In this article, we will be looking at the 11 best performing IPOs in the last 2 years.
The market environment has been heavily influenced by the changes in monetary policies and global economic uncertainties. Sticky consumer price inflation had to be weighed against the U.S. labor market, which has been going soft recently, while investors are looking forward to a potential first rate cut this week from the Federal Reserve. According to Reuters, futures currently have about 70 basis points of cuts priced over the next three meetings, signaling optimism for a more supportive equity market.
This favorable stance from the Fed arrives at a time when global economic pressures are gaining strength. The expectation for additional stimulus grows every day, fueled by weak factory output and retail sales data from China, while the U.S.-China trade negotiations continue in Madrid. These developments have not restrained the market sentiment. For instance, MSCI’s Asia-Pacific ex-Japan index is near four-year highs, and South Korea’s Kospi recently hit a record after a planned tax hike on stock investments was scrapped.
The easing monetary policy alongside cautious optimism helps in turning the investors’ eyes towards IPOs. Let’s take a closer look at the 11 best performing IPOs over the last two years and see if they could spice up your portfolio.
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Our Methodology
When putting together our list of 11 best performing IPOs in the last 2 years, we followed a few criteria. Primarily, we have included only those stocks that have issued IPO in the last two years. For ranking the stocks, we have used their maximum growth rate since the date of their IPO. All the data used in the article was taken from financial databases and analyst reports, with all information updated as of September 16, 2025.
Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 373.4% since May 2014, beating its benchmark by 218 percentage points (see more details here).
11. Tempus AI, Inc. (NASDAQ:TEM)
Date of the IPO: June 14, 2024
% growth since IPO: 111.50%
Tempus AI, Inc. (NASDAQ:TEM) finds a spot in our list of 11 best performing IPOs in the last 2 years. The stock’s price target is raised following a strong second quarter and FDA approval for Tempus Pixel.
On August 08, 2025, Tempus AI, Inc. (NASDAQ:TEM) reported a second-quarter 2025 revenue of $314.6 million, an increase of 89.6%. The growth was attributed to a 115% increase in Genomics revenue driven by strong oncology volume growth. Later, on September 11, 2025, the company also announced acquiring 510(k) clearance from the U.S. Food and Drug Administration (FDA) for its updated Tempus Pixel. This AI-powered cardiac imaging platform’s new update allows the generation of T1 and T2 inline maps, thus optimizing the device’s capabilities for cardiac MR image analysis.
Following these developments, H.C. Wainwright raised the stock’s price target from $90 to $98, while maintaining the Buy rating, signaling an upside potential for the stock. Since its IPO, the company has achieved a notable growth of 111.50%, adding to its positive outlook.
Tempus AI, Inc. (NASDAQ:TEM) was founded in 2015 and is headquartered in Illinois. Established under the healthcare technology sector, the company is a leader in applying artificial intelligence to clinical and molecular data to advance precision medicine, thus creating more effective treatments for patients.
10. BrightSpring Health Services, Inc. (NASDAQ:BTSG)
Date of the IPO: January 26, 2024
% growth since IPO: 147.09%
BrightSpring Health Services, Inc. (NASDAQ:BTSG) gains a rank in our list of 11 best performing IPOs in the last 2 years. The company sees its price target elevated by analysts following a positive second quarter and an upward change in revenue and adjusted EBITDA guidance.
BrightSpring Health Services, Inc. (NASDAQ:BTSG) announced a 29% year-over-year revenue growth, reaching $3.1 billion for Q2 2025. Its earnings call transcript, released on August 1, 2025, further indicated a growth in revenue in its Pharmacy Solutions by 32% year-over-year, with specialty scripts experiencing a 38% increase. Following such strong performance, the company elevated its 2025 revenue and adjusted EBITDA guidance, signaling a positive outlook.
Subsequently, many analysts have raised their price target on the stock. Deutsche Bank, for instance, raised the price target from $25 to $30 while Bank of America increased it from $27.50 to $31. The consensus rating on the stock remains a Buy.
BrightSpring Health Services, Inc. (NASDAQ:BTSG) has shown significant growth since its IPO, with the % growth to date standing notably at 147.09%.
BrightSpring Health Services, Inc. (NASDAQ:BTSG) is a leading healthcare company founded in 1974. Headquartered in Kentucky, the company specializes in providing home and community-based health and pharmacy services to people with complex health needs.
9. GRAIL, Inc. (NASDAQ:GRAL)
Date of the IPO: June 25, 2024
% growth since IPO: 169.02%
GRAIL, Inc. (NASDAQ:GRAL) holds a place on our list of 11 best performing IPOs in the last 2 years. Major sales by top executives at the company follow a strong positive second quarter.
On August 12, 2025, GRAIL, Inc. (NASDAQ:GRAL) reported revenue of $35.5 million for the second quarter, surpassing the previous by 11%. Strong demand for the company’s products was exemplified by solid sales of more than 45,000 Galleri tests during the quarter. Additionally, the partnerships with major health systems such as Rush University System for Health and the positive updates from the PATHFINDER 2 study in cancer detection further enhance the company’s positive outlook.
Subsequently, on August 20, 2025, GRAIL, Inc. (NASDAQ:GRAL)’s President Joshua J. Ofman made a significant sale of 4,202 shares amounting to a total of $134,548. The company’s CFO, Aaron Freidin, also engaged in sales, selling 877 shares in a transaction valued at $28,081.
With the top executives’ sales signaling an increase in share value, the company’s growth to date stands tall at 169.02% since its IPO on June 25, 2024.
Founded in 2015, GRAIL, Inc. (NASDAQ:GRAL) is a healthcare company with the mission of detecting cancer early. The California-based company uses a blood test, known as Galleri, that uses next-generation sequencing and data science to identify multiple cancer types before symptoms appear.
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