Lackluster Returns Dampen Outlook for US Firms Waiting on IPOs

The pullback in the US stock market this month is hitting initial public offerings disproportionately hard, a further complication for companies still looking to go public in the remainder of the year.

The stock prices of recent listings such as Gemini Space Station Inc., Fermi Inc., Navan Inc. and Stubhub Holdings Inc. have quickly faded to levels below where they went public. Even this year’s high-flying debuts like CoreWeave Inc., Circle Internet Group Inc. and Figma Inc. have faced a bruising recently. All this has significantly dented 2025’s IPO returns.

This year’s IPOs on US exchanges — ...