2025 SaaS IPO Cohort Carnage: Median Return -34% from First-Day Close — Figma Down 77%

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Sapphire Ventures data shows the 2025 enterprise software IPO cohort (10 IPOs, $7.1B raised) produced a median return of -34% from first-day close. Figma is down 77% and MNTN down 62%. Secondary market prices averaged 66% of last-round valuation by December 2025. While the 2026 pipeline includes potential mega-IPOs (SpaceX/xAI, Anthropic, OpenAI), the window remains effectively closed for mid-tier SaaS companies. Public markets are pricing traditional SaaS as a declining asset class, creating a two-tier exit environment: AI-native companies may IPO at massive scale while traditional SaaS stays private.