America's IPO hotspots
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California, New York and Texas are the country's heavy-hitters when it comes to initial public offerings, per recent SEC data.
By the numbers: California had 33 IPOs in 2024, nearly a quarter of the nationwide total.
- New York had 26 (about 18% of the total), while Texas had 14 (about 10%).
- They're followed by Florida (11 overall), Massachusetts (8) and Utah (5).
How it works: That's based on the location of each company's HQ at the time of its public offering.
- Some companies incorporate elsewhere — often Delaware — for tax and legal reasons.
The big picture: There's been a rush of headline-grabbing IPOs this summer, with big day-one "pops" for offerings like crypto exchange operator Bullish and design software firm Figma.
Yes, but: Some of that energy has proven short-lived.
- Figma, for example, fell to $70.40 per share as of Aug. 25, down from $122 on Aug. 1 after its July 31 IPO. That's over a 40% dip.
- Still, Figma's initial success suggests a new playbook for attention-getting summer offerings, Axios' Dan Primack writes.
What's next: Cloud security provider Netskope filed last week to go public, joining a crowded field of firms planning post-Labor Day offerings.
- "Netskope is losing money, but that's been true of most 2025 tech offerings (minus Figma)," per Primack.
