 will be seen as an aberration. If it goes public anywhere near its latest funding round, it could be a steal for investors. This is one IPO I'm hoping to jump on before 2020 is over. 

IPOs can be a risk worth taking

Not all IPOs are worth investing in, but buying into disruptive companies early on can be a great way to invest in multibaggers. These are my top IPOs from 2020, and I think all four have the potential to be long-term winners for investors.