US IPO Weekly Winners & Losers

The 2025 IPO market is now on hold.

To put it bluntly: Tariffs knocked the wind out of markets. The IPO Index wiped out last year’s gains and fell -11.8% in its worst week since March 2020. The S&P 500 dropped -9.1%, also its worst week since 2020. The Nasdaq is in a bear market. The VIX Volatility Index closed above 40, the highest level since the pandemic.

This is a historic reshaping of global trade, and it could take months to see how it all shakes out in the IPO space. New stocks with international supply chains have been hit hardest: Retailers, restaurants, ecommerce, tech hardware, etc. Recession fears weigh on growth stocks and cyclicals.

Recent filers Klarna (NYSE: KLAR) and StubHub (NYSE: STUB) had planned to launch IPO roadshows next week, but have now paused their listing plans.

Still, the IPO window may open a crack for the right story in a more defensive sector, like healthcare and consumer staples. Expect a return to the 2022 IPO playbook: carve-outs, cross-listings, small floats, and firms with strong cash flow.

It may feel like cold comfort, but 10-year treasury yields dropped to a six-month low in anticipation of lower rates. And remember, bear markets happen about once every 4-5 years.

If public markets look bad, private markets are worse, even if it isn’t apparent on any chart. More cold comfort, but public investors’ disciplined approach to recent IPO valuations has paid off.

Two notable IPOs began trading earlier in the week. Self-storage REIT SmartStop (NYSE: SMA) priced below the midpoint to raise $810 million, and traded up +10%. Conservative news outlet Newsmax (NYSE: NMAX) soared more than +700% following its Reg A+ retail offering on Monday, boosted by its loyal following and “meme stock” status. It had volatile trading from there, plummeting nearly -80% on day three. It ended the week +350% above offer but -46% from the first-day close.

The prior week’s CoreWeave (Nasdaq: CRWV) is worth mentioning. After a disappointing debut, the stock rebounded on Tuesday, finishing the week +20% above issue, helped by OpenAI’s mega funding round.

In the pipeline, stablecoin issuer Circle (NYSE: CRCL) filed for an IPO we estimate could raise $750 million.

There were few winners this week as markets tumbled. Aerospace company Loar Holdings was the only name in the IPO Index with a positive return, up +5.3%. Chinese autonomous driving play Pony AI led a tech-heavy list of losers, off -28.5%.