Floodgates Opened
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Table of Contents
ServiceTitan’s Titanic Debut
ServiceTitan launched its IPO on December 12th. The deal priced at $71 per share, raising $625 million and valuing the SaaS company at $6.3 billion.
The stock price opened and closed the day at $101 per share, up 42% from the IPO price.
All eyes were on the offering as IPO enthusiasts hoped for a bright spot to end a low volume 2024.
ServiceTitan showed up on time. Combined with successful 2024 IPOs by Reddit, Amer Sports, Rubrik, and Astera Labs, the IPO floodgates can open in 2025.
Retail access was a disappointment. To my knowledge, none of the retail brokers received an allocation.
That means Wall Street’s wealthiest cashed in while even ServiceTitan’s earliest and largest customers were shut out. A $6 billion IPO just isn’t big enough when underwriters “advise away” retail’s shares.
Those of us long the Fundrise Innovation Fund* had exposure. It was the first fund holding to go public. In an investor update, CEO Ben Miller told us they invested at roughly $65 per share a year ago, giving the fund a 55% gain.
Much bigger IPO deals are in the pipeline for 2025. I’ll be highlighting some of the more likely candidates in the newsletter on December 31st.
IPO Radar
Here are the latest IPO Radar articles.
Ripple — Crypto darling Ripple aims to facilitate international payments faster and cheaper with its native XRP cryptocurrency, the fourth largest behind Bitcoin, ETH, and Tether. CEO Brad Garlinghouse was on 60 Minutes last week, leading the charge for positive regulatory reform. A 2025 IPO is unlikely due to a lawsuit but watch this one.
PsiQuantum — The quantum computing startup uses a photon-based method for doing whatever quantum computers do. What we laymen know: when these things start working, math problems that would take today’s supercomputers thousands of years to compute, quantum computers can solve in a few minutes. AI impact could be extraordinary. Crazy stuff.
Bluesky — Who owns the fast-growing alternative to X/Twitter? Find out in this article. Legit journalists have left X to find a tamer and systemically decentralized social media platform. Tailor the algorithm to your preferences and keep your followers if you switch platforms. I’m on it and like it, but it has a ways to go.
I’m also monitoring upcoming IPOs from eToro, Clario, and Venture Global LNG, not to mention the louder crypto and AI IPO drumbeats in 2025. Stay tuned.
In Case You Missed It…
Go to the AccessIPOs.com homepage under Insights to get the most recent newsletters.
Conclusion
I’ve started posting on the Bluesky social app in addition to X. Follow me there if you’re on it.
That’s all for this edition of the Access IPOs Newsletter. Reply to this email if you have any feedback.
Featured photo via DepositPhotos used under license.
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.
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.
