By Doug Busch
Initial public offerings offer investors a fresh lens on the market and, in some cases, a chance to uncover overlooked opportunities.
This year's IPO market will be dominated by familiar names like SpaceX, OpenAI, and Anthropic. SpaceX in particular is expected to be a massive capital draw, with a valuation potentially in the trillion-dollar range (not a typo).
For the fortunate names that came public in 2025, some are beginning to look appealing from a technical perspective. These "immature" plays often need several months to carve out legitimate bases before offering a compelling entry point. But once the initial volatility fades, IPOs can become fertile ground for investors.
To be fair, 2025 produced plenty of IPO doozies that investors would be wise to avoid until they demonstrate real technical fortitude. Crypto linked stocks are among the most glaring examples. Bullish is now down 67% from its debut peak on Aug. 13, a session that saw an abrupt reversal and a close 50 points off its intraday high. Circle has fallen 76% from its June 23 peak, soundly rejected at the round $300 level during the middle session of a bearish evening star. Even in software, once a highflying sector, Figma has struggled, sitting 81% below its most recent 52-week highs and having posted weekly gains only eight times since its August debut.
Other 'Class of 2025' IPOs are beginning to show signs of life. StubHub Holdings is now down 47% from its Sept. 17 debut but a bullish piercing line candle on Nov. 21 at the round $10 level suggests the stock is attempting to firm up above a bullish ascending triangle pivot at $15, potentially paving the way toward $20 by mid 2026. Industrial newcomer Legence is forming a bull flag just below the round $50 mark, with a trajectory that could take it toward $70 by year end. In healthcare, HeartFlow, focused on cardiovascular diagnostics, appears to be building a handle on a double bottom base, setting the stage for a potential breakout.
Against that backdrop, here are three compelling 2025 IPOs poised to make their mark in 2026:
Venture Global, a player in the natural gas space, was glad to put 2025 behind it. The stock still sits 65% below its most recent 52-week high, but has already climbed more than 30% in 2026 and is adding another 7% this morning following an arbitration win against Repsol. VG is on a five-week winning streak, suggesting momentum could continue.
The daily chart tells the story of a turbulent first year. An ominous doji candle on the debut exactly one year ago set the stage for the sell off that followed. Round number theory came into play with a bearish engulfing candle at $20 on June 23, which preceded a 71% decline until a doji on Dec. 16 signaled the potential turnaround. Since then, VG has climbed back near $10, with the right side of a double bottom base potentially forming. The 50- and 200-day simple moving averages, along with the 21-day exponential moving average, all sloping higher. A pullback to $9.50 could offer an entry point, targeting $13 by mid 2026, corresponding to a gain of 37% from current prices. Stay bullish above $8.
Venture Global was trading around $9.75 Friday.
Miami International Holdings, a capital markets exchange operator, is digesting a sharp run. The stock nearly doubled from its Aug. 13 debut to a peak on Nov. 12 and advanced in 11 of its first 13 weeks. It has since fallen in six of the last 10 seeks, setting the stage for what could be the next leg higher. Confidence is boosted by peers like Nasdaq, which is holding just above a cup base breakout pivot near the very round $100 level. These moves suggest exchange stocks remain technically constructive.
Give Miami International Holdings credit for holding up well against the broader financial industry, as measured by the State Street Financial Select Sector SPDR ETF on the ratio chart. The stock paused near the round $50 level in mid November and has now climbed above its 21 day exponential moving average, forming the early stages of a double bottom base. Bulls will want to see the 50-day simple moving average begin to slope higher. But an entry here, with the ability to add above the double bottom pivot at $48.52, looks reasonable. A move toward $58 in the second half of the year would represent roughly 32% upside, with support intact above $41.25.
Miami International Holdings was trading around $43 Friday.
BillionToOne, a healthcare diagnostics company, trades about 38% below its 52-week high set in November. Bulls are hoping it can follow in the footsteps of a peer like GRAIL, which is now sitting at a cup with handle pivot near $109.03 and has surged nearly 400% over the past year.
Looking at the daily chart, BLLN's weakness began with consecutive spinning top candles on Nov. 26-28, sparking a 43% drawdown over a five of seven week losing streak. Bullish signs emerged with back-to-back doji candles on Jan. 20-21, which often signal a potential shift in trend. I often like to mention there's no need to buy a falling knife until a technical catalyst appears, and this setup provides a favorable risk/reward. Resistance has formed at the round $100 level over the past six weeks. But an entry here, with an add above the $102.08 double bottom pivot, looks reasonable. If momentum holds, the stock could reach $125 by mid 2026, representing roughly 42% upside, with support intact above $78.
BillionToOne was trading around $90 Friday.
In a year set to be dominated by headline grabbing debuts, the real opportunity may lie in patiently watching which 2025 IPOs mature, where the patient investor could find the market's hidden gems.
Doug Busch is the senior technical analyst at Barron's Investor Circle . His technical view is added to stock picks, including those published exclusively for Investor Circle readers. A glossary of technical terms is updated regularly with new entries.
This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
January 23, 2026 10:23 ET (15:23 GMT)
Copyright (c) 2026 Dow Jones & Company, Inc.
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