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.
Image by Alexsander-777 from Pixabay
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.
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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.
8. American Healthcare REIT, Inc. (NYSE:AHR)
Date of the IPO: February 7, 2024
% growth since IPO: 225.99%
American Healthcare REIT, Inc. (NYSE:AHR) secures a spot in the list of 11 best performing IPOs in the last 2 years. The company’s outlook shines with a positive second quarter and a consensus Buy rating from 11 analysts.
The company reported revenue of $542.5 million for the second quarter, a 7.5% growth over the same period last year. Its EPS has also seen a rise, reaching $0.42 compared to $0.01 in the previous year’s quarter. Additionally, on August 8, 2025, American Healthcare REIT, Inc. (NYSE:AHR) announced a new ATM Equity Offering Sales Agreement with multiple financial institutions, allowing for the sale of up to $1 billion in common stock. The funds are expected to be used to expand its portfolio through new acquisitions.
CNN noted a consensus Buy rating from 11 analysts, with an upside potential of 8.13% as of September 16, 2025, reflecting their confidence in the company’s future growth value.
American Healthcare REIT, Inc. (NYSE:AHR)’s initial public offering was on February 7, 2024, and since its IPO, it has seen a growth of 225.99%.
American Healthcare REIT, Inc. (NYSE:AHR) was founded in 2006. Operating from its headquarters in California, REIT acquires and manages a diversified portfolio of healthcare properties. It specializes in facilities such as medical office buildings, senior housing, and skilled nursing facilities.
7. Astera Labs, Inc. (NASDAQ:ALAB)
Date of the IPO: March 20, 2024
% growth since IPO: 230.41%
Astera Labs, Inc. (NASDAQ:ALAB) makes it on our list of 11 best performing IPOs in the last 2 years. The company’s top executives are cashing in on major stock sales amid the stock’s rising price target.
On August 5, 2025, Astera Labs, Inc. (NASDAQ:ALAB) reported an increase in its second-quarter revenue for 2025 by 150% compared to the same quarter the previous year, reaching $191.9 million. The growth was attributed to the strategic relationships with NVIDIA and Alchip Technologies that enhanced the company’s foothold in the AI market.
Following the positive second quarter, various top executives cashed in on their stocks. This includes significant sales of 100,000 shares for $19,118,421 by the company’s CFO, Michael Truett Tate, on August 14, 2025. Additionally, analysts have massively raised the stock’s price target. The most recent shift comes from Deutsche Bank which elevated the price target from $160 to $200, while maintaining the Buy rating in September 2025.
Since its IPO issue on March 20, 2024, the company’s value has increased significantly, achieving a growth of 230.41% to date and peaking its appeal among investors.
Headquartered in California, Astera Labs, Inc. (NASDAQ:ALAB) is a leading semiconductor company specializing in designing “intelligent connectivity” solutions. Founded in 2017, the company addresses performance bottlenecks in artificial intelligence and cloud computing infrastructure.
6. Unusual Machines, Inc. (NYSE:UMAC)
Date of the IPO: February 14, 2024
% growth since IPO: 266.22%
Unusual Machines, Inc. (NYSE:UMAC) ranks among our list of 11 best performing IPOs in the last 2 years. The company entered into $300 million capital sales agreement and completed the acquisition of Rotor Lab amid record growth in revenue and a loss in EPS.
The company’s second-quarter earnings report, released on August 14, 2025, recorded a revenue of $2.12 million, marking a 51% increase year-over-year. However, its EPS was still at a loss of -$0.32, falling behind the forecasted -$0.15. But following the quarter, the company has taken strategic steps to improve its performance.
Primarily, on August 28, 2025, Unusual Machines, Inc. (NYSE:UMAC) entered into a Capital on Demand™ Sales Agreement that allows the company to issue $300 million of its common stock over time, thus raising its financial stability. Later, on September 3, 2025, it successfully acquired Rotor Lab Pty Ltd, an Australian company specializing in electric motors for unmanned aerial systems. The acquisition, valued at $7 million, is anticipated to optimize the company’s product portfolio with high-performance motors for commercial and defense applications.
The IPO for the company was on February 14, 2024, and it has experienced a massive growth of 266.22% since then.
Founded in 2019, Unusual Machines, Inc. (NYSE:UMAC) is a technology company specializing in the commercial drone industry. The Florida-based company designs, manufactures, and sells advanced drone components, including its well-known FPV (first-person view) goggles, as well as complete drones for both consumer and enterprise markets.
5. Life360, Inc. (NASDAQ:LIF)
Date of the IPO: June 6, 2024
% growth since IPO: 277.63%
Life360, Inc. (NASDAQ:LIF) holds a spot in our list of 11 best performing IPOs in the last 2 years. The company announces a new partnership following a strong quarter and frequent stock sales from its top executives.
For the quarter ending June 2025, the company posted revenue of $115.38 million, significantly topping its revenue of $84.86 million from a year ago. Its EPS stands at $0.08 per share, beating the forecasted $0.02 per share by a wide margin. Following the results, the market becomes bullish towards the stock, with analysts raising their price target significantly. UBS, for instance, elevated its price target from $71 to $85.
There have been frequent stock sales from the top executives as well, with the most recent being the sales of 17,764 shares by Life360, Inc. (NASDAQ:LIF)’s CEO, Lauren Antonoff, on September 8, 2025, in a transaction valued at $1,614,747. The sale was followed by the company’s announcement of a new partnership with AccuWeather, which, according to the CEO, combines the company’s real-time location technology with the most trusted weather alerts in the world.
Life360, Inc. (NASDAQ:LIF)’s massive growth of 277.63% since its IPO has also gained the company a positive outlook from the market.
Life360, Inc. (NASDAQ:LIF) was founded in 2007 with its headquarters in California. As a technology company, it offers a popular mobile app that provides features such as real-time location sharing, driving safety reports, and emergency assistance.
4. GE Vernova Inc. (NYSE:GEV)
Date of the IPO: April 2, 2024
% growth since IPO: 359.73%
GE Vernova Inc. (NYSE:GEV) finds its way into our list of 11 best performing IPOs in the last 2 years. The consensus rating from 35 analysts remains a Buy, following positive second-quarter results and the acquisitions of Proficy by TPG.
On July 23, 2025, GE Vernova Inc. (NYSE:GEV) reported a revenue of $9.11 billion. Compared to the same quarter of 2024, the revenue has seen an increase of 11%. With the revenue projecting a positive outlook for the company, its backlog, which has increased by more than $5.2 billion sequentially, complements the stock’s attractiveness. In addition to this, the company also announced the acquisition of its Proficy manufacturing software business by TPG for $600 million, indicating access to potential capital for future operations.
With 35 analysts maintaining a consensus Buy rating on the stock, GE Vernova Inc. (NYSE:GEV) is also part of our list of 12 Jim Cramer Stock Picks this Week. The company’s growth since its IPO has reached a surprising 359.73% as of September 16, 2025.
GE Vernova Inc. (NYSE:GEV) is a spin-off of General Electric’s energy businesses. Founded in 2024, the global energy company aims to electrify and decarbonize the world by providing a wide range of power, wind, and electrification solutions. It operates from its headquarters in Massachusetts.
3. Core Scientific, Inc. (NASDAQ:CORZ)
Date of the IPO: January 20, 2024
% growth since IPO: 371.68%
Core Scientific, Inc. (NASDAQ:CORZ) gains an entry into our list of 11 best performing IPOs in the last 2 years. Despite the decline in revenue and mixed analyst opinions, the company’s upside potential remains positive.
Core Scientific, Inc. (NASDAQ:CORZ) announced revenue of $78.63 million for the quarter ended June 2025, a 44.3% year-over-year decline. It also fell back to the analyst’s estimated revenue by 2.28%. The decline was attributed to a 62% decrease in bitcoin mined, which brought the Digital asset self-mining revenue down to $62.4 million from $110.7 million in the prior-year period. On the other hand, the EPS of -$0.04 surpassed the anticipated EPS of -$0.07.
The second quarter results garnered mixed sentiments from analysts. While some analysts like Bernstein reaffirm their Buy rating on the stock, the ratings of most other analysts are tilted to Hold. The upside potential of the stock, as per CNN, stands at 5.07%.
Core Scientific, Inc. (NASDAQ:CORZ)’s IPO was issued on January 20, 2024, and since then, the company has had a growth of 371.68%, which contributes to its positive outlook.
Core Scientific, Inc. (NASDAQ:CORZ) is a leader in digital infrastructure. Headquartered in Delaware, the company specializes in providing high-density colocation services. It is known for operating dedicated data centers and currently transitioning to focus on AI-related workloads. The company was founded in 2017.
2. Reddit, Inc. (NYSE:RDDT)
Date of the IPO: March 21, 2024
% growth since IPO: 473.13%
Reddit, Inc. (NYSE:RDDT) secures a rank in our list of 11 best performing IPOs in the last 2 years. The company’s price target is raised amid significant second-quarter growth and the top executives’ sales.
On July 31, 2025, Reddit, Inc. (NYSE:RDDT) announced a 78% year-over-year growth in its revenue, reaching $500 million in the second quarter of 2025. The growth was a result of a 21% year-over-year increase in Daily Active Uniques (“DAUq”) to 110.4 million. Following these positive figures, the company’s top executives significantly cashed in on their stocks. The company’s COO sold $7.84 million in shares, and this was followed by the CFO’s sales of $6.5 million.
Meanwhile, multiple analysts have upgraded the stock’s price target. Oppenheimer raised it from $215 to $300 while Jefferies elevated the price target from $230 to $300, signaling a strong confidence in the company’s growth potential. Adding to this confidence is the company’s notable growth of 473.13% since it issued its IPO on March 21, 2024.
Reddit, Inc. (NYSE:RDDT) is a social news aggregation and discussion platform, founded in 2005 and headquartered in California. Its business model is centered on user-generated content, with posts organized into thousands of communities, known as “subreddits”. Using the platform, the users share content and engage in authentic conversations.
1. NANO Nuclear Energy Inc. (NASDAQ:NNE)
Date of the IPO: May 8, 2024
% growth since IPO: 728.16%
NANO Nuclear Energy Inc. (NASDAQ:NNE) claims a rank among our list of 11 best performing IPOs in the last 2 years. The company strengthens its position in the market following mixed results in Q3 2025.
On August 14, 2025, NANO Nuclear Energy Inc. (NASDAQ:NNE) reported its Q3 2025 fiscal results, highlighting a year-to-date operational loss of $35.8 million, a significant increase from the previous year. However, through a private placement, the company successfully raised $99 million, strengthening its cash position to $210.2 million.
Later, on August 27, 2025, NANO Nuclear Energy Inc. (NASDAQ:NNE) signed an MOU with Dioxitek S.A., establishing a non-binding framework through which both companies will evaluate the current capacities of uranium conversion to enrichment feedstock and its supporting infrastructure in Argentina, thus enhancing the company’s position in the nuclear market. On September 2, 2025, the company announced that it had been awarded a Direct to Phase II Small Business Innovation Research (SBIR), contract by AFWERX. The company can now scout the possibilities of deploying its advanced KRONOS MMR Energy System at Joint Base Anacostia-Bolling, JBAB, in Washington, D.C.
Since its IPO issue on May 8, 024, the company has significantly progressed as reflected in its growth value of 728.16%.
NANO Nuclear Energy Inc. (NASDAQ:NNE) is a developer of smaller, portable nuclear microreactors as a clean energy solution. Headquartered in New York, the company was founded in 2022, and its focus is on becoming a vertically integrated player in the nuclear energy sector.
While we acknowledge the potential of NNE to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than NNE and that has 100x upside potential, check out our report about this cheapest AI stock.
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