Klarna Yes, Turo No

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Klarna IPO — April 2025

All eyes are on the upcoming ​Klarna IPO​. The Swedish buy-now-pay-later (BNPL) fintech platform is looking to go public. Klarna filed confidentially for an IPO in November, and indications are optimistic that it is moving forward.

The Financial Times reported last week that Klarna intends to release its S-1 filing to the public in March and go public in April. We won’t know the precise IPO date until about 10-14 days before the first trade.

Klarna’s valuation peaked in 2021 (along with many other fintechs) at a whopping $45 billion. Thankfully for retail investors, the IPO never happened.

The latest valuation numbers are estimated in the $14-$16 billion range, and bankers hope to launch this IPO at $20 billion valuation or more. Monitor Hiive* for the latest pre-IPO availability and valuation estimates.

Klarna CEO Sebastian Siemiatkowski has shared his admiration for the Google IPO more than 20 years ago, indicating a Dutch auction-style IPO is very possible.

A Dutch auction aims to ensure a fairer price discovery and allows broader investor participation compared to traditional IPOs.

Fairer price discovery decreases the likelihood of a “price pop”. Watch for a directed share program for loyal customers in the S-1 filing.

Turo Withdraws its IPO Filing

​Turo​, the startup best known as the Airbnb of cars, has formally withdrawn its IPO filing from the SEC.

The company initially filed for an IPO in January 2022, which was, in hindsight, one of the worst moments in recent history to file for an IPO.

Turo fought to keep the filing active, updating it quarterly ever since. It was poised to IPO in early October 2023 but hesitated due to the eruption of violence in the Middle East, missing its opportunity.

As growth has slowed and non-AI unicorns are losing value quickly, the Turo Board of Directors decided an IPO wasn’t appropriate at this time.

The car-sharing platform is the first casualty of the Access IPOs ​top 10 upcoming IPOs​ of 2025. It made our 2024 and 2025 lists, proving that maintaining an IPO filing does not guarantee moving forward.

The withdrawal may indicate a forthcoming acquisition, SPAC, or private equity takeover. In any case, I’ve removed the company from my flagship Upcoming IPOs list.

Interview with TD Direct Investing

In January, I recorded a live webinar with TD Direct Investing (the brokerage arm of TD Bank of Canada). Some of you joined live and submitted questions. Thanks!

The edited recording is now available on ​YouTube​ if you’re interested in checking it out. We discussed IPO investing basics, how to access deals and pre-IPO access, and some of my best and worst investments.

Check it out.

My guide to investing in initial public offerings (IPOs) in 2025

IPO Radar

Here are the latest IPO Radar articles.

​Hinge Health​ — A “digital clinic” that provides online-delivered physical therapy for muscle and joint pain patients. The company hired Morgan Stanley to underwrite its IPO. Business Insider reporting suggests the confidential filing has already been submitted, and an IPO is imminent in 2025.

​Zap Energy​ — Zap Energy is a fusion energy startup developing a unique technology approach, aiming to generate cost-effective and scalable fusion power without expensive superconducting magnets or high-powered lasers. Commercial fusion, it is said, is still five to ten years away (that may be optimistic). I’m attending a fusion energy conference later this month and hoping to meet some of Zap’s people in person and get a realistic sense of how viable the technology actually is.

​Plaid​ — The fintech connectivity API company said an IPO is now more likely than an acquisition (since the Visa deal fell through). It plans to IPO, but not until AFTER a forthcoming tender offer to provide liquidity to employees and investors. We prefer an IPO, but it seems unlikely until at least 2026.

Watchlist

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


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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.

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