According to CoinMeta, as the initial public offering (IPO) of SpaceX has come to an end, the risk of investing in IPO has become as uncertain as flipping a coin. Despite the strong performance of the stock market over the past 52 weeks, the success rate of IPO remains low. Based on current holdings of Renaissance IPO ETF, many IPO have not performed well after going public. Taking Cerebras (CBRS) as an example, the company went public in May this year and reached a high of $386 on its first day of trading, but by last Wednesday it had fallen to around $216. As a highly anticipated IPO, its price quickly soared to $225 after listing, but it has now dropped back to around $140. Overall, investing in IPO has become a high-risk gamble, with a significant gap between the market's enthusiasm for new listings and their actual performance.