2025 年 IPO 反弹催生了 21 位新亿万富豪，但这些人在 IPO 首日持股价值达到至少 10 亿美元的头寸，之后平均下跌了 23%。许多上市呈现典型的动量行情：首日暴涨，随后随着交易回归常态、基本面信息出现而快速回吐。

跌幅最深的包括 Venture Global 联合创始人 Bob Pender 与 Mike Sabel：目前各约 68 亿美元，但较 1 月 23 日 IPO 开盘价下跌 71%，较当日高点下跌 72%；此前定价区间被下调逾 40%，随后业绩不及预期并在仲裁中败诉。Newsmax 创始人 Chris Ruddy 的持股曾因两天内涨超 2,200% 而在账面上超过 91 亿美元，但在约 80% 的单日暴跌后，目前约 3.40 亿美元（较 IPO −38%，较 4 月 1 日高点 −96%）。

大型科技与加密相关标的也大幅回撤：Figma 的 Dylan Field（20 亿美元）与 Evan Wallace（10 亿美元）较 7 月 31 日开盘价下跌 55%（较 8 月 1 日高点下跌 68%），此前首日上涨 250%；Bullish 的 Brendan Blumer（18 亿美元）与 Kokuei Yuan（16 亿美元）较 8 月 13 日开盘价下跌 54%，尽管其 11 亿美元发行获得超过 20 倍超额认购。少数仍高于发行价：Circle 的 Jeremy Allaire 较 6 月 5 日开盘价上涨 18%，但较 6 月 23 日高点下跌 69%；CoreWeave 较 3 月 28 日开盘价上涨 96%，但较 6 月 20 日高点下跌 58%；Figure 上涨 22%，Neptune 上涨 33%（较 12 月 24 日高点 −2%）。文中还提到 Fermi（−70%）、Klarna（−43%）、Gemini（−71%）以及 Webull（较 4 月 11 日 SPAC 成交价 −49%，较 4 月 14 日高点 −87%）等回落。

A 2025 IPO rebound minted 21 new billionaires, but their IPO-day $1B+ stakes have since fallen 23% on average. Many listings showed classic momentum spikes: outsized first-day pops, then sharp givebacks as trading normalized and fundamentals arrived.

The steepest drawdowns include Venture Global co-founders, who are $6.8B each today, but down 71% from the Jan. 23 IPO open and 72% from the same-day peak after a >40% range cut, weak earnings, and an arbitration loss. Newsmax founder briefly had a >$9.1B paper stake after a >2,200% two-day surge, but it is now about $340M (−38% vs IPO, −96% vs April 1 peak) after an 80% one-day drop.

Big tech/crypto names also retraced: Figma’s Dylan Field ($2B) and Evan Wallace ($1B) are −55% vs the July 31 open (−68% from Aug. 1 high) after a 250% first-day pop; Bullish founders are −54% vs Aug. 13 despite a $1.1B deal that was >20× oversubscribed. A few remain above offer: Circle’s Jeremy Allaire is +18% vs June 5 but −69% from the June 23 high; CoreWeave is +96% vs March 28 but −58% from its June 20 high; Figure is +22%, and Neptune is +33% (−2% from Dec. 24 high).