Combined Mkt CapSum of current market capitalization across all 15 companies in the cohort
$77.0B
Peak private: $163.3B
Median ReturnMedian is more representative than average — Circle's +199% skews the mean upward
-44.2%
Avg: -23.7%
Value DestroyedDifference between combined peak private valuations and current public market caps
$86.3B
From peak private valuations
Day 1 Broke IPOCompanies that closed below their IPO offer price on their first day of trading — historically a bearish signal
2
StubHub & Navan
Best Performer
Circle (CRCL)
+198.7% from IPO price
Only company above peak private valuation
Worst Performer
Gemini (GEMI)
-84.2% from IPO · -92.9% from peak
Securities fraud class action filed
Biggest Day 1 Pop
Figma (FIG)
+250.0% day 1 · Now -81.7% from close
40x oversubscribed, lock-up expiry crushed it
Cumulative Post-IPO Performance
Tracks total return from each company's Day 1 closing price. Month 0 = IPO day close. Circle's 485% M1 spike driven by USDC regulatory tailwind.Monthly returns sourced from PortfoliosLab for most companies. Via, StubHub, Netskope, and Navan use cumulative data from the JSON dataset.
eToro
Hinge
MNTN
Circle
Omada
Chime
Figma
Klarna
Figure
Gemini
Via
StubHub
Netskope
Navan
EqShare
Current Return from IPO Price
4 of 15 trade above IPO price.Calculated as (current price - IPO offer price) / IPO offer price. Measures returns for investors who bought at the institutional offer price.
Day 1 Performance
% change from IPO price to Day 1 close.A big Day 1 'pop' means the IPO was underpriced — banks left money on the table. Figma's 250% pop was extreme; Bill Gurley estimated $2.6B in underpricing.
Value Destruction: Peak Private vs Current Market Cap
$86.3B in combined value destroyed from peak private valuations. Klarna alone lost $40.6B from its 2021 high.Peak private valuation is the highest valuation achieved during private fundraising rounds. Most peaks were in 2021 during the zero-interest-rate era.
Peak Private Valuation
Current Market Cap
Company Profiles
eToro
ETOR · NASDAQ · Fintech$29.03
-44.2%IPO Price
$52
Day 1 Close
$67
Mkt Cap
$2.4B
Day 1 Pop+28.8%
From Day 1-56.7%
From Peak Private-31.4%
IPO Valuation$4.2B
Hinge Health
HNGE · NYSE · Digital Health$35.73
+11.7%IPO Price
$32
Day 1 Close
$36.5
Mkt Cap
$3.6B
Day 1 Pop+14.1%
From Day 1-2.1%
From Peak Private-42.4%
IPO Valuation$3.0B
MNTN
MNTN · NASDAQ · AdTech / CTV$6.57
-58.9%IPO Price
$16
Day 1 Close
$19.5
Mkt Cap
$0.6B
Day 1 Pop+21.9%
From Day 1-66.3%
From Peak Private-72.5%
IPO Valuation$1.2B
Circle
CRCL · NYSE · Crypto / Stablecoin$92.61
+198.7%IPO Price
$31
Day 1 Close
$79
Mkt Cap
$22.9B
Day 1 Pop+155.0%
From Day 1+17.2%
From Peak Private+154.4%
IPO Valuation$18.5B
Omada Health
OMDA · NYSE · Digital Health$11.78
-38.0%IPO Price
$19
Day 1 Close
$21.5
Mkt Cap
$0.7B
Day 1 Pop+13.2%
From Day 1-45.2%
From Peak Private-30.0%
IPO Valuation$1.1B
Chime
CHYM · NASDAQ · Consumer Fintech$18.85
-30.2%IPO Price
$27
Day 1 Close
$37.11
Mkt Cap
$6.9B
Day 1 Pop+37.4%
From Day 1-49.2%
From Peak Private-72.4%
IPO Valuation$11.6B
Figma
FIG · NYSE · Design Software$21.14
-35.9%IPO Price
$33
Day 1 Close
$115.5
Mkt Cap
$11.0B
Day 1 Pop+250.0%
From Day 1-81.7%
From Peak Private-45.0%
IPO Valuation$18.8B
Klarna
KLAR · NYSE · BNPL / Fintech$13.28
-66.8%IPO Price
$40
Day 1 Close
$45.82
Mkt Cap
$5.0B
Day 1 Pop+14.6%
From Day 1-71.0%
From Peak Private-89.0%
IPO Valuation$15.1B
Figure Tech
FIGR · NASDAQ · Blockchain Fintech$33.56
+34.2%IPO Price
$25
Day 1 Close
$31.11
Mkt Cap
$7.2B
Day 1 Pop+24.4%
From Day 1+7.9%
From Peak Private+125.0%
IPO Valuation$5.3B
Gemini
GEMI · NASDAQ · Crypto Exchange$4.43
-84.2%IPO Price
$28
Day 1 Close
$32
Mkt Cap
$0.5B
Day 1 Pop+14.3%
From Day 1-86.2%
From Peak Private-92.9%
IPO Valuation$3.3B
Via Transportation
VIA · NYSE · Transit Tech / GovTech$13.50
-70.7%IPO Price
$46
Day 1 Close
$49
Mkt Cap
$1.1B
Day 1 Pop+6.5%
From Day 1-72.5%
From Peak Private-68.6%
IPO Valuation$3.6B
StubHub
STUB · NYSE · Marketplace / Events$6.06
-74.2%IPO Price
$23.5
Day 1 Close
$22
Mkt Cap
$2.2B
Day 1 Pop-6.4%
From Day 1-72.5%
From Peak Private-86.7%
IPO Valuation$8.6B
Netskope
NTSK · NASDAQ · Cybersecurity$8.44
-55.6%IPO Price
$19
Day 1 Close
$22.49
Mkt Cap
$2.8B
Day 1 Pop+18.4%
From Day 1-62.5%
From Peak Private-62.7%
IPO Valuation$7.3B
Navan
NAVN · NASDAQ · Travel & Expense SaaS$12.83
-48.7%IPO Price
$25
Day 1 Close
$20
Mkt Cap
$3.2B
Day 1 Pop-20.0%
From Day 1-35.9%
From Peak Private-65.2%
IPO Valuation$6.2B
EquipmentShare
EQPT · NYSE · Construction Tech$26.38
+7.7%IPO Price
$24.5
Day 1 Close
$27.2
Mkt Cap
$7.0B
Day 1 Pop+11.0%
From Day 1-3.0%
From Peak Private+70.8%
IPO Valuation$6.2B
Investor Winners
Investors who achieved strong returns based on their entry valuation vs current public market value1
Sequoia Capital · Klarna
$500M in, $2.65B+ out. Best VC return in cohort.
2
Accel · Circle
Early CRCL backer. Circle +199% from IPO.
3
Sequoia Capital · Figma
Early backer. $11B mkt cap vs sub-$100M entry.
4
General Catalyst · Circle
Growth stage entry. Current $22.9B vs ~$1B entry.
5
Zeev Ventures · Navan
Seed-stage. Still profitable from cost basis.
6
Michael Cagney · Figure Tech
Founder return. FIGR +34% from IPO.
Investor Wrecked
Investors who entered at or near peak private valuations and are now deeply underwater at current public prices1
2021 Gemini Investors · Gemini
-93%$7B entry. Now $0.5B = -93%.
2
SoftBank VF2 · Klarna
-89%$639M at $45.6B. Now $5B = -89%.
3
Madrone (Walton family) · StubHub
-74%22.1% at IPO. Now -74%.
4
SoftBank · Chime
-72%In at $25B. Now $6.9B = -72%.
5
Tiger Global · Chime
-72%Late stage near $25B peak. Deep underwater.
6
Greenoaks Capital · Navan
-65%Led $9.2B round. Now $3.2B = -65%.
7
Canada Pension Plan · Netskope
-63%In at $7.5B. Now $2.8B = -63%.
Full Cohort Table
All 15 IPOs sorted by current return from IPO price. Prices as of April 1, 2026.
| Company | IPO Date | IPO $ | Day 1 | Current | From IPO | From Peak | Mkt Cap | Raised |
|---|---|---|---|---|---|---|---|---|
Circle | 2025-06-05 | $31 | $79 | $92.61 | +198.7% | +154.4% | $22.9B | $1100M |
Figure Tech | 2025-09-11 | $25 | $31.11 | $33.56 | +34.2% | +125.0% | $7.2B | $787.5M |
Hinge Health | 2025-05-22 | $32 | $36.5 | $35.73 | +11.7% | -42.4% | $3.6B | $437.3M |
EquipmentShare | 2026-01-23 | $24.5 | $27.2 | $26.38 | +7.7% | +70.8% | $7.0B | $747.3M |
Chime | 2025-06-12 | $27 | $37.11 | $18.85 | -30.2% | -72.4% | $6.9B | $864M |
Figma | 2025-07-31 | $33 | $115.5 | $21.14 | -35.9% | -45.0% | $11.0B | $1100M |
Omada Health | 2025-06-06 | $19 | $21.5 | $11.78 | -38.0% | -30.0% | $0.7B | $150M |
eToro | 2025-05-14 | $52 | $67 | $29.03 | -44.2% | -31.4% | $2.4B | $620M |
Navan | 2025-10-30 | $25 | $20 | $12.83 | -48.7% | -65.2% | $3.2B | $923M |
Netskope | 2025-09-18 | $19 | $22.49 | $8.44 | -55.6% | -62.7% | $2.8B | $908M |
MNTN | 2025-05-22 | $16 | $19.5 | $6.57 | -58.9% | -72.5% | $0.6B | $187.2M |
Klarna | 2025-09-10 | $40 | $45.82 | $13.28 | -66.8% | -89.0% | $5.0B | $1370M |
Via Transportation | 2025-09-12 | $46 | $49 | $13.50 | -70.7% | -68.6% | $1.1B | $493M |
StubHub | 2025-09-17 | $23.5 | $22 | $6.06 | -74.2% | -86.7% | $2.2B | $800M |
Gemini | 2025-09-12 | $28 | $32 | $4.43 | -84.2% | -92.9% | $0.5B | $425M |
Key Themes
Hover over each theme for more context.
1
Lock-up expiry (months 6-12) was destructive for nearly all companies
Insider selling floods post-lock-up crushed prices. Figma lost 74% after its January 2026 lock-up expired.
2
AI disruption fears hit cybersecurity stocks hard
Anthropic's Claude Code Security launch in Feb 2026 triggered a sector-wide cybersecurity selloff, hammering Netskope.
3
Crypto cycle drove Circle's outperformance and Gemini's collapse
Favorable US regulation under Trump admin boosted USDC adoption (Circle), while exchange competition crushed Gemini.
4
B2B non-AI SaaS unloved despite strong fundamentals
Navan ($800M ARR, 29% growth) and Via ($434M revenue, 29% growth) trade at steep discounts despite healthy metrics.
5
Figma's 250% day-1 pop was a trap for retail buyers
40x oversubscription and tiny ~10% float created artificial scarcity. Bill Gurley criticized intentional underpricing as leaving $2.6B on the table.
6
Consumer fintech fell sharply as rates stayed high
Chime, Klarna, and eToro all declined 30-67% from IPO price as high interest rates pressured consumer lending models.
7
Peak 2021 private valuations created unavoidable down-rounds
Combined peak private valuations of $161B across the cohort vs $74B current market cap — $87B in value destroyed.
8
Securities class actions filed against 3 companies
Gemini (fraud), Navan (IPO concealment), and Via all face active securities class action lawsuits as of March 2026.
9
Digital health struggled post-pandemic
Hinge Health and Omada Health IPO'd at steep discounts to peak valuations as payer enthusiasm for virtual care cooled.
10
Only 4 of 15 companies trade above IPO price
Circle (+199%), Figure Tech (+34%), Hinge Health (+12%), and EquipmentShare (+8%) are the only winners. The other 11 are underwater.
Sector Breakdown
Current market cap by sector. Hover for company list.
Crypto / Stablecoin
$22.9B
1 company
CRCL
Design Software
$11.0B
1 company
FIG
Blockchain Fintech
$7.2B
1 company
FIGR
Construction Tech
$7.0B
1 company
EQPT
Consumer Fintech
$6.9B
1 company
CHYM
BNPL / Fintech
$5.0B
1 company
KLAR
Digital Health
$4.3B
2 companies
HNGE, OMDA
Travel & Expense SaaS
$3.2B
1 company
NAVN
Cybersecurity
$2.8B
1 company
NTSK
Fintech
$2.4B
1 company
ETOR
Marketplace / Events
$2.2B
1 company
STUB
Transit Tech / GovTech
$1.1B
1 company
VIA
AdTech / CTV
$0.6B
1 company
MNTN
Crypto Exchange
$0.5B
1 company
GEMI
Data sourced from Yahoo Finance, Bloomberg, CNBC, SEC filings, IPOScoop, Morningstar, PortfoliosLab, TechCrunch, and Reuters. Prices as of April 1, 2026.