Grade Distribution
How the class stacks up
A+
A
B
C
D
F
A+10 (13%)
A9 (12%)
B14 (18%)
C21 (27%)
D13 (17%)
F10 (13%)
Report Cards by Vintage
Which class year holds up?
The year a company went public matters as much as what it built. The 2021 ZIRP class is still paying for its valuation sins — later vintages priced more honestly.
Class of
2021
IPOs54
Avg score67/100
Above water28%
ValedictorianBROS +183%
Class clownLVLU -95%
Class of
2022
IPOs2
Avg score62/100
Above water0%
ValedictorianPYCR +0%
Class clownMBLY -57%
Class of
2023
IPOs5
Avg score83/100
Above water60%
ValedictorianARM +403%
Class clownBIRK -4%
Class of
2024
IPOs7
Avg score72/100
Above water86%
ValedictorianRBRK +150%
Class clownIBTA -64%
Class of
2025
IPOs9
Avg score44/100
Above water22%
ValedictorianCRWV +83%
Class clownSTUB -59%
Leaderboard
Every IPO, graded
Click any row for the full grade breakdown.
| # | Profitable | |||||
|---|---|---|---|---|---|---|
| 1 | Arm HoldingsARM Sep 2023 | Sep 14, 2023 | +402.8% $51 → $256.41 | +49% | Yes | A+ |
| 2 | Dutch BrosBROS Sep 2021 | Sep 15, 2021 | +182.6% $23 → $65.00 | +292% | Yes | A+ |
| 3 | Robinhood MarketsHOOD Jul 2021 | Jul 29, 2021 | +180.7% $38 → $106.68 | +208% | Yes | A+ |
| 4 | AppLovinAPP Apr 2021 | Apr 15, 2021 | +447.6% $80 → $438.08 | +226% | Yes | A+ |
| 5 | DigitalOcean HoldingsDOCN Mar 2021 | Mar 24, 2021 | +148.7% $47 → $116.88 | +146% | Yes | A+ |
| 6 | Hims & Hers HealthHIMS Jan 2021 | Jan 20, 2021 | +240.7% $10 → $34.07 | +1155% | Yes | A+ |
| 7 | On HoldingONON Sep 2021 | Sep 15, 2021 | +58.7% $24 → $38.09 | +397% | Yes | A+ |
| 8 | SoFi TechnologiesSOFI Jun 2021 | Jun 1, 2021 | +73.8% $10 → $17.38 | +319% | Yes | A+ |
| 9 | Instacart (Maplebear)CART Sep 2023 | Sep 19, 2023 | +53.6% $30 → $46.09 | +33% | Yes | A+ |
| 10 | DuolingoDUOL Jul 2021 | Jul 28, 2021 | +25.6% $102 → $128.13 | +199% | Yes | A+ |
| 11 | RubrikRBRK Apr 2024 | Apr 25, 2024 | +149.7% $32 → $79.90 | +41% | No | A |
| 12 | RedditRDDT Mar 2024 | Mar 21, 2024 | +451.6% $34 → $187.55 | +62% | No | A |
| 13 | Astera LabsALAB Mar 2024 | Mar 20, 2024 | +780.4% $36 → $316.95 | +241% | No | A |
| 14 | Cava GroupCAVA Jun 2023 | Jun 15, 2023 | +203.0% $22 → $66.67 | +62% | No | A |
| 15 | CoreWeaveCRWV Mar 2025 | Mar 28, 2025 | +83.2% $40 → $73.28 | +93% | No | A |
| 16 | SamsaraIOT Dec 2021 | Dec 16, 2021 | +63.4% $23 → $37.59 | +296% | No | A |
| 17 | Affirm HoldingsAFRM Jan 2021 | Jan 13, 2021 | +63.7% $49 → $80.20 | +356% | No | A |
| 18 | DoximityDOCS Jun 2021 | Jun 24, 2021 | -14.5% $26 → $22.24 | +175% | Yes | A |
| 19 | SquarespaceSQSP May 2021 | May 19, 2021 | -12.0% $50 → $44.00 | +69% | Yes | A |
| 20 | Iris EnergyIREN Nov 2021 | Nov 17, 2021 | +26.8% $28 → $35.49 | +49900% | No | B |
| 21 | Roblox CorporationRBLX Mar 2021 | Mar 10, 2021 | +20.8% $45 → $54.34 | +311% | No | B |
| 22 | KlaviyoKVYO Sep 2023 | Sep 20, 2023 | -41.1% $30 → $17.66 | +98% | Yes | B |
| 23 | Paycor HCMPYCR Jul 2022 | Jul 22, 2022 | +0.0% $22 → $22.00 | +64% | No | B |
| 24 | Remitly GlobalRELY Sep 2021 | Sep 24, 2021 | -40.4% $43 → $25.62 | +406% | Yes | B |
| 25 | ToastTOST Sep 2021 | Sep 22, 2021 | -24.3% $40 → $30.30 | +503% | Yes | B |
| 26 | Integral Ad ScienceIAS Jun 2021 | Jun 30, 2021 | -42.6% $18 → $10.34 | +138% | Yes | B |
| 27 | Payoneer GlobalPAYO Jun 2021 | Jun 25, 2021 | -29.1% $10 → $7.09 | +173% | Yes | B |
| 28 | ConfluentCFLT Jun 2021 | Jun 24, 2021 | +11.1% $36 → $40.00 | +285% | No | B |
| 29 | Kanzhun (BOSS Zhipin)BZ Jun 2021 | Jun 11, 2021 | -20.4% $19 → $15.13 | +258% | Yes | B |
| 30 | monday.comMNDY Jun 2021 | Jun 10, 2021 | -48.7% $155 → $79.59 | +504% | Yes | B |
| 31 | dLocalDLO Jun 2021 | Jun 3, 2021 | -30.3% $21 → $14.63 | +598% | Yes | B |
| 32 | Coinbase GlobalCOIN Apr 2021 | Apr 14, 2021 | -35.1% $250 → $162.22 | +475% | Yes | B |
| 33 | OneStreamOS Jul 2024 | Jul 24, 2024 | +60.0% $20 → $32.00 | +27% | No | B |
| 34 | GlobalFoundriesGFS Oct 2021 | Oct 28, 2021 | +22.4% $47 → $57.55 | +12% | Yes | C |
| 35 | ForgeRockFORU Sep 2021 | Sep 16, 2021 | -7.0% $25 → $23.25 | +40% | No | C |
| 36 | CouchbaseBASE Jul 2021 | Jul 22, 2021 | -16.7% $24 → $20.00 | +66% | No | C |
| 37 | Circle Internet GroupCRCL Jun 2025 | Jun 5, 2025 | +98.8% $31 → $61.63 | +1% | Yes | C |
| 38 | Tempus AITEM Jun 2024 | Jun 14, 2024 | +42.5% $37 → $52.73 | +31% | No | C |
| 39 | Birkenstock HoldingBIRK Oct 2023 | Oct 11, 2023 | -4.2% $46 → $44.09 | +19% | Yes | C |
| 40 | LegalZoom.comLZ Nov 2021 | Nov 12, 2021 | -69.6% $26 → $7.90 | +50% | Yes | C |
| 41 | SprinklrCXM Jun 2021 | Jun 23, 2021 | -63.3% $16 → $5.87 | +80% | Yes | C |
| 42 | TaskUsTASK Jun 2021 | Jun 11, 2021 | -74.0% $23 → $5.98 | +61% | Yes | C |
| 43 | ZipRecruiterZIP May 2021 | May 26, 2021 | -76.7% $18 → $4.20 | +80% | Yes | C |
| 44 | OloOLO Mar 2021 | Mar 17, 2021 | -73.5% $17 → $4.50 | +124% | Yes | C |
| 45 | LifeMDLFMD Jan 2021 | Jan 6, 2021 | -68.0% $14 → $4.48 | +330% | Yes | C |
| 46 | InformaticaINFA Oct 2021 | Oct 28, 2021 | +34.5% $29 → $39.00 | +16% | No | C |
| 47 | AvidXchange HoldingsAVDX Oct 2021 | Oct 13, 2021 | -43.2% $22 → $12.50 | +88% | No | C |
| 48 | Warby ParkerWRBY Sep 2021 | Sep 29, 2021 | -31.6% $40 → $27.35 | +95% | No | C |
| 49 | SentinelOneS Jun 2021 | Jun 30, 2021 | -43.6% $35 → $19.73 | +696% | No | C |
| 50 | MarqetaMQ Jun 2021 | Jun 9, 2021 | -34.0% $27 → $17.83 | +78% | No | C |
| 51 | Procore TechnologiesPCOR May 2021 | May 20, 2021 | -28.5% $63 → $45.02 | +188% | No | C |
| 52 | Oatly GroupOTLY May 2021 | May 20, 2021 | -40.9% $17 → $10.04 | +90% | No | C |
| 53 | CompassCOMP Apr 2021 | Apr 1, 2021 | -32.4% $18 → $12.17 | +51% | No | C |
| 54 | Playtika HoldingPLTK Jan 2021 | Jan 15, 2021 | -84.7% $27 → $4.12 | +37% | Yes | C |
| 55 | Waystar HoldingWAY Jun 2024 | Jun 6, 2024 | +8.3% $21.5 → $23.28 | +17% | No | D |
| 56 | HashiCorpHCP Dec 2021 | Dec 8, 2021 | -56.3% $80 → $35.00 | +115% | No | D |
| 57 | SweetgreenSG Nov 2021 | Nov 18, 2021 | -77.9% $28 → $6.20 | +207% | No | D |
| 58 | BrazeBRZE Nov 2021 | Nov 17, 2021 | -59.6% $65 → $26.23 | +275% | No | D |
| 59 | UdemyUDMY Oct 2021 | Oct 29, 2021 | -58.6% $29 → $12.00 | +82% | No | D |
| 60 | GitLabGTLB Oct 2021 | Oct 14, 2021 | -58.6% $77 → $31.88 | +399% | No | D |
| 61 | AmplitudeAMPL Sep 2021 | Sep 27, 2021 | -80.7% $50 → $9.63 | +107% | No | D |
| 62 | Blend LabsBLND Jul 2021 | Jul 16, 2021 | -90.1% $18 → $1.79 | +61% | No | D |
| 63 | UiPathPATH Apr 2021 | Apr 21, 2021 | -78.4% $56 → $12.11 | +135% | No | D |
| 64 | CourseraCOUR Mar 2021 | Mar 31, 2021 | -83.0% $33 → $5.62 | +137% | No | D |
| 65 | BumbleBMBL Feb 2021 | Feb 11, 2021 | -93.0% $43 → $3.03 | +81% | No | D |
| 66 | eToro GroupETOR May 2025 | May 14, 2025 | -27.3% $52 → $37.80 | +7% | Yes | D |
| 67 | Mobileye GlobalMBLY Oct 2022 | Oct 26, 2022 | -57.5% $21 → $8.93 | +19% | Yes | D |
| 68 | NetskopeNTSK Sep 2025 | Sep 18, 2025 | -27.9% $19 → $13.70 | +22% | No | F |
| 69 | IbottaIBTA Apr 2024 | Apr 18, 2024 | -63.9% $88 → $31.73 | +7% | Yes | F |
| 70 | Chime FinancialCHYM Jun 2025 | Jun 12, 2025 | -19.0% $27 → $21.88 | +2% | No | F |
| 71 | BullishBLSH Aug 2025 | Aug 13, 2025 | -35.5% $37 → $23.86 | +10% | No | F |
| 72 | FigmaFIG Jul 2025 | Jul 31, 2025 | -28.7% $33 → $23.53 | +10% | No | F |
| 73 | Gemini Space StationGEMI Sep 2025 | Sep 12, 2025 | -72.8% $17 → $4.63 | +6% | No | F |
| 74 | StubHub HoldingsSTUB Sep 2025 | Sep 17, 2025 | -58.8% $23.5 → $9.68 | +0% | No | F |
| 75 | ExpensifyEXFY Nov 2021 | Nov 11, 2021 | -93.4% $27 → $1.79 | +4% | No | F |
| 76 | PoshmarkPOSH Jan 2021 | Jan 14, 2021 | -57.4% $42 → $17.90 | +1% | No | F |
| 77 | Lulu's Fashion LoungeLVLU Nov 2021 | Nov 10, 2021 | -95.3% $8.5 → $0.40 | -3% | No | F |
The Money Chart
Revenue growth vs. price return
Bubble size = latest annual revenue. Color = letter grade. Top-right is where you want to live: the business grew and the market paid you for it. Bottom-right is the trap — revenue up, stock down, valuation sins still being digested.
By Sector
Which sectors are winning?
Average composite score by sector. Higher is better.
Top 5 — The Winners
1
Arm Holdings
ARM
+403%A+
2
Dutch Bros
BROS
+183%A+
3
Robinhood Markets
HOOD
+181%A+
4
AppLovin
APP
+448%A+
5
DigitalOcean Holdings
DOCN
+149%A+
Bottom 5 — The Graveyard
77
Lulu's Fashion Lounge
LVLU
-95%F
76
Poshmark
POSH
-57%F
75
Expensify
EXFY
-93%F
74
StubHub Holdings
STUB
-59%F
73
Gemini Space Station
GEMI
-73%F
Methodology
How we grade
Each IPO is scored on a 100-point scale across three dimensions. Price performance uses the offer price as the baseline. Revenue growth compares latest annual revenue to revenue at time of IPO. Profitability rewards companies that have reached or are approaching breakeven.
| Component | Weight | Best Case | Worst Case |
|---|---|---|---|
| Price vs. IPO Price | 35 pts | +100%+ → 35 pts | -50%+ down → 0 pts |
| Revenue Growth (YoY) | 35 pts | +40%+ → 35 pts | Negative → 0 pts |
| Profitability | 30 pts | Profitable + growing → 30 pts | Burning cash → 0 pts |
A+
90–100
A
80–89
B
70–79
C
60–69
D
50–59
F
< 50
Value Add VC
The market doesn't grade on a curve. Neither do we.
Grades update as prices move and earnings drop. Bookmark this page — it's a living document, not a snapshot.
Built by Trace Cohen — @Trace_Cohen