The Top 10 IPO Predictions for 2025 (and 5 Long Shots)
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I continually update the Upcoming IPOs page on my website to reflect the current likelihood of forthcoming public offerings. Reporting, company leaks, and on-the-record CEO comments typically give us clues as to which companies are approaching their IPOs.
I add new companies to the watch list when they hit my radar and remove those acquired, merged, failed, or IPO.
2025 is anticipated to be a strong year for IPOs (but so was 2024). Multiple high-profile startups are on deck, and more could emerge following the successful ServiceTitan IPO and the current window of opportunity.
If conditions align, we could see one of the highest-profile companies (long shots) drop an IPO later this year or into 2026.
Here are the top ten upcoming IPOs and long shots lists.
Table of Contents
Top 10 Upcoming IPOs
1. CoreWeave
CoreWeave provides cloud infrastructure for optimized AI workloads and machine learning. It focuses on delivering high-performance computing solutions to small companies that can’t afford their own tech stack.
The company is aiming for a $35 billion IPO in Q2 2025. Its latest valuation was just $23 billion in Q4 2024. An AI IPO at an inflated valuation could kick off a chain reaction for more similar companies.
2. Cerebras
Cerebras has been a likely IPO candidate since Summer 2024. It designs AI-specific hardware, including its unique wafer-scale chips, to accelerate deep learning tasks. Its solutions enable faster model training and inference for cutting-edge AI applications.
The company filed and released an S-1 with the SEC and was on track to go live in the Fall until Reuters reported that an investigation by the Committee on Foreign Investment in the United States (CFIUS) would postpone the deal due to foreign ownership concentration. A favorable outcome of that review could relaunch the deal.
3. Klarna
This Swedish fintech company offers payment solutions like “buy now, pay later,” installment plans, and consumer financing. It aims to simplify online shopping and enhance customer purchasing flexibility.
Klarna filed confidentially for a U.S. IPO on November 12th, 2024, which means its IPO could move forward as early as Q1 2025. Private marketplace transactions place its valuation at $15 billion.
4. Venture Global
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 may be the first sizable IPO in 2025. A November 2024 Reuters report indicates the company is aiming to raise $3 billion.
5. Chime
Chime may be a bellwether for other fintech IPOs in 2025. This neobank/technology company provides fee-free digital banking services, including checking accounts, savings, and early access to paychecks. It has more than 7 million active customers.
The fintech filed confidentially in December 2024 and is expected to IPO in Q1 or Q2 2025.
6. Netskope
Netskope company delivers cloud solutions that protect data and user information across cloud applications and devices. It emphasizes secure access to corporate resources and real-time threat protection.
An October 30th, 2024, Wall Street Journal report put CEO Sanjay Beri on record:
We’re watching public markets and investors’ receptivity to quality IPOs, and if all those remain positive, then the second half of next year [2025] is our plan.
7. Circle
As a blockchain-based fintech best known for its USDC stablecoin, Circle’s first-mover potential could launch a new wave of crypto IPOs. The stablecoin and API allow developers to create apps for low-cost global financial transactions.
Circle filed confidentially for an IPO in January 2024. With the perception of a more crypto-friendly administration incoming, alternative assets and technology financial companies may follow Circle to the public markets.
8. Airtable
Airtable is a cloud-based teamwork and productivity platform combines spreadsheet functionality with database features to help organize and manage projects. It enables collaborative and customizable workflows across industries.
The Information reported in November 2024 that Airtable has turned cash flow positive and is growing at 30%. CFO Ambereen Toubassy told them an IPO is possible in 2025.
9. Turo
The “Airbnb of cars” lets individuals rent vehicles directly from other people. It offers an alternative to traditional car rental services, providing diverse vehicle options and flexible pricing.
For several quarters now, Turo has updated its publicly released S-1 filing. Previous IPO timing was thwarted by uncertainty in the Middle East in October 2023.
It’s the only company from last year’s list that I’ve kept on this list because it wouldn’t be continuing to file S-1s if it wasn’t serious.
10. Clario
Clario is a SaaS provides digital health solutions that combine data analytics and connected technologies to improve clinical trials. Its platform supports patient monitoring, data collection, compliance, drug development, and research outcomes.
Hat tip to a subscriber in New York who is working on this deal. A June 2024 Bloomberg report disclosed that Clario has filed confidentially for an IPO. The deal is anticipated to happen in early 2025.
Top 5 Long Shot IPOs
Companies on this perpetual list of “coming soon” are not likely to IPO in 2025. But they still make many other lists of 2025 upcoming IPOs, and a successful debut from any of them could launch a fresh wave of IPOs.
1. Starlink
Market watchers will go berserk if Elon decides to spin Starlink off SpaceX. The latest SpaceX valuation was reported as $350 billion, and Starlink may be worth half of that or more. Elon has said the company should be public once the cash flow is net positive. It achieved that milestone in October 2023.
2. Ripple
Ripple is mired in regulatory lawsuits. But a 60 Minutes interview revealed that the cryptocurrency company actively helped several crypto-friendly politicians win their elections. If the new administration clears their name and clarifies or loosens a few regulations, crypto bros rejoice. Long XRP!
3. Databricks
Databricks recently raised a Series J, which is borderline absurd. It is long overdue for an IPO but has conducted multiple tender offers to liquidate shares of paper-rich employees to keep everyone happy. CEO Ali Ghodsi told Axios’s Dan Primack on December 17th:
[2025 is] still a possibility… that would be the earliest. But it could also very well happen the year after.
4. Fanatics
A September 2024 Bloomberg report indicated Fanatics was conducting a down-round tender offer to provide liquidity to employees. $25 billion is still a sizable valuation, but the tender may push the IPO date further away.
CNBC has covered this startup closely over the years, which means it would attract a lot of buzz and screen time when it happens. Investors are rooting for an IPO.
5. Stripe
Stripe is on just about everyone else’s “upcoming IPOs next year” list every year. But it’s never been on mine.
That’s because Stripe has demonstrated, with great sincerity, that it is quite comfortable as a $70-$100 billion private company.
It has conducted several tender offers to provide liquidity to employees and brought on new and patient venture capital investors willing to wait.
The inevitable IPO will rival the excitement of Uber, Airbnb, and Rivian.
2024 Predictions Revisited
Only four of my 10 predicted IPOs took place in 2024:
The average increase since their IPOs is +137% (as of 12/27/2024).
The others have hit hurdles, found other liquidity, or backed off their initial plans. Despite the bull market and positive reception of several IPOs, 2024 just didn’t materialize.
SHEIN hit congressional turbulence when it floated a U.S. IPO due to its association with China. Now, the U.K. is probing business practices before allowing a listing.
Skims’s CEO recently retracted his previous statements about IPO ambitions, saying it was a mistake to suggest it was their imminent destiny. Based on his latest statements, it’s at least another year away.
Vuori conducted a late 2024 tender offer for employee liquidity. This suggests an IPO is no longer imminent. 2026 or later seems more likely now.
StubHub was on the path to a Summer or Fall 2024 IPO until the WSJ reported the deal would be delayed due to “choppy market conditions”. I call bullshit. It’s more likely bankers could not convince investors of the company’s desired $16.5 billion IPO valuation. SeatGeek was waiting to see how things went with StubHub and is likely on the backburner, too.
Turo and Panera have both filed for an IPO. Turo publicly, Panera confidentially. Turo has continued to update its filing every quarter, but Panera is exploring the sale of its Caribou Coffee and Einstein Bros. Bagels brands, which were meant to be part of the public company. Both are perpetual “maybes” until we hear otherwise.
Check out my sadly short list of companies that had IPOs in 2024.
IPO Radar
Here are the latest IPO Radar articles for December 2024.
Kodiak Robotics — Autonomous trucking opens the potential for 24/7 domestic shipping, optimizing for charging rates and traffic patterns. Still small and unproven, but it is pursuing a massive total addressable market.
Lightmatter — This photonics chip maker could rival Cerebras, Grok, and Nvidia with its energy-efficient (and lower cost to operate) AI processing chips. The company launched from an MIT research project and has top-tier VCs salivating.
1Password — The leading online password manager for individuals and businesses has been discussing a potential 2025 IPO with investment banks. Consider this an honorable mention to the Top 10!
Conclusion
That’s all for the final 2024 edition of the Access IPOs Newsletter. The twice-monthly cadence (15th and last day of the month) has worked well over the past year, so I intend to maintain that frequency.
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.
Craig Stephens
Founder – Access IPOs
Featured photo via Deposit Photos 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.
