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303 Poor Tech IPO Performance Clouds Outlook for New Listings

The Information
Cory Weinberg @ The Information · 12/23/2025 09:00 EDT

Poor Tech IPO Performance Clouds Outlook for New Listings

More than two-thirds of this year’s tech initial public offerings are trading below their listing prices, a poor reception that is casting doubt on the prospects for companies hoping to hit the market next year. The exceptions are the eagerly awaited deals from giants such as SpaceX and Anthropic.

Among this year’s stumbles were venture-backed firms such as Klarna, StubHub and Navan, which had billions of dollars wiped off their market values after they went public. Some investors in those deals blame the.

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