A powerful week in the U.S. IPO market saw seven companies debut, with software giant Figma stealing the spotlight in what is now considered the strongest first-day performance ever for a billion-dollar offering. Alongside Figma, semiconductor and medical device firms also entered the public markets, though investor appetite remained highly selective.
Figma Breaks Records: +270% in Under a Week
Leading the week, browser-based design platform Figma (FIG) priced its IPO above range, raising $1.2 billion at a nearly $20 billion valuation. But the real story was on the trading floor: shares soared 250% on day one and ended the week up 270%, eclipsing the previous billion-dollar IPO pop record set by Circle (CRCL) in June.
The market’s enthusiasm stems from Figma’s sticky enterprise adoption—over 75% of its clients use multiple products. With a suite of eight offerings and rapid product expansion during 2025 alone, the company has positioned itself as a core part of digital design infrastructure. Its success story is now being viewed as a signal of renewed interest in high-growth, high-valuation tech listings.
Ambiq Micro Draws Strong Demand for AI-Centric Chip Efficiency
Ambiq Micro (AMBQ), a Texas-based semiconductor company, raised $96 million at a $459 million market cap. Specializing in ultra-low power chips tailored for AI workloads at the edge, Ambiq reported shipping more than 42 million units in 2024—roughly 40% of which supported AI processing.
Investor demand was strong, with the stock closing its first day up 61% and finishing the week with a 65% gain. As the AI hardware narrative gains momentum, Ambiq’s focus on efficiency and scale appears well-positioned to attract long-term institutional interest.
Shoulder Innovations Slides on Cautious Healthcare Sentiment
Commercial-stage medtech firm Shoulder Innovations (SI) raised $75 million at a $327 million market cap but faced tepid investor interest. The offering was priced well below the expected range, and the stock finished the week down 5%, suggesting investor reluctance around early-stage medical device names requiring heavy sales infrastructure and market education.
The company’s core offering—an integrated “ecosystem” for shoulder arthroplasty combining implants, instrumentation, and surgeon-centric tools—has potential. However, the IPO response underlines that medtech without immediate growth visibility continues to struggle for traction in public markets.
J-Star Holding Delivers a Modest Upside in Niche Manufacturing
Taiwanese carbon fiber parts maker J-Star Holding (YMAT), which primarily produces components for bicycles and racket sports, raised $5 million at a $68 million market cap. Despite pricing at the low end, shares rose 2% on debut and ended the week with a 12% gain.
While the deal was small in scale, the modest success reflects investor preference for tangible, cash-generating businesses with niche product lines and stable demand profiles.
SPACs Return with Silence: No Gains for Three Listings
The week also saw three blank-check companies—HCM III Acquisition (HCMAU), A Paradise Acquisition (APADU), and D. Boral ARC Acq. I (BCARU)—list with zero price movement. Combined, these vehicles raised nearly $670 million but failed to generate any upside post-debut.
This flat performance reinforces the broader cooling in SPAC interest, with investors increasingly demanding clarity on acquisition targets and business direction before engaging with these vehicles.
Selectivity Dominates the Post-Figma Landscape
Figma’s massive IPO pop has unquestionably reignited interest in late-stage venture-backed software firms, especially those offering multi-product ecosystems and high user retention. However, the divergent performance across sectors makes one thing clear: the IPO market is back, but it’s anything but indiscriminate.
Investors continue to reward tech innovators with strong fundamentals and scalability, while showing caution toward early-stage healthcare and undifferentiated SPACs. The lesson is straightforward—narrative and execution matter more than ever in a market recovering from years of volatility and risk repricing.
Looking ahead, the question remains whether Figma’s breakout will open the gates for more blockbuster tech IPOs or if it will stand as a rare outlier in a market that still prefers certainty over speculation.
