The market, by the numbers
Statistics
Ninety-eight years of S&P 500 history and fourteen years of tech IPOs, drawn so you can see the ups, the falls and the climbs back.
IPOs after listing
How do new tech listings fare in their first year?
Growth of 100 from the first-day close, trading days after listing
| IPO | Listed | Offer | First-day pop | 1 week | 1 month | 3 months | 6 months | 12 months | Biggest fall, year one |
|---|---|---|---|---|---|---|---|---|---|
| SpaceX SPCX | Jun 2026 | $135 | +19% | −4% | −16% | −8% | Not yet | Not yet | −49% so far |
| Quantinuum QNT | Jun 2026 | $60 | +1% | −6% | +29% | −19% | Not yet | Not yet | −60% so far |
| Cerebras CBRS | May 2026 | $185 | +68% | −9% | −30% | −30% | Not yet | Not yet | −65% so far |
| BitGo BTGO | Jan 2026 | $18 | +3% | −35% | −49% | −40% | −74% | Not yet | −75% so far |
| Klarna KLAR | Sep 2025 | $40 | +15% | −1% | −10% | −33% | −68% | −70% | −73% |
| Figma FIG | Jul 2025 | $33 | +250% | −32% | −39% | −56% | −78% | −78% | −86% |
| Chime CHYM | Jun 2025 | $27 | +37% | −20% | −18% | −36% | −26% | −52% | −56% |
| Circle CRCL | Jun 2025 | $31 | +168% | +28% | +146% | +38% | +5% | −1% | −81% |
| eToro ETOR | May 2025 | $52 | +29% | −2% | −8% | −29% | −38% | −39% | −67% |
| CoreWeave CRWV | Mar 2025 | $40 | 0% | +20% | +7% | +308% | +206% | +94% | −65% |
| ServiceTitan TTAN | Dec 2024 | $71 | +42% | +5% | −2% | −5% | +4% | +4% | −34% |
| Rubrik RBRK | Apr 2024 | $32 | +16% | −8% | −9% | −6% | +5% | +91% | −34% |
| Reddit RDDT | Mar 2024 | $34 | +48% | −2% | −17% | +14% | +31% | +149% | −52% |
| Astera Labs ALAB | Mar 2024 | $36 | +72% | +29% | +4% | +2% | −24% | +19% | −58% |
| Klaviyo KVYO | Sep 2023 | $30 | +9% | +7% | −8% | −17% | −18% | +4% | −41% |
| Instacart CART | Sep 2023 | $30 | +12% | −11% | −25% | −26% | +13% | +24% | −33% |
| Arm Holdings ARM | Sep 2023 | $51 | +25% | −18% | −20% | +3% | +100% | +118% | −43% |
| Rivian RIVN | Nov 2021 | $78 | +29% | +45% | +14% | −36% | −76% | −67% | −88% |
| Robinhood HOOD | Jul 2021 | $38 | −8% | +46% | +35% | +2% | −67% | −74% | −90% |
| Coinbase COIN | Apr 2021 | Direct | Not yet | −5% | −19% | −30% | −24% | −54% | −58% |
| Coupang CPNG | Mar 2021 | $35 | +41% | −11% | −8% | −23% | −39% | −62% | −64% |
| Roblox RBLX | Mar 2021 | Direct | Not yet | +10% | +3% | +31% | +20% | −36% | −69% |
| Affirm AFRM | Jan 2021 | $49 | +97% | +13% | +31% | −29% | −40% | −18% | −65% |
| Airbnb ABNB | Dec 2020 | $68 | +113% | +2% | +11% | +45% | +3% | +25% | −39% |
| DoorDash DASH | Dec 2020 | $102 | +86% | −17% | −12% | −25% | −19% | −13% | −47% |
| Palantir PLTR | Sep 2020 | Direct | Not yet | +5% | +13% | +164% | +143% | +153% | −53% |
| Snowflake SNOW | Sep 2020 | $120 | +112% | −14% | −5% | +29% | −15% | +27% | −52% |
| Datadog DDOG | Sep 2019 | $27 | +39% | −14% | −16% | +2% | −11% | +128% | −42% |
| Cloudflare NET | Sep 2019 | $15 | +20% | +10% | −13% | −2% | −12% | +94% | −32% |
| CrowdStrike CRWD | Jun 2019 | $34 | +71% | +33% | +27% | +19% | −18% | +64% | −67% |
| Uber UBER | May 2019 | $45 | −8% | +1% | +2% | −4% | −34% | −24% | −68% |
| Pinterest PINS | Apr 2019 | $19 | +28% | +22% | +6% | +5% | +7% | −29% | −70% |
| Zoom ZM | Apr 2019 | $36 | +72% | +7% | +37% | +51% | +8% | +140% | −40% |
| Lyft LYFT | Mar 2019 | $72 | +9% | −5% | −24% | −16% | −47% | −66% | −80% |
| Spotify SPOT | Apr 2018 | Direct | Not yet | +4% | +14% | +15% | +21% | −3% | −46% |
| Dropbox DBX | Mar 2018 | $21 | +36% | +5% | +2% | +18% | −7% | −23% | −54% |
| MongoDB MDB | Oct 2017 | $24 | +34% | −3% | −7% | −10% | +15% | +103% | −26% |
| Okta OKTA | Apr 2017 | $17 | +38% | +4% | +1% | −1% | +19% | +67% | −20% |
| Snap SNAP | Mar 2017 | $17 | +44% | −7% | −8% | −13% | −39% | −26% | −56% |
| Twilio TWLO | Jun 2016 | $15 | +92% | +27% | +42% | +125% | +20% | +3% | −66% |
| Block XYZ | Nov 2015 | $9 | +45% | −8% | −6% | −26% | −28% | −7% | −44% |
| Shopify SHOP | May 2015 | $17 | +51% | +6% | +44% | +14% | +9% | +2% | −52% |
| Alibaba BABA | Sep 2014 | $68 | +38% | −4% | −6% | +16% | −10% | −32% | −49% |
| Facebook META | May 2012 | $38 | +1% | −17% | −17% | −50% | −40% | −34% | −54% |
| Median | +38% | −2% | −6% | −5% | −12% | −2% | −54% | ||
| Average | +47% | +2% | +2% | +8% | −5% | +12% | −55% | ||
| % positive | 93% | 48% | 43% | 43% | 41% | 48% | n/a | ||
| IPOs counted | 40 | 44 | 44 | 44 | 41 | 40 | 40 | ||
Technical
Of the 40 IPOs with a full year of trading, the median biggest fall from a high to a later low inside that year was −54%, and 25 fell by half or more. Measured from the first-day close to the end of the year, though, the median return was −2%, and 19 of 40 were up. The median first-day pop over the offer price was +38%.
Plain English
A new listing halving from a high at some point in its first year is common. Buying at the first close and holding for a year has typically cost far less than half, but the range is wide: from Palantir at +153% to Figma at −78%. The first-day pop mostly goes to those allotted shares at the offer price. From Singapore, you usually buy through a US broker at the first trade or later, and your return also moves with the US dollar against the Singapore dollar.
Source: Daily closes (price only, adjusted for splits): Yahoo Finance. Offer prices and listing dates: each company's SEC prospectus. Klarna's first-day close, missing from Yahoo, is from NYSE trading reports. Data to 30 Oct 2026. Refreshed each weekday after the US and SGX closes.
Returns are price only and start from the first-day close. One week, one month and three, six and twelve months are 5, 21, 63, 126 and 252 trading days later; the biggest fall runs from any high to a later low over those 252 days. Summary rows count only IPOs that have traded that long. Spotify, Palantir, Roblox and Coinbase were direct listings, with no offer price. Twitter (2013) is left out: it was taken private in 2022 and its prices are no longer published. Past returns don't predict future returns.
Past returns don't predict future returns. Figures are for US markets; a Singapore investor also carries the US dollar's moves against the Singapore dollar. For education only. Not financial advice.