First-Day IPO Trading Flops Threaten Next Wave of US Debuts

Zombie unicorn. There are a record 1,200 venture-backed unicorns that have yet to go public or get acquired, according to CB Insights

The biggest, Venture Global, is down 35% from its IPO price
https://www.bloomberg.com/news/articles/2025-02-18/first-day-ipo-trading-flops-threaten-next-wave-of-us-debuts