Class of 2025: Where Are They Now?

From AI infrastructure plays to climate-tech disruptors, 2025 delivered one of the most eventful IPO years in recent memory. But six months on, how have these newly minted public companies actually performed? This guide tracks 9 notable IPOs from the class of 2025 and examines where they stand today.

📌 This list includes a mix of ASX and US-listed IPOs from 2025. Performance figures are accurate as of late January 2026 and are subject to market fluctuations.

Scan this article:

• Virgin Australia (ASX: VGN)
• CoreWeave (NASDAQ: CRWV)
• Circle Internet Group (NASDAQ: CRCL)
• Sea Forest (ASX: SEA)
• Figma (NASDAQ: FIG)
• Greatland Resources (ASX: GGP)
• Linkhome Holdings (NASDAQ: LHAI)
• Epsium Enterprise (NASDAQ: EPSM)
• Mint Corporation (NASDAQ: MIMI)

The Winners

Virgin Australia (ASX: VGN)

Virgin Australia made its long-awaited return to the ASX on 24 June 2025, five years after entering voluntary administration during the pandemic. The airline relisted at AU$2.90 per share, valuing the company at around AU$2.3 billion.

Bain Capital retained roughly 40% of the company at listing, with Qatar Airways holding about 23% and the remainder floated to public investors and management. Since IPO, Bain has gradually reduced its stake, though it remains the largest single shareholder.

The stock has traded modestly higher since debut, sitting around AU$3.30–$3.35 as of late January 2026. Over the past 12 months, it has traded in a range of roughly AU$2.80–$3.80, reflecting typical volatility for a mid-cap airline exposed to fuel prices, competition from Qantas and Rex, and discretionary travel demand.

Management has signalled a focus on profitability over pure growth, targeting improved load factors and ancillary revenue rather than a full-scale capacity war with Qantas. IPO proceeds have gone toward deleveraging the balance sheet and funding fleet and network upgrades.

CoreWeave (NASDAQ: CRWV)

CoreWeave was one of the most anticipated tech IPOs of 2025. The AI infrastructure company priced at US$40 per share on 28 March 2025, raising roughly US$1.5 billion at an implied valuation of around US$23 billion.

The stock rose more than 300% from IPO, briefly trading above US$180 in mid-2025 and hitting a 52-week high near US$187. That rally was driven by strong demand for AI compute, tight GPU supply, and CoreWeave’s close relationship with Nvidia, which has both invested in and partnered with the company.

Since then, the stock has pulled back meaningfully. As of late January 2026, CRWV is trading around US$98–$102, roughly 40% below its June 2025 peak but still well above the IPO price at around 2.4–2.5× the offer.

The pullback reflects profit-taking, lockup-period dynamics, and broader concerns about AI-stock valuations. CoreWeave also carries a high debt load and remains unprofitable, with EPS around -US$1.66.

Circle Internet Group (NASDAQ: CRCL)

Circle, the company behind USDC stablecoin, went public in June 2025 at US$31 per share. The stock opened at US$69, immediately more than doubling, and kept climbing from there. At its peak in summer 2025, shares traded near US$300, representing a gain of over 860% from the IPO price.

That euphoria has since cooled. By late January 2026, the stock had retraced to under US$79, still a strong gain from IPO but a significant decline from those summer highs.

Several factors contributed to the volatility. Circle’s first earnings report showed a US$482 million loss in Q2, largely due to IPO-related costs. A secondary share offering of 10 million shares added selling pressure. And while regulatory developments like the GENIUS Act provided some tailwinds, the stablecoin market remains intensely competitive.

On the positive side, USDC circulation has continued to grow, and Circle is expanding its payment corridors, including launching the Arc blockchain. But rising operational costs and regulatory uncertainty remain key concerns for investors watching this space.

Sea Forest (ASX: SEA)

Sea Forest was one of the notable climate-tech listings of 2025. The Tasmania-based company, which produces seaweed-based livestock feed designed to reduce methane emissions by up to 80%, listed on the ASX on 26 November 2025 at AU$2.00 per share.

Shares immediately jumped 25–30% on debut, rising to around AU$2.50–$2.59. By late January 2026, the stock had climbed further to around AU$2.95, reflecting strong post-listing momentum for the climate-tech play.

Sea Forest’s flagship product, SeaFeed™, has secured agreements covering roughly 118,000 head of livestock. The company has also announced a partnership with Belterra Agroflorestas to target Brazil, the world’s largest livestock market, and signed a supply agreement with Providore Global to cover 12,000 head of cattle by March 2026.

Founded by Sam Elsom and backed by investors including surfer Mick Fanning, Sea Forest operates in the growing climate-tech sector. The key question now is whether it can scale commercial production to meet demand.

Greatland Resources (ASX: GGP)

Greatland Resources transformed from a UK-based explorer to an Australian-focused gold-copper producer when it listed on the ASX on 24 June 2025. The company raised AU$490 million at AU$6.60 per share, using proceeds to acquire the Telfer gold-copper mine in Western Australia and achieve 100% ownership of the adjacent Havieron development project.

The debut was strong, with shares rising 11–12% on day one. But August 2025 brought volatility, with the stock falling around 24% following production guidance downgrades. Since then, it has recovered, trading around AU$13.94 by late September 2025.

Greatland now holds a dual listing on the ASX and AIM (London Stock Exchange). Management reports a debt-free balance sheet with high cash reserves, supported by strong operating cash flows from Telfer. GGP offers direct exposure to Australian gold-copper production at a time when the commodity remains elevated.

The Volatile

Figma (NASDAQ: FIG)

Figma was one of the most anticipated tech IPOs of 2025. The design collaboration platform, which Adobe famously tried to acquire for US$20 billion before regulators intervened, priced at US$120 per share on 31 July 2025, above the expected US$30–$32 range.

Shares rose 250% on day one, hitting highs above US$140 and briefly valuing the company at nearly US$60 billion, or roughly 57× its 2025 revenue.

Then reality set in. A September 2025 earnings report triggered a nearly 20% single-day slump as investors questioned whether the valuation was sustainable. The stock continued to slide, and by January 2026, Figma was trading around US$27–$32, below its IPO price and down nearly 75% from those all-time highs.

The numbers tell the story: while revenue growth remains strong at around 40%+, the company reported US$1.02 billion in net losses in the first nine months of 2025, driven by heavy AI investments and R&D spending. Analysts remain divided. Some see the steep drop as a potential long-term buying opportunity, while others point to competitive pressures and margin 

challenges.

Linkhome Holdings (NASDAQ: LHAI)

Linkhome Holdings, an AI-driven real estate platform, went public on the Nasdaq on 24 July 2025 at US$4.00 per share, raising US$6 million.

The stock experienced classic small-cap IPO volatility. Shares initially rose over 200% on day one, closing at US$12.10, and briefly reached highs above US$14 in late 2025. But that momentum proved short-lived.

By late January 2026, the stock had corrected sharply, trading around US$2, representing a 50% decline from the IPO price and an 85%+ drop from its post-IPO highs.

The California-based company uses AI, specifically its “HomeGPT” product, for residential property transactions, including a “Flash Sell” program. As of July 2025, it had facilitated over US$185 million in aggregate gross transaction value. But like many small-cap tech names, maintaining investor interest after the initial hype has proven challenging.

The Strugglers

Epsium Enterprise (NASDAQ: EPSM)

Epsium Enterprise is a Macau-based importer of alcoholic beverages, including premium Chinese liquors like Moutai and Western spirits such as Rémy Martin and Macallan. The company listed on the Nasdaq on 26 March 2025 at US$4.00 per share, opening 12% higher at US$4.48.

After closing an over-allotment option in April 2025, the company raised approximately US$4.91 million in net proceeds to fund growth. As of June 2025, it reported cash and cash equivalents of US$2.43 million.

Epsium remains a micro-cap player in the premium alcohol import market. Performance has been relatively slow since listing, with the stock trading at around $2.25. The company faces risks tied to economic fluctuations in the Macau and broader China market.

Mint Corporation (NASDAQ: MIMI)

Mint Corporation stands as a cautionary tale for IPO investors. The Hong Kong-based company, originally focused on interior design and fit-out works, listed on the Nasdaq on 13 January 2025 at US$4.00 per share, raising US$8.05 million.

The stock has since declined sharply. As of early 2026, shares were trading around US$0.30–$0.33, representing a decline of over 90% from the IPO price. The 52-week range tells the story of extreme volatility: roughly US$0.25 to US$13.69.

Mint has recently received a Nasdaq minimum bid price deficiency notice and is attempting to pivot its business model, diversifying into robotics, AI, and smart facility management through a new subsidiary called Axonex Intelligence Limited.

Despite the price collapse, insider ownership remains high at approximately 47%, with the CEO noted as maintaining a position. Whether the pivot can reverse the company’s fortunes remains to be seen.

Final Thoughts

The class of 2025 offers a snapshot of how unpredictable IPO investing can be. For every CoreWeave or Sea Forest that rewarded early investors, there’s a Figma that rose sharply then fell or a Mint Corporation that has essentially evaporated.

A few themes stand out. AI-related names attracted enormous interest but also faced heightened scrutiny once the initial enthusiasm faded. Australian listings like Virgin Australia, Sea Forest, and Greatland Resources delivered more measured but generally positive returns. And micro-cap US listings, as always, came with significant risk.

The lesson from the class of 2025 is clear: IPOs can offer opportunity, but due diligence and a long-term perspective matter more than chasing first-day gains.

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This article reflects information accurate as of January 2026.