New IPOs — the full list
Every U.S. IPO priced in the trailing 90 days, swept from EDGAR each night — the registration statement and the final pricing prospectus for each name, the price-to-sales multiple paid at pricing, and a live countdown to the day the lockup ends and insiders can first sell by choice. Under the list: the registration pipeline, then the Year One research — why the first year of an IPO's life is where its price gets found.
In-theme names (Data · AI · Tech · Robotics & Space · Sports) sort first; the sweep keeps every pricing, tagged — including follow-on offerings by issuers that were already public, which are labeled in the company column. P/S at pricing is the offer-price market value divided by trailing revenue as reported in the prospectus — where revenue could not be read reliably, the multiple prints as — rather than an estimate.
| Watch | Ticker | Company | Theme | Priced | Offer | Range | Shares offered | Raise | P/S at pricing | Lockup | Filings |
|---|---|---|---|---|---|---|---|---|---|---|---|
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Registration statements filed with the SEC and not yet priced, most recent first. Every public filer is listed, whatever its theme — the theme tag sorts and labels, it never includes or excludes. A filing is not an offering: some registrations are amended for months, some are withdrawn.
| Watch | Company | Ticker (in filing) | Theme | Status | Filed | Range | Underwriters | Filings |
|---|---|---|---|---|---|---|---|---|
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Confirmed confidential filers
Companies that have themselves announced a confidential draft submission to the SEC and have no public filing yet. A name appears here only on the company's own announcement — press reports alone do not add one — and it moves into the pipeline above the day its registration statement becomes public.
OpenAI · announced June 8, 2026 · Confidential draft — no public filing yet; listed here the day it flips public.
Year One — the drawdown is the shopping window
Three independent studies, one answer: the 20 largest IPOs drew down ≈60% on average in year one (Morningstar Direct: −60% · First Trust / Bloomberg: −61.8% · YCharts median against the first close: −53%). The debut price is set on a sliver of float; the first year is when scarcity unwinds — early releases, first earnings, lockup expiry. Several of these names became enormous winners from those lows. That is why every IPO on this page carries its lockup countdown and its post-lockup insider tape: the drawdown is the shopping window, and the tape is how you know whether insiders think the low is real. Educational framing only — not a recommendation to buy any name.
The centerpiece — where the lows actually printed
Major IPOs of the last 15 years — measured against the first close. Source: Creative Planning (@CharlieBilello), data via YCharts.
| Company | IPO date | First close | 1-yr low | Price 1 yr later | 1-yr return | Max drawdown |
|---|---|---|---|---|---|---|
| PLTR — Palantir | 9/30/2020 | $9.5 | $9.0 | $24.0 | +153% | −5% |
| ABNB — Airbnb | 12/10/2020 | $144.7 | $124.8 | $180.4 | +25% | −14% |
| ARM — Arm Holdings | 9/13/2023 | $63.6 | $47.9 | $143.3 | +125% | −25% |
| SNOW — Snowflake | 9/16/2020 | $253.9 | $188.2 | $323.5 | +27% | −26% |
| SPOT — Spotify | 4/3/2018 | $149.0 | $106.8 | $143.8 | -3% | −28% |
| TWTR — Twitter | 11/7/2013 | $44.9 | $31.9 | $41.1 | -8% | −29% |
| DBX — Dropbox | 3/23/2018 | $28.5 | $19.4 | $21.7 | -24% | −32% |
| CART — Maplebear (Instacart) | 9/19/2023 | $33.7 | $22.4 | $41.8 | +24% | −33% |
| BABA — Alibaba | 9/19/2014 | $89.2 | $57.8 | $62.4 | -30% | −35% |
| DASH — DoorDash | 12/9/2020 | $189.5 | $113.0 | $164.9 | -13% | −40% |
| RBLX — Roblox | 3/10/2021 | $69.5 | $41.3 | $41.5 | -40% | −41% |
| LCID — Lucid | 7/26/2021 | $268.3 | $138.6 | $180.9 | -33% | −48% |
| SNAP — Snap | 3/2/2017 | $24.5 | $11.8 | $18.0 | -26% | −52% |
| META — Facebook (Meta) | 5/18/2012 | $37.9 | $17.6 | $26.0 | -31% | −54% |
| COIN — Coinbase | 4/14/2021 | $328.3 | $147.3 | $147.3 | -55% | −55% |
| PINS — Pinterest | 4/18/2019 | $24.4 | $10.9 | $17.5 | -28% | −55% |
| UBER — Uber | 5/10/2019 | $41.6 | $14.8 | $32.8 | -21% | −64% |
| CPNG — Coupang | 3/11/2021 | $49.3 | $17.4 | $17.4 | -65% | −65% |
| PATH — UiPath | 4/21/2021 | $69.0 | $18.0 | $18.0 | -74% | −74% |
| SOFI — SoFi | 6/1/2021 | $22.7 | $5.3 | $7.1 | -69% | −77% |
| BMBL — Bumble | 2/11/2021 | $70.3 | $16.2 | $30.4 | -57% | −77% |
| LYFT — Lyft | 3/29/2019 | $78.3 | $16.1 | $27.6 | -65% | −77% |
| RIVN — Rivian | 11/10/2021 | $100.7 | $20.6 | $33.0 | -67% | −80% |
| HOOD — Robinhood | 7/29/2021 | $34.8 | $6.9 | $9.1 | -74% | −80% |
| FIG — Figma | 7/31/2025 | $115.5 | $16.9 | $19.8 | -83% | −85% |
| DIDI — DiDi Global | 6/29/2021 | $14.1 | $1.4 | $3.0 | -79% | −90% |
| Median | -31% | −53% |
Prices measured against each stock's first closing price (not the offer price and not the peak). Medians: -31% one-year return, -53% maximum drawdown. FIG: not a full one-year period — figures as of 6/10/26, per the source.
The low is the story. The median name halved; the winners' lows were shallower or brief — Palantir −5%, ARM −25% and then a double within the year ($47.9 low, $143.3 one year after a $63.6 first close). Drawdown depth is a distribution, not a destiny — which is why this page tracks names, not averages.
Exhibit 1 — Morningstar: size is not safety at birth
The 20 largest IPOs since 2010 — maximum drawdown, first 12 months. Source: Morningstar Direct.
| Company | Max drawdown, year 1 |
|---|---|
| Airbnb | −39% |
| ARM Holdings | −43% |
| Spotify | −46% |
| SpaceX | −46% |
| DoorDash | −47% |
| Alibaba | −49% |
| Snowflake | −52% |
| Lineage | −52% |
| Palantir | −53% |
| −54% | |
| Snap | −56% |
| Rocket Companies | −58% |
| Coinbase | −59% |
| Coupang | −66% |
| Uber | −68% |
| Roblox | −71% |
| Lyft | −80% |
| Robinhood | −87% |
| Rivian | −88% |
| Didi | −91% |
| Average | −60% |
20 largest IPOs and direct listings, 2010–2026. Max drawdown in the first 12 months.
Even the most scrutinized offerings on earth lost three-fifths of their value at some point in year one. Size and sponsorship are not safety at birth — the float is smallest exactly when the attention is largest.
Exhibit 2 — First Trust: filtering for giants makes it deeper, not shallower
The 20 largest U.S. IPOs by market cap since 2006 — maximum drawdown, year one. Source: First Trust / Bloomberg.
| Company | Max drawdown, year 1 |
|---|---|
| META — Meta Platforms | −53.6% |
| RIVN — Rivian | −88% |
| ABNB — Airbnb | −39.2% |
| CPNG — Coupang | −65.5% |
| V — Visa | −51.9% |
| SNOW — Snowflake | −51.7% |
| UBER — Uber | −68% |
| DASH — DoorDash | −47.5% |
| VG — Venture Global | −75.2% |
| GM — General Motors | −49.4% |
| KVUE — Kenvue | −33.2% |
| RKT — Rocket Companies | −58.4% |
| PATH — UiPath | −78.8% |
| TOST — Toast | −80.6% |
| HOOD — Robinhood | −90.2% |
| SNAP — Snap | −56.3% |
| GFS — GlobalFoundries | −50.8% |
| OPTU — Optimum Communications | −52.1% |
| AFRM — Affirm | −65.4% |
| LYFT — Lyft | −79.5% |
| Average | −61.8% |
IPOs with market cap of $10B or more at listing, sorted largest to smallest, top 20 with complete return history. Total price returns measured from each IPO date through May 31, 2026, sourced from Bloomberg.
Filtering for giants makes it worse, not better (−61.8%). The shallowest drawdown on the board is Kenvue at −33.2% — a mature consumer-health business priced on cash flows, not narrative; General Motors, the other mature name, sits mid-board at −49.4%. The premium paid for story is the drawdown later sat through.
On method: the three studies measure differently. Morningstar and First Trust average the maximum drawdown across the 20 largest deals in their windows; the YCharts table measures each name against its own first close and reports medians. Averages run deeper than medians, and a first-close basis runs shallower than a peak basis. The studies still land within nine points of one another.
Exhibit 3 — the entry multiple is the risk underwritten
Price-to-sales at IPO — marquee tech deals. Source: investmentbastion.com.
SpaceX: $1.77T valuation at $135 a share, ~$75B raised, against FY2025 revenue of $18.7B.
Offer-price market value divided by trailing fiscal-year total revenue, from each company's SEC prospectus or pricing release. The multiple is methodology-sensitive: Google is ~16x on 2003 gross revenue but ~24x net of traffic-acquisition costs; Microsoft is ~4x on trailing revenue but ~5.5x on FY1985 revenue.
What you paid per sales dollar at birth is the drawdown risk you underwrote. Under 10x sales the legends cluster; over 40x, a buyer is paying for a decade of flawless execution on day one. Combined with the float mechanics above, a high birth multiple is not just expensive — it is the drawdown recipe, pre-measured. SpaceX at 95x is the live experiment.
Exhibit 4 — most new ventures die
The dotcom cohort — most new ventures die. Source: Autonomous NEXT / Bloomberg data / McKinsey.
| Survivor | At IPO | Later market value | Multiple |
|---|---|---|---|
| Amazon | $429M at IPO | $475B | over 1,000x |
| Netflix | $320M at IPO | $70B | over 225x |
Pets.com IPO'd with a $375M market cap and shut down the same year. Zooplus launched in 2006 and was worth over $1B by 2017. Same idea, different timing.
86% of 898 tech IPOs were gone by 2010 and the cohort lost 3.7% a year for a decade — while containing Amazon and Netflix. The base rate is the boss statistic. Selection and timing are the entire game.
Exhibit 5 — the survivors take all
If you invested $1 at IPO — the extreme right tail. Source: Rand Group Research (source: company filings, Nic Cruz Patane).
These are the six most extreme survivors in market history, printed to size the prize, not the odds. The odds are the panels above: an 86% failure rate, a -53% median drawdown, a -31% median first-year return.
| Company | IPO price (split-adjusted) | Current price | $1 at IPO became |
|---|---|---|---|
| Microsoft | $0.07 | $388.19 | 5,546x |
| NVIDIA | $0.04 | $201.63 | 5,041x |
| Amazon | $0.075 | $237.22 | 3,163x |
| Apple | $0.1 | $292.54 | 2,925x |
| Tesla | $1.13 | $386.6 | 342x |
| $2.13 | $368.53 | 173x |
The right tail pays for the whole board — $1 became $5,546 in Microsoft and $5,041 in NVIDIA. Power-law math is the reason to play at all; every one of those lines also passed through a drawdown that shakes out a holder who needed the debut price to be the low.
Most IPOs fail. A few become the defining companies of a generation. Both facts are in the first year's tape: the drawdown hands you the price, the lockup hands you the moment, and what insiders do when they are finally free to act is the earliest evidence of which kind you are looking at. That is the evidence this page tracks.
How this list is built: a nightly sweep of EDGAR full-text indexes reads every 424B4 pricing prospectus and every new S-1 / F-1 registration, extracts the pricing terms from the documents themselves, and tags each name's DARTS theme from its own business description. A short pre-market pass on weekday mornings also checks the pipeline for new pricing prospectuses, so a deal that prices before the open is on the priced list the same morning. Lockup dates are read from the prospectus where the lockup period is stated; where it is not stated in extractable form, the date shown is the standard 180 days after pricing and is labeled an estimate. First-trade dates are not determinable from EDGAR and are not shown. Nothing here is a recommendation to buy or sell any security; a new listing has no insider tape yet — that record starts with its first Form 4 filings and its lockup expiry.
Back to the DARTS Dashboard — the New IPOs section sits under the Public Scorecard strip.