The $110+ Billion IPO to Kick Off 2025

In this issue:

• Venture Global Kicks Off 2025
• Upcoming Appearances (YouTube/Webinar Interviews)
• IPO Radar: SandboxAQ, eToro, Addepar
• Watchlist
• Follow me ​on X​ and ​Bluesky​

Venture Global IPO: Friday, January 24th

Though not a household name, ​Venture Global​ develops and operates LNG (liquefied natural gas) export facilities, focusing on cost-efficient and sustainable energy solutions. It supplies LNG globally, supporting the transition to cleaner energy options.

The energy company filed for an IPO on December 20th and updated its terms on Monday, January 13th. The deal aims to raise up to $2.3 billion at a $110+ billion valuation.

The IPO date is 01/24/2025 (according to the Retail Roadshow deck).

A $110 billion market cap would place it among the 90 largest companies in the S&P 500 Index. More and larger IPOs (and their eventual inclusion in the index) will help dilute the top 7 largest companies in the index, which make up a ​record percentage of assets​ — about 33% at year’s end.

Concentration risk can be a leading indicator of a market correction. The trend toward private companies staying that way longer is one reason for the increased concentration.

Upcoming Appearances

Last week, I recorded a YouTube appearance with Mindy and Carl Jensen of Bigger Pockets and the 1500 Days blog. This interview is a 101 primer on pre-IPO investing targeted at the financial independence community (FIRE). Carl is a pre-IPO SpaceX investor and a long-time Tesla.

The conversation should go live on the 29th. I’ll post a link in the next newsletter.

Next Thursday, January 23rd, at 1 pm ET, I’ll be interviewed in a live broadcast with ​TD Direct Investing YouTube​ channel about IPO investing and pre-IPO access.

Details:

• DATE: Thursday, January 23rd, 2024 @ 1 pm ET
• TITLE: A guide to investing in initial public offerings (IPOs) in 2025
• DESCRIPTION: IPOs allow everyday investors to invest in some of the hotly anticipated and most-hyped private companies in the market. But there is often a lot of volatility around their price in the early days of trading. How can investors spot promising IPOs and avoid getting burned by flops? In this episode, Craig Stephens from Access IPOs explains his approach to researching companies ahead of their IPOs and trading the ones he feels have the most upside potential. Plus, he answers viewer questions about IPO investing in our live Q&A.
• ​REGISTRATION LINK​
• Or stream live on YouTube (click the image below)

Tune in live if you can (and submit questions), or wait for a link to the recording in the January 31st newsletter. I ​spoke to TD​ in a similar interview style about simplifying my retirement portfolio last year.

While we’re at it, if you have a podcast or publication and are interested in collaborating, reply to this email, and let’s talk.

IPO Radar

Here are the latest IPO Radar articles for early January 2025.

​SandboxAQ​ — Aims to blend artificial intelligence (the “A”) and quantum computing (the “Q”) to solve complex global challenges in the not-so-far-off future. Think quantum cryptography solutions for banks and corporations. Former Google CEO Eric Schmidt is a key player, along with an experienced founder and all-star cast of VC investors. It raised $500 million at a $5.6 billion valuation last month.

​eToro​ — This global online trading platform tried to SPAC in 2021, but the delay to 2022 led to its demise (along with any other company attempting to go public in 2022). Bloomberg reported in December that eToro has hired Goldman Sachs and could IPO as soon as Q2 2025. It joins Chime and Klarna as the most likely fintech IPO candidates this year.

​Addepar​ — Addepar is a wealth management SaaS company founded in 2009 by Joe Lonsdale and Jason Mirra of Palantir fame. The usually-quiet startup seeks to raise a new funding round at a $3.25 billion valuation.

In Case You Missed It…

Go to the AccessIPOs.com homepage under Insights to get the most recent newsletters, including The Top 10 IPOs expected in 2025 and a recap of the 2024 top 10.

Conclusion/Watchlist

Watch for more IPO filings in the next few months. Klarna, CoreWeave, Chime, and Cerebras could be next. 

If IPOs ramp up, I may consider weekly newsletters, but that may be overkill. Let me know what you think. Reply to this email if you have any feedback about anything.

Thanks for reading, and Happy New Year.

Feature image via DepositPhotos used under license. 

Craig Stephens

Craig Stephens is a former IT professional who left his 19-year consulting career at the IRS to be a full-time finance writer. A DIY investor since 1995, he started Access IPOs in 2016 to provide a resource for ordinary investors pursuing access to IPOs. Craig studied Finance at Michigan State University and lives in Northern Virginia with his wife and three children. Learn more about Craig.

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Risk Statement: Investing in IPOs and pre-IPO startups involves significant risk. Do not invest in companies based solely on what is included in this article. Only invest in IPOs and pre-IPO companies with money you can afford to lose. Access IPOs is for informational purposes only. Mentions of specific investments should not be construed as financial advice. Conduct personalized research and consider consulting with an investment advisor before investing.