Forge insights

VC-backed IPO performance since Q1 2025 has been uneven, but the results point to a more nuanced market rather than a simple “open” or “closed” IPO window. Across the VC-backed IPO universe (excluding life sciences), several newly public companies have delivered positive returns from their IPO price through June 30, 2026, while many others remain below issue price, underscoring the continued importance of company quality, sector exposure, valuation discipline and post-IPO earnings. The strongest performers include CoreWeave, Hinge Health, Circle, Omada Health, Figure, Cerebras and SpaceX, each of which traded above IPO price as of Q2 2026.