2025 is set to be an exciting year for IPOs, as the IPO window fully reopens. In our 2024 US IPO Market Review, we estimated that IPO issuance this year could range from 155 to 195 deals, up from 150 last year. The year got off to a relatively active start, as sizable IPO filings reached a three-year high, and IPOs raised over $3 billion in January alone. Below we highlight major themes among upcoming 2025 IPOs, with a focus on tech and artificial intelligence (AI), fintech and financials, consumer brands, and biotech and med-tech.
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Tech and AI IPOs
Technology IPOs have been notably absent since 2022, but rising public market valuations and a mounting backlog of pre-IPO companies both point to a rebound on the horizon. Recent advances in AI and machine learning, coupled with a surge in investor interest, have turbocharged private funding rounds for AI companies, fueling a pipeline of IPO candidates for years. While most pure-play large language model IPOs remain years away, the 2025 AI IPOs that do come will likely attract significant investor interest, and our 2025 IPO shortlist includes many companies heavily involved in AI. Listings are also expected from other areas in tech, including cybersecurity and enterprise software. Here are some of the tech companies most likely to go public in 2025.
Databricks: AI-driven data analytics platform Databricks has been one of the most-watched IPO candidates for years. The company has raised nearly $14 billion in funding, most recently at a $62 billion valuation. Databricks’ CEO first teased an IPO in 2021, and has since pursued numerous avenues to provide liquidity to employees and other existing shareholders. The company also made multiple acquisitions in 2024. In December, its CEO said that it could “theoretically” go public as soon as 2025. A hot IPO market may incentivize the company to make that a reality.
Genesys: The 35-year-old customer communication software provider Genesys is no stranger to public markets. The company, which was briefly public in the late 1990s, has reportedly weighed a return to public markets since 2021. After deferring an IPO for over three years, signs now point to the company making a serious push to go public soon. Genesys, which has increasingly promoted the AI aspects of its software in recent years, reportedly hired a number of major investment banks for a listing this past September. The company also announced it confidentially filed for an IPO in October.
SailPoint: Identity governance software provider SailPoint, another once-public company, is also looking at re-listing on public markets. Thoma Bravo, which has taken a number of sizable tech names private in recent years, re-acquired SailPoint in 2022 for $6.9 billion. Now, the company is due to make an imminent return to public markets in February.
Cerebras Systems: Semiconductor and supercomputer Cerebras Systems is aiming to cash in on hot investor demand for chip stocks with an IPO. The company, which claims its semiconductors and supercomputers are more efficient for AI training, submitted paperwork to go public at the end of September. However, it was rumored to delay its IPO due to a regulatory review connected to an investor’s stake. The potentially $800 million IPO could resume soon, dependent on the review.
CoreWeave: Investor interest surrounding AI has also boosted companies providing the hardware needed to run it. One IPO candidate that could stand to benefit from this is CoreWeave, which rents out cloud-based computing hardware. The company has exploded in valuation over the past three years, from $2 billion in April 2023, to $23 billion in October 2024. Now, the company is plotting a listing that could value it at over $35 billion. CoreWeave has reportedly tapped banks for an IPO that could come as soon as the second quarter of this year.
AppsFlyer: The CEO of marketing analytics platform AppsFlyer has said that going public is a “big component” of his vision. Now, he appears closer than ever to achieving that. After raising multiple funding rounds in 2020, AppsFlyer turned profitable in 2023, and this past June it reportedly tapped banks for an IPO that could come early this year.
Wildcards: Fresh off of massive funding rounds, the vast majority of AI startups are targeting IPOs further out than 2025, but while unicorns like OpenAI and Anthropic don’t seem likely this year, it’s feasible that we’ll see a wave of AI IPOs make the leap. Upcoming AI IPO candidates include SymphonyAI, ElevenLabs, Waymo, Scale AI, Grammarly, Perplexity AI, and Anduril Industries. Of course, as DeepSeek showed, the space is rapidly evolving and already being disrupted.
Fintech and Financial IPOs
Fintech stocks were among the hardest-hit during the 2022 sell-off, with industry stalwarts like PayPal, Block, Robinhood, and Affirm losing between 75% and 90% of their value from peak to trough. Now that valuations have started to rebound, a crop of notable fintech firms are readying IPOs. Likely 2025 fintech IPOs include well-known names in consumer lending, payments, and retail trading. Here are some of the fintech companies most likely to go public in 2025.
Chime Financial: Fintech Chime provides an array of personal finance and banking services, such as accounts without overdraft fees, secured credit cards, and direct deposits that allow customers to get paid early. The company had raised over $2 billion by 2021, when it reportedly began working on an IPO. Since then, it has worked towards profitability, and recently restarted work on a listing. Chime’s CEO has touted the company as “IPO-ready,” and it has reportedly confidentially filed and tapped Morgan Stanley for a listing that could come this year.
Klarna: Buy-now-pay-later firm Klarna first began eyeing a listing four years ago, during the heyday of fintech valuations, before it became the poster child of the fintech unicorn bloodbath when its value sank from $46 billion to $7 billion in less than a year. Now the 20-year-old Swedish firm is gearing up for a comeback story. Partnering with payments firms and online merchants, its installment-based payment plans have become ubiquitous in e-commerce. The company has raised over $4 billion, and turned an operating profit in the first half of 2024 (it issues bi-annual financial reports). Klarna announced it had confidentially filed in September, and has reportedly enlisted about a dozen banks since then to work on an IPO. The company could debut on public markets in the first half of 2025.
eToro: Based in London, eToro has risen to become one of the leading retail trading platforms in recent years. Competing against industry leader Robinhood, eToro allows retail investors to trade stocks, crypto, commodities, and currencies. The company had previously inked an agreement to go public via SPAC a number of years ago (a route taken by rivals SoFi and Webull), but it has since opted for an IPO. In 2024, CEO Yoni Assia said eToro is waiting for “the right time and the right market” to go public, and has reportedly confidentially filed and hired banks for a US IPO within the past couple of months.
Wildcards: Stripe and Circle. Payments firm Stripe is one of the biggest US unicorns, valued at $65 billion, but has repeatedly shown that it is in no rush to go public; even still, rising fintech valuations and the right growth story could finally lure Stripe to IPO. Meanwhile, USDC stablecoin issuer Circle has eyed a listing for more than three years, and its IPO prospects now look brighter thanks to a spike in crypto prices along with a new crypto-friendly administration.
Consumer IPOs
A number of consumer brands have gone public in the past three years in spite of the slow IPO market, with notable successes from restaurant group CAVA, sports and apparel company Amer Sports, cruise line Viking, and sandal maker Birkenstock. Strong consumer spending supports a robust listing environment in 2025, and our private backlog features entertainment, apparel, food and drink, and more. Here are some of the consumer companies most likely to go public in 2025.
StubHub: Exiting the Covid-19 pandemic, consumer spending on live experiences has rebounded strongly, to the benefit of event ticket marketplace StubHub. The company filed confidentially for a listing in 2022, and seemed to progress towards a listing until last summer, when it reportedly delayed its IPO. While ticketing peers Ticketmaster (Live Nation) and Vivid Seats had a soft 3Q24, now that the IPO window is opening wider in 2025, StubHub looks ready to resume its listing plans.
SeatGeek: One of StubHub’s closest rivals, online ticket marketplace SeatGeek has also moved towards an IPO. The company aimed to go public via SPAC in 2021, but then called off those plans a year later. SeatGeek has since raised funding at a $1 billion valuation, and reportedly tapped banks, confidentially filed, and spoken to potential investors about a listing.
New Era Cap: Capmaker New Era is far from the typical IPO candidate. At over 100 years old, the family-run company has teased turning to public markets to aid in its succession plan. In late 2023, it was said to have hired JP Morgan for an IPO. Last summer, the company acquired rival sports-focused hatmaker ’47. It was reported that after the acquisition closed, it would turn its focus towards going public.
Panera Brands: After being acquired by JAB for $7.5 billion in 2017, popular café chain Panera aims to return to public markets. The company was rumored to have submitted confidential filings at the tail end of 2023, and has spent the past two years reshuffling its top management, and weighing a sale of some of its ancillary brands.
Inspire Brands: Private equity firm Roark Capital has spent years building a chain restaurant behemoth, Inspire Brands, which it may soon look to IPO. The company franchises a number of well-known brands, including Arby’s, Buffalo Wild Wings, Dunkin’ Donuts, and more. Lead by a team of executives with lengthy experience in food and hospitality, the company could pursue a listing that values it at $20 billion this year.
Wildcards: In the past year, canned water brand Liquid Death doubled its valuation to $1.4 billion and onboarded a new CFO, while its CEO said he wants “optionality” regarding an IPO. Since withdrawing its IPO filing in 2022, yogurt brand Chobani has signaled another attempt may be in the works. Razor brand Harry’s has also reportedly explored a listing.
Industrial IPOs
A number of large industrials listings from recent years have traded up significantly in the aftermarket, which may encourage privately-held names go public. Top IPO candidates in the sector include logistics, aerospace, and building products firms. Here are some of the industrials companies most likely to go public in 2025.
ShipBob: Over the past year, e-commerce logistics firm ShipBob onboarded its first independent director, and reportedly hired JP Morgan and Citi for an IPO that could value it at $4 billion. Like several other startups, ShipBob was said to be planning a late-2024 IPO, now pushed to 2025.
Avianca Group: Latin American airline Avianca Group emerged from its pandemic-era bankruptcy in late 2021, and this past July it announced plans to confidentially file for a US IPO. Close peer LATAM Airlines Group, which also went bankrupt during the pandemic, went public on the NYSE this past summer, and has since traded up by more than 20%.
Specialty Building Products: Aptly-named building products distributor Specialty Building Products is likely to try to go public in 2025. The company filed for a Nasdaq listing in January 2022, just as the IPO market was freezing, before it withdrew its papers in February 2023. The company confidentially filed for an IPO this past July, and with a hotter IPO market in store for 2025, it looks primed to go public this time around.
Wildcards: Unlike closely-watched tech unicorns, sizable industrials firms often prep IPOs more quietly. SpaceX, the largest US startup, seems very unlikely to IPO 2025, though subsidiary Starlink may be a wildcard to look out for. Consulting firm Teneo may also decide to flip the switch, along with defense firm Voyager Technologies.
Healthcare and Biotech IPOs
Healthcare has been one of the IPO market’s most resilient sectors in terms of activity, a trend we expect will continue in 2025. A plethora of biotechs are lining up to go public, including several focused on obesity. Other IPO candidates include companies which make wearable devices and medical supplies. Here are some of the healthcare companies most likely to go public in 2025.
Hinge Health: Wearable device maker Hinge Health has been waiting to go public since at least 2023, when it said it was aiming for an IPO when conditions improve. The company, last valued at over $6 billion, reportedly tapped a number of major banks last fall for a listing that could come early in 2025.
Kallyope: Within the first few weeks of 2025, a number of sizable biotechs filed for IPOs, and our private backlog suggests many more are waiting in the wings. Weight loss-focused biotech Kallyope may capitalize on recent investor interest in the field to go public. Backed by nearly half a billion dollars in funding, the unicorn reportedly hired JP Morgan for a listing last January.
Omada Health: Digital health unicorn Omada Health, which provides online programs for diabetes, hypertension, and other health conditions, has teased an IPO for nearly five years. After it reportedly confidentially filed for an IPO this past summer, 2025 could finally be the year it goes public.
Medline Industries: Private equity-owned Medline Industries ranks among the world’s largest medical supplies manufacturers. Last summer, its owners began working with banks on an IPO that could raise $5 billion, and value it at $50 billion. This past December, it announced it had confidentially filed for a listing that could come as soon as the second quarter of 2025.
Wildcards: One of the most highly-valued healthcare startups, blood test developer Freenome, might have been higher on this list if not for the abrupt resignation of its CEO last year, but the two-year high of close peer Guardant may push it to get its team in shape for a listing. Other IPO wildcards include digital health and wellness platforms Noom and Included Health.
