Upcoming IPOs 2025: 70+ Startups in the IPO Pipeline

What are the most exciting upcoming IPOs for 2025 and beyond? 

The IPO window opened in 2024 and briefly in early 2025. Six radar companies were in the pipeline, ready to IPO in Q2 2025. 

However, the tariff announcement on Wednesday, April 2nd, 2025, closed the IPO window. Klarna and StubHub have delayed their IPO roadshows, Chime has paused its ambitions, and the other candidates are likely to delay as well. 

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Own innovative startups like OpenAI, Databricks, and Anduril via the Fundrise Innovation Fund*, a pre-IPO venture capital fund with a $10 minimum investment (review).

Accredited investors can monitor the pre-IPO marketplace Hiive* for the latest availability.

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I update this list frequently as maturing startups hit the radar and IPO likelihood evolves. I move recently completed IPOs to the companies that had their IPO in 2025 page.

Use the table of contents below for easy navigation.

1. Hinge Health IPO (Likely Delayed)

Hinge Health is a digital clinic that provides online-delivered physical therapy for muscle and joint pain.

The company was founded in 2014 by Daniel Perez and Gabriel Mecklenburg after both experiencing traumatic injuries requiring musculoskeletal (MSK) rehabilitation.

Its products and services revolve around digital physical therapy and MSK care solutions, using wearable sensors, AI-driven coaching, and virtual physical therapists to help patients manage chronic pain, recover from injuries, and reduce the need for opioid-based pain relief.

The personalized exercise therapy programs and one-on-one coaching for back and joint pain are provided through an app-based platform for employers and health plans, addressing shortages and high costs of in-person physical therapy appointments.

Hinge Health released its S-1 filing to the public on March 10th, 2025, suggesting an early-April IPO. 

Read more about the Hinge Health IPO.

2. Klarna IPO (Delayed)

Klarna is a Swedish fintech and e-commerce company. The company provides consumers with a comparison shopping platform and flexible payment options commonly called a buy-now-pay-later (BNPL) service.

Read the F-1 filing and the latest news about the upcoming Klarna IPO. The F-1 was released to the public on March 14th, 2025.

Secondary marketplace data confirms the Klarna valuation can support a $15 billion IPO. 

It plans to release its S-1 IPO filing to the public in March. 

Klarna filed confidentially for a U.S. IPO on November 12th, 2024. 

The company was founded in 2005 in Stockholm but didn’t launch in the United States until 2015. It has since accepted private investments from multiple U.S.-based venture capital firms. 

Its CEO has expressed his desire for a Dutch auction IPO (a la Google).

Klarna means “clear” or “clarity” in Swedish. 

Accredited investors can monitor the Hiive marketplace for pre-IPO availability.

3. StubHub IPO (Delayed)

StubHub is a ticketing marketplace for sports, concerts, and other live events. It’s the largest ticket resale platform in the world after merging with Viagogo.

It filed for an IPO on Friday, March 21st, 2025. Read the StubHub S-1 here. 

Cofounder Eric Baker came up with the idea when his girlfriend wanted to see The Lion King on Broadway, but there was no secondary market to buy tickets. 

Stubhub was sold to eBay in 2007 for $310 million. Baker then started Viagogo in the U.K., having not signed a non-compete.

More than ten years later, Viagogo bought StubHub from eBay in 2019 for $4.05 billion, right before the COVID-19 pandemic crushed the live ticketing business.

StubHub Holdings filed confidentially for a direct listing IPO in January 2022 for a reported $13 billion. But the IPO market crash of 2022 scuttled those plans. It cancelled September 2024 IPO plans due to “choppy market conditions”.

4. eToro IPO (Likely Delayed)

eToro is an international asset trading platform for stocks, cryptocurrencies, ETFs, options, and more.

The company’s initial vision was to make financial markets accessible to everyone, starting with a graphic-rich forex trading interface and later pioneering a “social trading” feature where users could mimic top-performing investors.

Headquartered in Tel Aviv, eToro operates in competitive markets alongside platforms like Robinhood, Webull, and moomoo.

The platform distinguishes itself with its copy-trading feature, extensive cryptocurrency offerings, and zero-commission stock trading in select regions.

Over the years, the platform has expanded into the U.S. market, focusing on cryptocurrency and equity trading, and plans to enhances it offerings into DeFi (Decentralized Finance) integrations and new asset classes.

eToro released its IPO F-1 filing to the public on March 24th, 2025. The deal should complete in April or early May 2025.

The company previously attempted to SPAC but terminated the deal in 2022.

Read more about the eToro IPO.

5. Circle IPO (Likely Delayed)

Circle is a Boston-based global financial technology startup best known as the curator of the USDC cryptocurrency stablecoin. 

Non-crypto folks may struggle to understand why such coins are necessary when fiat currencies are sufficient for their daily lives.

The reason lies in the complicated legacy financial networks that facilitate international transactions. Moving money over international borders is traditionally slow and expensive. Circle aims to streamline the process, making the transaction instant and nearly free. 

In August 2023, Coinbase bought an equity stake in Circle, helping to legitimize its status among the top tier crypto firms. 

The company initially filed confidentially for an IPO in January 11th, 2024. The S-1 filing was released to the April 1st, 2025. We expect the Circle IPO in late April or early May 2025. 

Read more about the Circle IPO.

6. Cerebras IPO (Likely Delayed)

Cerebras filed for an IPO on September 30th, 2024. Read the S-1 filing here. Cerebras has hired Citigroup as the lead underwriter. The IPO date was expected to come as early as the end of October. 

However, Reuters reported on October 8th that the IPO would be delayed due to a regulatory review. Cerebras announced it is clear from regulatory review as of March 31st, 2025. But tariff-induced market volatility will likely delay the IPO further. 

IPO financial terms have not yet been disclosed, but a report by Bloomberg estimates the deal will raise $750 million to $1 billion, valuing the company at $7-$8 billion. 

Cerebras Systems is a Sunnyvale, California-based artificial intelligence (AI) company that builds hardware platforms designed to train massive AI models. Its supercomputing platform is available in the cloud or on-premises and enables users to: 

Train and fine-tune production AI models quickly and easily. Use your data and own your model. Train in the cloud or on-premises, pain-free.

Think of Cerebras as an NVIDIA startup competitor that makes larger, all-encompassing processing chips with a more integrated design. It also builds the hardware and software stack for an integrated AI computing platform. 

A Bloomberg report indicates the company may release its S-1 filing on September 27th to kick off the IPO countdown, with expected completion by the end of October. 

Bloomberg previously reported in early August 2024 that Cerebras could IPO as soon as October. Cerebras filed confidentially for an IPO with the SEC in late June. It could be the first pure-play AI company to go public.

Read more about the Cerebras IPO.

7. Chime IPO

Chime is an online financial app that has redesigned the way millennials manage their money. It is a financial technology company, not a bank. Banking services are provided by The Bancorp Bank or Stride Bank, N.A., Members FDIC.

Customers conduct financial activity on the app or desktop platforms, and each receives a debit card for spending. Chime makes money on interchange fees each time a customer swipes their debit card.

On December 18th, 2024, Bloomberg reported that Chime has filed confidentially for an IPO, targeting a 2025 public debut. This follows a September 2024 report that Chime has hired Morgan Stanley to conduct its IPO. 

As the IPO frenzy was at its peak in October 2021, reports emerged that Chime was targeting an IPO at a $35-$45 billion valuation.

However, its valuation has tamed in recent years, estimated at around $10 billion at the end of 2024.

Chime may be a critical bellwether for fintech startups and stocks in 2025. The Wall Street Journal reported the company will delay its IPO filing due to tariff volatility.

Read more about the Chime IPO.

8. Netskope IPO

Netskope is a cloud-native security company that offers software-as-a-service (SaaS) solutions to data-centric enterprises.

The company is a leader in Secure Access Service Edge (SASE, pronounced “sassy”) solutions, securing users, applications, and data in the cloud, without degrading the user experience. 

The technology safely and quickly connects users directly to the internet, including applications, infrastructure, and devices, on or off the network.

The Wall Street Journal reported in late-October 2024, that Netskope plans to IPO in the second half of 2025.

Read more about the Netskope IPO. 

9. Clario IPO

Clario is a private company specializing in clinical trial technology and services, particularly in the collection, management, and analysis of clinical data.

Its products include eCOA (electronic clinical outcome assessment), cardiac safety monitoring, imaging, and other data solutions designed to enhance the efficiency and reliability of clinical trials.

The company was founded in 1972 as ERT (Electronic Research Technology) and rebranded to Clario in 2021 when it combined with Bioclinica. 

It serves pharmaceutical, biotech, and medical device companies, enabling them to streamline clinical trials and bring new therapies to market more quickly. Clario leverages advanced analytics, wearable technology, and global operational expertise to support trials in over 120 countries.

The platform has hosted 26,000 trials leading to 700+ drug approvals, including 60% of all FDA approvals from 2012 to 2023.

A June 2024 Bloomberg report disclosed that Clario has filed confidentially for an IPO. The deal is anticipated to commence in early 2025. 

10. Figma IPO

Figma is a software platform for collaborative design and application development. The business is a software-as-a-service (SaaS) model, providing users with web-based tools for a recurring fee. 

Founded by Brown University students Dylan Field and Evan Wallace in 2012, Figma empowers remote collaborative user-interface design and whiteboarding.

The company inked a deal to be acquired by Adobe in September 2022. But the companies decided to end their merger in December 2023 due to regulatory roadblocks. Regulators perceived the deal as anti-competitive due to similarities to the Adobe XD product. 

Now that Figma is operating as an independent company, we’re watching its next moves, which could include a new private funding round, fresh acquisition suitor, or Figma IPO. 

A March 2025 report indicated the company is in talks to launch its IPO this year.

Read more about the Figma IPO. 

11. 1Password IPO (AgileBits)

1Password (owned by AgileBits) is a private online password management company founded in Toronto, Canada, by Roustem Karimov and Dave Teare in 2006.

It was originally a side project to improve their personal password convenience and safety, but they turned it into a business as they recognized the growing need for digital security tools.

Its flagship product is a password manager that helps users securely store, generate, and share passwords

1Password serves a diverse customer base, including individuals, families, and over 150,000 businesses. Its user-friendly design and advanced security features have positioned it as a trusted solution with growing demand.

In November 2024, Bloomberg reported the company was talking to investment banks about a potential 2025 IPO.

12. Airtable IPO

Airtable is a cloud collaboration software-as-a-service (SaaS) company. Its main product is a spreadsheet-like tool that allows users to create, organize, and manage team data in a real-time flexible, and collaborative manner.

The signature product’s primary functionalities include: 

• creating and customizing data fields
• enabling users to easily add records, and
• visualizing data in various formats

The key user benefits of Airtable are its versatility, collaboration features, and integrations. Users can tailor use cases to their specific needs, making them suitable for various applications, such as project management, content creation, and customer relationship management (CRM).

Airtable integrates with popular productivity software such as Google Drive and Dropbox to import and export data file attachments.

In November 2024, CFO Ambereen Toubassy told The Information that Airtable is now cash flow positive, growing at 30%, and is considering a 2025 IPO. 

Read more about the Airtable IPO.

13. Discord IPO

Discord is a digital platform used to create online communities. It uses voice (VoIP), video, chat, text, and media to enable private groups or people with like-minded interests to meet online securely and privately. 

It was spawned from the video game industry and associated subreddit communities but has since expanded beyond gaming. Discord’s accelerated growth is due, in part, to privacy concerns with social media platforms such as Facebook.

Discord is not a social media platform. Rather, a software package of communication tools that serve communities of similar interests, more similar to Slack than Facebook. 

All U.S.-based investors 18+ can now own a portion of Discord stock via the ARK Venture Fund, which is available for a $500 minimum investment.

A March 2025 report indicated the company is in the early stages of talking to banks about an IPO. CEO Jason Citron said in November 2024 that a “liquidity situation” would happen and he was willing to become a public company CEO. 

Read more about the Discord IPO. 

14. Kraken IPO

Kraken (Payward, Inc.) is a cryptocurrency exchange based in San Francisco, CA. The online platform allows customers to buy, trade, and store crypto, NFTs, and futures for as little as $10. 

The company has one of the top ten ranked global cryptocurrency exchanges. As of May 2024, it offers access to 261 coins and seven fiat currencies. Bloomberg reported in June 2024 the company aims to raise another private round before an IPO. 

The platform is popular with active traders, offering future and margin trading. It’s also planning to launch a stock and ETF trading platform in 2024. 

After competitors such as Coinbase had hugely successful IPOs in 2021, Powell said Kraken was planning to IPO in the second half of 2022. However, fintechs, including anything crypto-related, crashed severely in 2022, and Kraken never IPOd. 

A March 2025 report from Bloomberg indicates Kraken is “readying to go public amid a friendlier regulatory climate” in 2026. 

Read more about the Kraken IPO.

15. Vuori IPO

Vuori is an athletic apparel company based in Southern California. Founder and CEO Joe Kudla started the brand in 2015 when he saw an opportunity to provide men with premium clothing options for exercise and everyday life.

In the early days, it saw itself as a Lululemon for men but has since expanded to dress both genders. The company has built a following primarily through targeted social media advertising.

The name Vuori (pronounced “Vee-or-ee”) means mountain in Finnish. The company is based in Encinitas, California.

The Vuori IPO date was anticipated to happen as early as 2024, as reported by Bloomberg. But a reported tender offer late in the year suggests the company has paused its IPO ambitions. 

Read more about the Vuori IPO.

16. Liquid Death IPO 

Liquid Death Mountain Water is a non-alcoholic beverage company that sells canned sparkling water.

The company deploys clever marketing tactics by leveraging social media platforms like TikTok and Instagram to build its brand.

The About page on the Liquid Death website says:

We’re just a funny water company who hates corporate marketing as much as you do. Our evil mission is to make people laugh and get more of them to drink more water more often, all while helping to kill plastic pollution.

A July 2023 report from The Information reported the company has hired Goldman Sachs as the lead underwriter and could complete its IPO as soon as 2024. 

Mid-late 2024 transaction data from pre-IPO marketplaces suggests the current Liquid Death valuation is around $1 billion. 

Read more about the Liquid Death IPO. 

17. Sierra Space IPO

Sierra Space is a private aerospace company founded as an offshoot of the Sierra Nevada Corporation. It was launched separately to focus on space transportation, infrastructure, and technology.

The company’s flagship product is the Dream Chaser, a spaceplane designed to transport cargo and crew to the International Space Station and future-planned low-Earth orbit destinations.

Dream Chaser is notable for its reusability and capability to land on conventional runways.

Sierra Space is also developing Large Integrated Flexible Environments (LIFE), which are modular, inflatable space habitats intended for living and working in space.

CEO Tom Vice told CNBC in April 2024 the company was “getting its financials in a strong position ahead off a possible IPO as soon as next year [2025].”

We’ll start to look at [an IPO] as an option and make the decision depending on what the markets look like. But I think we’re very quickly becoming a company that has been able to demonstrate significant top line growth.

Read more about the Sierra Space IPO.

18. Quantinuum IPO

Quantinuum (pronounced quan-tin-you-um) is a leading quantum computing company. Quantinuum emerged from a 2021 merger between Honeywell Quantum Solutions, who provided the hardware team, and Cambridge Quantum, who provided the software team.

A July 2024 Bloomberg report indicated that the company was weighing an IPO at a $10 billion valuation. It could come as early as 2025.

Quantum computing companies develop new types of computers that use quantum mechanics, allowing them to solve problems much faster than regular computers.

Quantum computing is in the early stages of development and has limited applications today. But the potential for quantum computing is estimated to be a trillion market.

Quantinuum has developed a roadmap for 2030 that enables fully fault-tolerant computing (low error rates) that would enhance the commercialization of its computing power.

Read more about the Quantinuum IPO.

19. Neo4j IPO

Neo4j is a graph database technology SaaS startup that maintains an open-source database management system. Graph databases structure data as nodes, relationships, and properties instead of tables like relational databases.

This approach enables more complex data models and makes it more efficient to query large datasets, especially when the relationships (between data points) are as meaningful as the data itself.

The software is popular for use cases requiring large volumes of data analytics, including fraud detection, social media recommendation engines, and network monitoring. More than 75% of Fortune 100 companies are clients. 

A February 2024 Bloomberg reporting indicated Neo4j is “IPO-ready” and plans to go public on the Nasdaq stock exchange when the next IPO window opens. In November 2024, CEO Emil Eifrem said he was inspired by Klarna’s U.S. filing and anticipates following in their footsteps if successful. 

Read more about the Neo4j IPO.

20. Fervo Energy IPO

Fervo Energy is a geothermal energy company that uses the power of the Earth’s heat to generate clean electricity.

The company deploys drilling techniques and horizontal well technology developed in the oil and gas industry to create enhanced geothermal systems (EGS). 

Cold water is pumped underground, heated by the Earth’s natural heat, and returned to the surface. The Organic Rankine Cycle technology efficiently converts this geothermal energy into electricity with zero carbon emissions or pollutants. 

By applying innovations learned in oil drilling, Fervo Energy aims to scale geothermal energy cost-effectively, overcoming nagging barriers to widespread adoption.

Two March 2025 reports indicated that Fervo Energy could IPO as soon as 2026 at a $2 to $4 billion valuation. 

Read more about the Fervo Energy IPO.

21. Skims IPO

Skims is a women’s apparel company creating the next generation of underwear, loungewear, and shapewear. 

The brand was founded in 2018 by Kim Kardashian, Jens Grede, and Emma Grede. The company leverages the Kardashian personal brand, her social media presence, and the influence of other social media creators and celebrities to promote its products. 

Skims products come in nine sizes and skin tone shades to be inclusive to all body types. Its products are designed for comfort, concealment, and body positivity.

Grede excited investors with talk about a potential IPO, and reporting supported the company’s ambition. However, Grede walked back his remarks in late 2024 suggesting there is no current IPO timeline.

Access IPOs encourages the company to make IPO access inclusive to its customers and “every body”. 

Read more about the Skims IPO.

22. SeatGeek IPO

SeatGeek is a ticketing marketplace for sports, concerts, and other live events. 

The company partners with sports teams and venues as the official ticket marketplace provider. It also provides a marketplace for individuals to sell unused tickets for live events across the U.S. 

It was co-founded by Jack Groetzinger, Russ D’Souza, and Eric Waller in 2009, emerging from the DreamIT Ventures startup accelerator. 

In October 2021, SeatGeek announced it would go public in a SPAC deal with RedBall Acquisition Corp. However, the announcement coincided with the peak IPO euphoria of 2021, and the partners agreed to terminate the SPAC deal due to unfavorable market conditions. 

SeatGeek filed confidentially for an IPO in April 2023, making it a likely 2024 IPO contender if market conditions continue to improve.

Read more about the SeatGeek IPO.

23. Navan IPO

Navan is a travel and expense management software-as-a-service (SaaS) provider for small businesses and corporate enterprises.

The Palo Alto, California-based startup was founded in May 2015 as TripActions by Ariel Cohen and Ilan Twig.

The company emerged from stealth mode in early 2017 and rebranded to Navan in early 2023. 

Behind the scenes, travel and expense data helps businesses run more efficiently, providing business intelligence to analyze costs and make data-driven decisions. 

Business Insider has reported that the company has filed for an IPO confidentially. Its latest inside source has indicated the Navan IPO is being targeted for April 2025. 

Read more about the Navan IPO.

24. Cross River Bank

Cross River Bank is a private fintech company that provides API-based financial products to developers of other financial organizations. It offers its customers access to lending products, credit and debit cards, cryptocurrencies, and payments.

It’s a leading banking-as-a-service (BaaS) company, providing the technology from which large companies and small startups can build customer-facing applications.

The company is based in Fort Lee, New Jersey, across the river from Manhattan. 

Clients include Affirm, Revolut, Marlette, RocketLoans, Plaid, Upgrade, Remitly, and Upstart. 

Cross River Bank’s CEO has indicated the company intends to conduct an IPO in 2025.

Read more about the Cross River Bank IPO. 

25. Mistral AI IPO

Mistral AI is a French open-source AI startup that has developed a large language model (LLM) that competes with OpenAI and Anthropic.

Although its models are not as large as those of other dominant LLMs (as measured by parameters), they rival the capabilities of other LLMs in their ability to reason—a key trait in AI. Mistral AI has a small team of engineers but significant funding and talent.

The company exemplifies a needed divergence from Silicon Valley AI dominance, as it is based in Paris and hires top European engineers. 

Arthur Mensch, Timothée Lacroix, and Guillaume Lample have all worked for U.S. tech companies, including Alphabet and Meta (Facebook). They launched Mistral AI in April 2023 and quickly raised private capital from some of the world’s top venture capital firms. 

Mistral AI takes its name from the cold northwesterly winds of Southern France. 

Mensch told Bloomberg TV in January 2025 that the company is not for sale and plans to IPO. The timing was not specified. 

Read more about the Mistral AI IPO. 

26. Anduril IPO

Anduril Industries is a defense technology startup that combines A.I., machine learning, and autonomous vehicles in combat systems. 

The company’s origins trace back to 2017 when Palmer Luckey’s Oculus VR was acquired by Facebook (Meta) in 2014. Luckey teamed up with Palantir executives Matt Grimm, Trae Stephens, and Brian Schimpf. 

The team recognized a disconnect between Silicon Valley and the U.S. government, seeing an opportunity to provide technological value to national security where pockets are deep.

The Anduril flagship product, the “Lattice,” combines several modern technologies to create a comprehensive and real-time situational awareness platform.

By integrating data from various sources, such as drones, cameras, and satellites, the Lattice enables military personnel to make informed decisions and respond effectively to emerging threats.

Non-accredited retail investors can own Canva today via the Fundrise Innovation Fund. Fundrise purchased a $6.2 million stake in September 2023. 

Ordinary investors can own ServiceTitan today via the Fundrise Innovation Fund. The minimum to invest is $10. 

This is a testimonial in partnership with Fundrise. We earn a commission from partner links on AccessIPOs.com. All opinions are my own.

Read more about the Anduril IPO.

27. Databricks IPO

Databricks is a data science and artificial intelligence cloud and web-based software service. The company is on a mission to simplify and democratize data and AI, helping data teams solve the world’s toughest problems.

Its primary product is a web-enabled Unified Data Platform that empowers data engineers at Fortune 500 companies to import massive amounts of data from existing sources, then compile the data to provide business intelligence.

Bloomberg reported in late 2020 that the company would pursue an IPO in 2020 but it never happened. Databricks is always an upcoming IPO contender, and has stated it is IPO-ready and can more forward when it wants to. 

The company completed a fresh round of private funding in early 2021, then another giant funding round in September 2023 that raised $500 at a $43 billion valuation.

Non-accredited retail investors can own Databricks today via the Fundrise Innovation Fund. Fundrise purchased a $25 million stake in September 2023.

Read more about the Databricks IPO.

28. Panera IPO 

Panera Brands is a fast-casual restaurant chain with three brands: Panera Bread, Caribou Coffee, and Einstein Bros. Bagels.

In 2017, JAB Holdings, a German conglomerate, purchased the publicly traded Panera stock for $7.5 billion, and it has operated privately since.

JAB Holdings merged Panera with two previously-acquired brands, Caribou Coffee and Einstein Bros. Bagels, into Panera Brands on August 5th, 2021, intending to complete a SPAC merger with USHG Acquisition Corp. 

This was at the height of SPAC and IPO euphoria in 2021. The SPAC merger fell through by July 2022.

In late November 2023, Panera Brands filed confidentially for an IPO in the U.S. with JPMorgan Chase as the lead underwriter. However, in January 2025, its CEO stepped, putting to question its future plans. 

Read more about the Panera IPO.

29. Harry’s IPO

The consumer products company Harry’s has filed confidentially for an IPO, according to a Reuters report in early March 2024.

Harry’s is profitable and has previously reported it has 2 million customers. 

Edgewell Personal Care Company, which owns Schick shaving products, attempted to purchase Harry’s in 2019, but the Federal Trade Commission sued to block the deal. 

Harry’s raised a private funding round concluding in January 2022, valued the company at $2.5 billion. 

The large customer base and premium brand recognition may make Harry’s a good candidate for a directed share program to offer IPO shares to its customers. 

30. SHEIN IPO

SHEIN is an online clothing retailer. The company is among the largest global online retailers and one of the top five most valuable private companies worldwide.

Founded in Nanjing, China, it moved its headquarters to Singapore in 2022 for a more favorable regulatory environment for international expansion. 

The company’s mission is to make the beauty of fashion accessible to all.

SHEIN is distancing itself from China and positioning to transition toward becoming a public company, likely on the London Stock Exchange

In November 2023, Bloomberg reported SHEIN was talking to investors about a potential IPO at an $80-$90 billion valuation. However, Congressman Rep. Blaine Luetkemeyer has raised concerns about labor and trade laws, which has scared SHEIN into an IPO on the London Stock Exchange. 

SHEIN is now in discussions with the London Stock Exchange.

Read more about the SHEIN IPO. 

31. Snyk IPO

Snyk is a cybersecurity startup that builds products to help cloud developers reduce software application risk. The Information reported in January 2024 that Snyk was “ready for an IPO.”

Its core product offerings helps organizations (mostly corporations, non-profits, and government entities) identify, prevent, and fix bugs causing vulnerabilities in their software and infrastructure by integrating security into the development process. This allows developers to remediate issues early in the software development lifecycle.

The platform supports several programming languages (e.g., Java, C++, JavaScript, Python, etc.) and integrates with popular development tools and hardware and cloud computing environments.

Snyk’s main offerings are Snyk Open Source, Snyk Code, Snyk Container, and Snyk Infrastructure as Code.

The company emphasizes ease of use and developer productivity, aiming to make security part of the development process and scalable. Snyk also offers reporting tools and compliance features, that help customers maintain secure and compliant software code.

Read more about the Snyk IPO. 

32. Arctic Wolf IPO

Arctic Wolf Networks is a cybersecurity company specializing in managed detection and response (MDR) services. It was founded in 2012 by Brian NeSmith and Kim Tremblay to address gaps in threat detection and response for mid-sized businesses.

Arctic Wolf’s core products include its Aurora Platform (security operations cloud), which provides 24/7 monitoring, threat intelligence, incident response, and managed risk and cloud security solutions.

Leading competitors include CrowdStrike, Palo Alto Networks, and SentinelOne. Arctic Wolf differentiates itself by focusing on MDR as a service rather than selling standalone security tools and concierge services.

The company has experienced rapid growth, fueled by increasing cyber threats and a shift toward outsourced security operations. With substantial venture funding, employees, and early investors watching for an IPO or other liquidity event, Arctic Wolf is well-positioned for further expansion.

Leadership expressed interest in becoming a public company, but missed the IPO window of 2020-2021. 

Read more about the Arctic Wolf IPO. 

33. Cohesity IPO

Cohesity is a cybersecurity startup with a mission to help secure and manage the world’s data and help organizations unlock limitless value with data insights. 

It provides data protection security at scale, backups, disaster recovery, and ransomware protection in a “cohesive” hyper-converged cloud-native platform. 

The company was founded in 2013 by Mohit Aron, previously a co-founder of Nutanix. Its headquarters are in San Jose, California. 

Cohesity filed confidentially for an IPO in December 2021 but missed the opportunity to ride the wave of 2021 IPOs.

The merger with Veritas closed in December 2024, setting the stage for an IPO. CEO Sanjay Poonen stated that November that the merger was a priority first. 

Read more about the Cohesity IPO.

34. Starlink IPO (SpaceX Spinoff)

Starlink is a business subsidiary of the private company SpaceX. SpaceX intends to build a low earth orbit satellite constellation that provides internet access to the world.

The web of satellites known as Starlink will connect to ground receivers, making it possible to provide internet at competitive prices, especially to underserved global communities. Internet speeds are expected to be 50Mbs to 150Mbs.

Twelve thousand satellites are expected to orbit Earth during the first phase, with the potential to increase that number to 42,000. SpaceX estimates the Starlink business could generate $30 billion by 2025.

Musk has made several comments about eventually taking Starlink public. But no action yet. 

All U.S.-based investors 18+ can now own a portion of SpaceX stock via the ARK Venture Fund for a $500 minimum investment. 

Read more about the Starlink IPO and the potential for SpaceX Stock.

35. Gusto IPO

Gusto is a cloud software-as-a-service (SaaS) company that provides payroll, benefits, hiring, time management, tax, and other human resources services to U.S.-based businesses. 

The easy-to-use software helps businesses manage employees and contractors, making it an all-in-one resource for growing companies. 

Formerly known as ZenPayroll, Gusto launched from the Y Combinator winter batch of 2012. Its Silicon Valley network has attracted several well-known entrepreneurs, celebrities, and venture capitalists. 

Gusto was founded by Joshua Reeves and Edward Kim and is based in San Francisco. The company has a shoes-off office policy. 

Read more about the Gusto IPO.

36. Lime IPO

Lime is a micro-mobility company helping people complete the “last mile” in their communities. Lime provides bikes, electric scooters, and mopeds to its customers for easy and affordable transportation with a low carbon footprint.

Founded in January 2017, the company has had various run-ins with local authorities regarding permits and safety issues. But these haven’t stopped growth.

Lime operates in more than 100 cities in the U.S. and worldwide. 

CEO Wayne Ting told TechCrunch in September 2023:

If the market reacts well, and as more companies come out [with IPOs], we have the economics, the growth, the profitability to take Lime public hopefully as soon as the market permits.

Read more about the Lime IPO.

37. Verkada IPO

Verkada is an integrated cloud software and physical security systems startup based in San Mateo, California. The company develops a multitude of enterprise-scale products and systems to secure office buildings, schools, government facilities, and industrial installations. 

The company’s mission is to protect people and property with privacy in mind.

Verkada has developed a comprehensive all-in-one cloud-based hybrid software and hardware security solution called Verkada Command. With Command, customers can control security cameras, access points, user administration, threat detection, and conduct “people analytics” based on physical traits and attributes.

Focused initially on building security, Verkada has broader potential to be a leader in the “Internet of Things” category for smaller buildings and residences.

Read more about the Verkada IPO.

38. Ramp

Ramp is a fintech startup offering corporate credit cards, expense and travel management, procurement, and accounts payable software to small startups and large enterprise organizations. It helps companies automate tedious expense and reporting tasks. 

The company was founded in 2019 by the founders of Paribus, a pricing tracking app acquired by Capital One. 

The corporate credit card and expense management area of fintech is crowded, with Brex, Gusto, Navan, and Rippling increasingly overlapping each other with similar product offerings. Ramp stands out as a well-funded late-mover, improving the user experience and technology stack to position itself for scaling. 

Non-accredited retail investors can own Ramp today via the Fundrise Innovation Fund.

Read more about the Ramp IPO.

39. Stripe IPO

Stripe is a financial technology company that develops payment processing platforms, including APIs (application programming interfaces) software as a service (SaaS) packages that enable digital payments.

Its APIs allow web and mobile app developers to integrate payments (both receiving and sending) into everyday business operations.

The company was founded in 2010 by Irish brothers Patrick and John Collison. The same year it entered the Y Combinator startup accelerator program.

Stripe has 1 million + customers, ranging from small startups to the largest and most innovative corporations worldwide. 

The company has raised several private rounds providing liquidity to early investors and employees. Once valued as high as $95 billion, the company lowered its internal valuation to $63 billion in early January 2023 and again in late February to $50 billion.

Stripe is a perpetual IPO candidate, but management has chosen private rounds to provide liquidity instead of an IPO. When market conditions improve, Stripe will eventually become a public company. 

Read more about the Stripe IPO.

40. Canva IPO

Canva is a Sydney, Australia-based software-as-a-service (SaaS) platform used for creating graphic designs. But it’s not for professional graphic designers. Canva is for everybody else. 

The software empowers anyone with a computer or smartphone to make professional-looking graphics for any use.

In a modern era of social media, blogs, and videos, Canva’s software provides the design needs for creators to tell their stories. 

“Fueled by the global demand for visual communication”, Canva is a profitable company, boasting 60 million users and $1 billion in annualized recurring revenue. 

Non-accredited retail investors can own Canva today via the Fundrise Innovation Fund. Fundrise purchased a $6.2 million stake in September 2023. 

An IPO is anticipated in 2025 or 2026, but it is unclear on which global exchange. 

Read more about the Canva IPO.

41. Brex IPO

Brex is a financial technology company that offers banking services to startups and small businesses. The company provides online software for corporate credit cards, business banking, expense management, business travel, and financial modeling. 

The company was founded by Henrique Dubugras and Pedro Franceschi, two Brazilian entrepreneurs. They met through a Twitter argument that led to a long friendship. 

The duo previously founded a startup called Pagar.me that they sold in 2016. They then attended Stanford together but dropped out within a year to start Brex. 

Brex started as a virtual reality company, but the founders quickly pivoted after joining the Y Combinator incubator batch in Winter 2017. 

The pivot resulted from the company and its Y Combinator peer’s struggles to get business credit cards without personal liability. 

Brex’s mission is to “empower employees anywhere to make better financial decisions.”

Read more about the Brex IPO.

42. Flexport IPO

Flexport is a software-as-a-service (SaaS) global logistics company that helps business customers manage their international shipping and supply chains. It’s a leading cloud software and data analytics platform provider for global trade. 

The software empowers more than 10,000 customers to track global supply chains, including ocean, air, and trucking, to make data-driven decisions and streamline businesses. 

Founder Ryan Peterson recognized that international shipping processes were stuck in another decade and saw an opportunity to disrupt the trillion-dollar freight industry.

Flexport was part of the Y Combinator W14 batch of early-stage startups and was the #1 company on CNBC’s 2022 Disruptor 50 list. 

Non-accredited investors can now own a portion of Flexport stock via the ARK Venture Fund, which is available for a $500 minimum investment. 

Read more about the Flexport IPO. 

43. Grammarly IPO

Grammarly is a cloud software-as-a-service (SaaS) company that uses A.I. and complex learning algorithms to improve writing. Think Microsoft Word’s spell and grammar checker on steroids. 

The service analyzes sentences to determine correct grammar, spelling, clarity, tone, readability, plagiarism, and other factors to help improve writing without a human editor.

Grammarly also provides a generative A.I. writing assistance tool for escaping writer’s block and dozens of integrations with web browsers, websites, and other productivity software. 

Grammarly is based in San Francisco, CA, but has founder origins and offices in Kyiv, Ukraine. It has been vocal in its repudiation of the Russian invasion of Ukraine. 

Cofounder and Chief of Revenue Max Lytvyn told BNN Bloomberg in July 2023: “We are ready to go public but we don’t see any immediate need to do so.”

Read more about the Grammarly IPO.

44. Fanatics IPO

Fanatics an eCommerce business selling licensed sports apparel, equipment, and trading cards through its website and Walmart.com. The company has secured licensing agreements with most of North America’s professional sports leagues and many top global sports brands worldwide. 

Fanatics has raised several private funding rounds from investors, including the National Football League (NFL), Major League Baseball (MLB), the National Basketball Association (NBA), and Major League Soccer (MLS). The company often pairs substantial equity partnerships with exclusive licensing.

The strategy has powered Fanatics to significant pre-IPO valuations over the past five years. Heavy outside ownership could lead to pressure to IPO when market conditions improve. 

Michael Rubin is the company’s CEO. He is also a co-owner of the Philadelphia 76ers and the New Jersey Devils. 

Fanatics is headquartered in Jacksonville, Florida, with offices in New York, Manchester, U.K., and Boulder, Colorado. 

Read more about the Fanatics IPO.

45. Rippling IPO

Rippling is a cloud software-as-a-service (SaaS) human resources (HR) company that provides management services for employee payroll, benefits, expenses, and more in a centralized platform. It also provides IT support for device and application management and financial management. 

The founder is Parker Conrad, who previously founded Zenefits, a similar company that came under regulatory scrutiny in 2016. Conrad resigned in 2016 for inadequate compliance controls, primarily for using unlicensed brokers to sell health insurance.

Conrad quickly started his next company, Rippling, which attracted venture capital funding from multiple high-profile firms. 

Rippling has quickly grown to a multi-billion dollar valuation. The company may be an early IPO in the next wave of SaaS startups going public.

Read more about the Rippling IPO.

46. Zipline IPO

Zipline is a South San Francisco, California-based delivery drone manufacturer and logistics startup. The company aims to create the first logistics system that serves all humans equally. 

When most people first think about delivery drones, they think of the next level of immediacy after the likes of Instacart and DoorDash. 

But delivery drones face challenges in America, particularly due to Federal Aviation Administration (FAA) and local regulations. Zipline is making progress on the U.S. regulation front and recently revealed its next-generation P2 Zip drone for domestic delivery.

The company has used its Platform 1 technology more immediately to deliver vital medical supplies, such as blood and vaccines, to hospitals in Rwanda, Ghana, Kenya, and Côte D’Ivoire. 

Since 2014, Zipline has flown its drones over 40 million autonomous commercial miles, delivering more than five million products to customers in need. Their reliable and efficient service has resulted in over 540,000 deliveries, including more than eight million life-saving vaccine doses.

The startup has raised more than $820 million since its founding. The latest round, a Series F, raised $330 million in April 2023. 

All U.S.-based investors 18+ can now own a portion of Zipline stock via the ARK Venture Fund, which is available for a $500 minimum investment.

Read more about the Zipline IPO.

47. Scale AI IPO

Scale AI is a data platform for artificial intelligence (AI) applications. Its mission is to accelerate the development of AI applications. 

The company’s data-centric, end-to-end solutions help its customers manage the “machine learning (ML) lifecycle” — annotate, manage, automate, evaluate, collect, and generate data. 

The high-quality datasets assembled in the data platform enable the advancement of AI initiatives in wide-ranging industries.

Founder and CEO Alexandr Wang dropped out of MIT to start Scale AI in 2016 at age 19. Scale AI was part of the July 2016 Y Combinator cohort.

Wang told TechCrunch in 2018:

Our goal is to be a pick axe in the AI gold rush. — Alexandr Wang

Read more about the Scale AI IPO.

48. Shield AI IPO

Shield AI is a defense startup building the world’s best AI pilot for the U.S. and international militaries.  The company was founded in 2015 by brothers Ryan and Brandon Tseng and Andrew Reiter. 

Brandon Tseng is a former Navy Seal officer who saw opportunities for AI and military flight autonomy while serving in Afghanistan. His brother Ryan was the Founder and CEO of WiPower, a wireless charging startup he later sold to Qualcomm. 

They started Shield AI with family seed money to build a prototype of its first autonomous drone, Nova. The Nova 2 can now autonomously navigate buildings and subterranean enemy territory, providing visual intelligence and dropping payloads. It’s a drone similar to the Skydio 2+, which can navigate tight indoor spaces. 

Shield AI added a second autonomous vehicle to its fleet, the V-BAT, which can operate alone or as a team. It is also developing solutions to integrate AI pilot capabilities into fighter jets.

Read more about the Shield AI IPO.

49. Epic Games IPO

Epic Games is a video game company based in Cary, NC. It’s best known as the creator of the first-person shooter game Fortnite, one of the ten most popular online games globally, with more than 350 million registered users.

Fortnite is free to play, but the company makes money from in-app purchases (that do not give players an advantage).

Since its founding, the company has created more than 50 games and recently acquired the HouseParty smartphone app and several other game development technologies.

It also created the Unreal Engine, a game development software framework for use by other game developers.

Epic Games was founded in 1991 by Tim Sweeney, who is the majority equity owner.

All U.S.-based investors 18+ can now own a portion of Epic Games stock via the ARK Venture Fund, which is available for a $500 minimum investment.

Read more about the Epic Games IPO.

50. OpenAI IPO

OpenAI is an artificial intelligence research laboratory based in San Francisco, California. It was founded in 2015 by a group of influential tech including Elon Musk, Sam Altman, Greg Brockman, Ilya Sutskever, John Schulman, and Wojciech Zaremba.

The company is best known for developing the ChatGPT (Generative Pre-trained Transformer).

OpenAI started as a non-profit organization focused on promoting friendly AI for the benefit of humanity. But in 2019, it launched a for-profit arm called OpenAI LP to pursue commercial applications of AI.

There does not appear to be an immediate push for an IPO. CEO Sam Altman has indicated he believes the company may not be suitable to become a public entity due to legal risks. 

Retail investors can own OpenAI today via the Fundrise Innovation Fund. The minimum to invest is $10. 

Read more about the OpenAI IPO.

51. Perplexity IPO

Perplexity is an AI startup founded in 2022 that has a mission to democratize access to knowledge by unraveling complex queries and providing users with precise and informative answers.

Perplexity’s search engine provides answers to search queries backed by attributed sources. It also offers suggested queries the user may find helpful and organizes the information in a modern format. Users can sign in to save threads and try Discovery mode to explore the web. 

The technology backing the tool includes multiple LLM models such as OpenAI’s ChatGPT4, Google’s Gemini Pro, Anthropic’s Claude 2.1, Mistral Large, and an exclusive Perplexity AI model for paying subscribers. 

Perplexity’s valuation is growing quickly. In late 2024, the company was reported to be raising cash at a $9 billion valuation.

Read more about the Perplexity IPO.

52. Sila Nanotechnologies IPO

Sila Nanotechnologies is an advanced battery designer and manufacturer on a mission to engineer materials to power our future. 

Gene Berdichevsky, Tesla’s seventh employee, became frustrated with the lack of battery innovation and set out to make the lithium-ion battery more powerful and efficient. 

He founded Sila Technologies in 2011. 

Instead of starting from scratch, Sila Technologies discovered a way to make lithium-ion batteries more efficient by replacing the standard graphite anode with a nano-engineered silicone one. The new materials have the potential to make batteries 50% better, increasing power density and decreasing their size. 

Sila has partnered with leading automotive manufacturers to enable the adoption of its technology, lowering costs and improving charge time and mileage capabilities. 

Read more about the Sila Nanotechnologies IPO.

53. Redwood Materials IPO

Redwood Materials is a sustainable materials company laying the groundwork for the next generation of vehicle and electronics battery recycling. 

Redwood Materials receives the end-of-life vehicle batteries and electronic devices (phones, laptops), extracts and refines the batteries’ raw materials, and returns them to factories producing new batteries.

In addition to recycling, Redwood Materials aims to manufacture copper foils for anodes and is building a giant U.S. factory for producing cathodes. Both are growingly costly components of car batteries. 

Moreover, Redwood Materials aims to shorten and simplify the global battery supply chain by growing capabilities in the U.S.

Redwood Materials was founded in 2017 by J.B. Straubel, a Tesla cofounder (fifth employee) who recognized the global supply chain imbalances, bottlenecks, and potential to reduce the environmental impact of battery production. 

Read more about the Redwood Material IPO.

54. Climeworks IPO

Climeworks is a Zurich, Switzerland-based carbon dioxide (CO₂) air capture startup. The company has created a direct air capture (DAC) technology to capture CO₂ from the atmosphere.

Captured CO₂ can be used as fertilizer, beverage carbonation, or mixed with water and pumped deep underground, where it mineralizes and can be stored permanently. 

The technology aims to reduce the effect of emitted carbon on global temperatures. Its near-term goal is to filter 1% of annual global CO₂ emissions by 2025. 

Founded in November 2009 by Christoph Gebald and Jan Wurzbacher, Climeworks demonstrated a proof of concept and created prototypes early on, which has led to scaling the technology to industry-sized installations. 

Read more about the Climeworks IPO.

55. Revolut IPO

Revolut is a fintech startup, neobank, and financial “everything app” based in London. Its mission is “to simplify all things money.”

It offers banking services in the U.K. but is not an approved bank covered by the Financial Services Compensation Scheme (FSCS), similar to the U.S. FDIC.

Revolut partners with banks to provide banking servicing via its technology platform. 

Services provided include savings, checking, lending, credit cards, stock trading, cryptocurrency trading, currency trading, commodities, business payments, and international transfers. 

Revolut is London-based but offers services in the European Economic Area (EEA, 30 countries), Australia, New Zealand, Singapore, Switzerland, Japan, Brazil, the United Kingdom, and the United States. 

Leadership has said the company would conduct its IPO in the U.S. due to less stringent regulation and better liquidity. A 2024 tender offer valued the company at $45 billion, according to Revolut. But public and private marketplaces would likely not support that valuation as of late 2024.

Read more about the Revolut IPO. 

56. Zapier IPO

Zapier is an “integrations-platform-as-a-service” (iPaaS) startup that helps companies automate repetitive workflows across digital platforms. Its solutions include automation, lead management, sales pipeline, marketing campaigns, customer support, data management, project management, and technical support tickets.

Integrations through APIs enable time-saving automations. Though many other software platforms offer integrations and APIs, Zapier’s more than 6,000 integrations make it a go-to platform for small and large businesses.

Zapier was founded by three friends who met at the University of Missouri. The company was accepted into the Summer 2012 Y Combinator batch.

It raised just $1.3 million in seed money after Y Combinator and reached profitability in 2014. Zapier’s founders maintain up to 80% of the equity.

Read more about the Zapier IPO.

57. Cohere IPO

Cohere is a Canadian artificial intelligence (AI) and large language model (LLM) developer focused on the enterprise market. The company was founded in 2019 by former Google Brain AI researchers. 

Though OpenAI is the most recognized technology innovator in the AI era, the market for AI software is big enough for multiple large providers. 

It partners with the largest cloud providers and consulting firms like McKinsey and Accenture to help enterprises transform their businesses with AI.

Cohere raised $270 million in the Summer of 2023 and is reportedly seeking more funding in 2024 at a $5 billion valuation.

The company’s headquarters are in Toronto and San Francisco.

Read more about the Cohere IPO. 

58. Houzz IPO

Houzz is a home design, decorating, and remodeling website that inspires users and connects them to professionals to bring their ideas to life. 

The company was founded in 2010 by married couple Adi Tatarko and Alon Cohen, who struggled to describe ideas for a home project to professionals.

The company launched Houzz TV in 2015. Houzz TV is a YouTube channel highlighting beautiful stories of amazing homes, people, and designs. 

Houzz hired Goldman Sachs to lead its IPO underwriting efforts in October 2021. However, the company missed the IPO window of 2020-2021, making it a likely candidate for the next wave of IPOs.

Read more about the Houzz IPO. 

59. Tanium IPO

Tanium is a cybersecurity company integrating IT, security, risk, and compliance into a single platform to protect enterprise information systems and infrastructure.

The company boasts 70% of the Fortune 100 and five branches of the U.S. military forces as customers.

Its solution offerings include asset discovery and inventory, risk and compliance management, threat hunting, client management, and sensitive data monitoring.

The company has hired multiple executives with IPO experience, and IPO chatter has been active off and on since at least 2016. But leadership has yet to indicate a forthcoming IPO date.

CEO Orion Hindawi told IT news website CRN in 2017: “I think our path is to go public”, but the public has heard little since. 

A report by Business Insider said employees left the company in 2021 due to IPO and business model uncertainty.

Read more about the Tanium IPO.

60. Patreon IPO

Patreon is a web-based software platform that empowers creators to earn a living through online membership subscriptions. Creators earn income by allowing fans to support their work and providing exclusive content, rewards, and perks to paying subscribers.

The company was founded in 2013 by Sam Yam and Jack Conte (CEO). Conte and his wife, Nataly Dawn, are musicians that perform under the monikers Pomplamoose and Magaziine. 

He was looking for a way to monetize his YouTube audience besides native ads. 

Though initially popular with YouTubers, Patreon now serves podcasters, writers, artists, musicians, and creators of all kinds. 

The platform bills patrons — those who subscribe to creator content — monthly. The monthly subscription model helps maintain a predictable income stream to support the creator’s work.

Patreon last raised $155 million in private capital  in April 2021. 

Read more about the Patreon IPO.

61. Addepar IPO

Addepar is a Mountain View, California-based wealth management software-as-a-service (SaaS) company founded in 2009 by Joe Lonsdale and Jason Mirra. Lonsdale was a founder of Palantir Technologies in 2004 alongside Peter Thiel. Mirra was an early Palantir employee. 

The company provides a data platform for wealth management, enabling registered investment advisors (RIA) to monitor and manage their clients’ assets across complex investment portfolios. Its goal is to create more transparency in the financial system.

More than $4 trillion in assets are managed on the Addepar platform, trusted by more than 850 firms, including family offices, financial advisors, and institutional investors.

Addepar has not raised new funds since June 2021, when it raised a Series F round, suggesting the company may be ready to IPO when market conditions improve. However, its valuation is down from the last funding round, suggesting patience or, possibly, an acquisition. 

Read more about the Addepar IPO.

62. Freenome IPO

Freenome is a cancer screening startup based in San Francisco, California. Its mission is to detect cancer in its earliest, most treatable stages and make screening easy and accessible for everyone.

The company believes no single technology can outsmart cancer. So, it deploys a “multimodal” approach combining machine learning and computational biology to look for early clues of the disease’s onset. 

Freenome applies multiomics, an integrated scientific approach that involves genomics, proteomics (study of proteins), transcriptomics (study of RNA transcripts), and other “omics” or biology disciplines. 

The company’s first product is a colorectal screening blood test to make screening more accessible and less invasive. Colorectal cancer is the world’s second deadliest cancer but has a high survival rate if detected early. Freenome is also exploring lung cancer screening tests and other cancers. 

Read more about the Freenome IPO.

63. Neuralink IPO

Neuralink is a medical device company aiming to build a fully integrated brain-machine interface (BMI), also known as a brain-computer interface (BCI).

The technology has the potential to treat people with disabilities of the brain and spine, including paralysis, blindness, deafness, memory loss, stroke, and more. 

Developing treatments for these disorders could dramatically improve millions of people’s lives and lead to considerable profits for the company.

Musk’s ultimate goal could be to empower humans to stay equal to or ahead of artificial intelligence. However, that’s a long way off. And Musk needs to create a profitable business first. 

Neuralink competitor, Synchron, is further along the FDA process, utilizing blood vessels as the device implant vehicle instead of surgery. Reporting indicated Musk contacted Synchron about a potential partnership in 2022, but details of those discussions have yet to emerge.

The first patient has received a Neuralink implant device in his brain and has demonstrated capabilities to control a computer mouse and play video games. 

Read more about Neuralink stock.

64. The Boring Company IPO

The Boring Company is a construction infrastructure company that digs tunnels for transportation projects.

The company intends to “solve the problem of soul-destroying traffic” by going 3D. Underground transportation is out of sight, weatherproof, and safer than the alternative 3D transportation option (flying cars).

The Boring Company is most famous because of its founder, Elon Musk. Musk, who also founded SpaceX (and Starlink), and Tesla, is a proven entrepreneurial savant and one of the world’s wealthiest people.

When he starts a company, people pay attention and want to join for the ride. However, the Boring Company does not appear to be pursuing an IPO in the imminent future. 

Read more about The Boring Company IPO. 

65. Plaid IPO

Plaid is a financial technology (fintech) company that enables seamless connections between customers, financial institutions, fintech apps, and developers.

The company builds application programming interfaces (APIs) for the financial industry, including banking, lending, and investing services.

Beyond APIs, Plaid is becoming an analytics company, providing its customers with user insights and data.

The company has become a must-use platform for fintech, empowering startup and legacy financial institution developers to deliver a beautiful user experience.

In January 2021, Visa abandoned its plans to acquire Plaid due to antitrust concerns, making the startup one of the hottest fintech unicorns in the U.S.

The question now is whether Plaid will pursue a traditional or direct listing IPO, SPAC acquisition, or if another company tries to complete what Visa could not.

The Plaid CEO told Fortune in late October 2023: “We certainly would consider going public. We haven’t attached a timeframe to that.”

Read more about the Plaid IPO.

66. Impossible Foods IPO

There are several upcoming IPOs related to plant-based foods. Impossible Foods produces plant-based food that looks, feels, and tastes like meat.

They’re on a mission to save the Earth by creating products that replicate the experience of eating meat but using plants and technology to make it happen.

The company’s signature product, the Impossible Burger, was launched in 2016 and is now widely sold in grocery stores and restaurants.

The Impossible Foods IPO will be closely watched after the massive success of its primary competitor, Beyond Meat, whose stock increased more than 100% within a few days of its IPO.

However, investors will need to be patient.

CEO Peter McGuinness told Yahoo Finance in February 2023 that the company would “probably not” go public by the end of the year, citing market conditions and being well-capitalized. A year later, he suggested the company may consider an acquisition instead of a public debut. 

Read more about the Impossible Foods IPO.

67. Upside Foods IPO

Upside Foods makes cultivated meat, a product it says is better for the planet. Cultivated meat, also known as lab-grown meat, uses animal cells to grow the tastiest parts without breeding and slaughtering millions of animals. 

Rather than raising whole chickens, pigs, or cows, we grow only the meat we want to eat—directly from real animal cells. At scale, it will be a more humane and future-friendly way to grow high-quality food for meat lovers everywhere.

Founded as Memphis Meats in 2015, the company changed its name to Upside Foods in 2021. Upside Foods is headquartered in Berkeley, California.

CEO & Founder Uma Valeti, M.D., trained as a cardiologist at the Mayo Clinic. He realized some of the technology his team used to help heart attack patients could work to grow animal meat in labs.

As of June 2023, the company has FDA and USDA approval to sell its product in the U.S. 

Read more about the Upside Foods IPO.

68. OnlyFans

OnlyFans is a content subscription service and social media platform that empowers creators to earn money from online fans.

Popular with adult entertainers and social media influencers, creators charge a subscription fee to fans for premium photos and videos only available behind a paywall.

OnlyFans takes a flat 20% fee and earns about 12% after costs, according to the New York Times. Creators can charge whatever they like and keep the remaining 80%.

The business model eliminates the need for advertising and intermediaries (e.g., film producers, and traditional adult websites), giving the creators more control of their content and business. 

A London-based private company called Fenix International Limited owns the OnlyFans service, which adult industry veteran Tim Stockley founded in 2016.

Stockley stepped down as CEO headed into 2022 to make way for a female CEO. 

Axios reported in March 2022 that the company is courting potential SPAC partners. 

Read more about the Only Fans IPO.

69. Lyten IPO

Lyten is an advanced material and sustainable battery company. The company discovered a three-dimensional graphene carbon-based “super-material” that it believes has endless applications in global decarbonization. 

Its first industrial applications will be for batteries, composites, and sensors. 

Lyten’s lithium-sulfur battery is better than the ubiquitous lithium-ion battery because it doesn’t use cobalt, nickel, manganese, or graphite, enabling a 100% domestic materials and manufacturing supply chain.

A domestic supply chain makes the batteries especially attractive for government defense purposes. 

The lithium-sulfur battery is safer, lighter weight (to “Lyten” batteries), higher energy density, cheaper, and domestically sourced, making it a potential alternative to lithium-ion batteries in electric vehicles and electronic devices. Lyten claims a 60% reduced carbon footprint for its batteries. 

Read more about the Lyten IPO.

70. Ascend Elements IPO

Ascend Elements is a materials and recycling startup based in Westborough, MA. The company sources “black mass” from lithium-ion batteries previously used in electronics and electric vehicles (EV) and recycles the materials for new EV batteries.

Ascend Element’s materials are equal to or better than raw materials mined from the earth because they “upcycle” the materials to extract impurities through a patented process called Hydro-to-Cathode. 

The Hydro-to-Cathode process is more efficient than traditional lithium-ion purification and recycling. 

Significant venture capital rounds and $480 million of grants from the Department of Energy completed in 2022 and 2023 have enabled the construction of a $1 billion, 140-acre recycling facility in Hopkinsville, Kentucky.

When complete, the facility will have the capacity to produce enough materials for up to 750,000 electric vehicle batteries. 

Ascend Element’s larger goal is to enable a “closed-loop battery economy” that doesn’t rely on mining to meet the materials demand for new batteries.

Formerly known as Battery Resourcers, the company rebranded in January 2022. 

Read more about the Ascend Elements IPO.

71. ThoughtSpot IPO

ThoughtSpot is an artificial intelligence(AI)-powered cloud data analytics and business intelligence company for enterprise organizations. The company brings the power of natural language search queries to non-technical users by translating text questions into database queries. 

It was founded by a team of engineers from Google and Oracle looking to compete with analytics companies such as Tableau, which Salesforce acquired.

Cofounder Ajeet Singh also cofounded Nutanix, a cloud software company that IPO’d in 2016. 

CEO Sudheesh Nair has repeatedly indicated that ThoughtSpot would benefit most from an IPO. IPO discussions were held in 2019 and 2020, but recent chatter has quieted, likely due to the slowdown in IPO volume and unfavorable market conditions. 

Watch for hiring an underwriter or a confidential ThoughtSpot IPO filing in the coming year. 

Read more about the ThoughtSpot IPO.

72. Automation Anywhere IPO

Automation Anywhere is a robotics process automation (RPA) software company for enterprise organizations. Its products are cloud-native and sold as a service (SaaS), helping customers use technology to automate repetitive office tasks. 

RPA software integrates with modern and legacy IT systems to bridge system gaps, improve efficiencies, and replace manually-driven business workflows.

Automation reduces costs to free time for more mission-critical projects while increasing compliance, reducing human errors, improving customer service, and streamlining operations. 

The sales pitch for RPA always sounds magical. It’s not.

RPA requires specialized software, trained users, and willing management to make investment decisions to improve operations. 

However, for large organizations, RPA is often worth the investment. That’s why companies like Automation Anywhere have grown revenues significantly over the past decade. 

Read more about the Automation Anywhere IPO.

73. Skydio IPO

Skydio is a premium drone manufacturer with a mission to make the world more productive, creative, and safe with autonomous flight.

The company uses autonomous aircraft vehicles to empower creators, governments, and engineers to produce high-quality videos and 3D scanning for endless applicability.

All design, software development, and drone manufacturing are done in the United States, securing the supply chain and making the company a reliable partner of the U.S. government. 

The company was founded in 2014 by two colleagues who met five years earlier at MIT. The company’s headquarters are in Redwood City, California. 

Skydio has raised more than $562 million since its seed round in 2015.

The most recent raise was a Series E for $230 million in February 2023, valuing the company at more than $2.2 billion. 

Read more about the Skydio IPO. 

74. Miro IPO

Miro is a workplace productivity software-as-a-service (SaaS) company. Its product provides a digital platform to empower teams to collaborate, visualize, and brainstorm remotely or in person. 

The digital whiteboarding functionality lets teams draw diagrams, share ideas, and map out work as if they are in an office with a regular whiteboard.

Miro and its user base provide thousands of templates to help teams get started and hundreds of integrations to connect with other productivity and office software products. 

The company is profitable but has used venture capital funding to accelerate growth. It now boasts 50+ million users and claims it services “99% of the Fortune 100 companies”. I’m curious which one doesn’t use it.

Miro was founded in 2011 as RealtimeBoard and rebranded in 2019. Its primary offices are in San Francisco and Amsterdam.

Read more about the Miro IPO.

75. TerraPower IPO

TerraPower is a nuclear power company creating a smarter, safer, and more efficient way to generate power to reduce carbon emissions in the 21st century.

The company was founded by Bill Gates and “like-minded” investors and aims to fully scale its nuclear reactor design by the end of the decade. 

As the world population grows and the global economy shifts toward electric vehicles, renewable fuels such as solar and wind will not be enough to support clean energy demand. 

Modernized nuclear power is an innovative solution to power the grid when the sun isn’t out. TerraPower’s design uses less radioactive fuel, reducing safety risks and waste. It uses molten sodium to store energy, giving it the flexibility to release energy when demand increases.

TerraPower’s nuclear power plants are likely many years away from being fully operational. As such, TerraPower is one of many upcoming IPOs that is inevitable but unlikely for many years. But it’s important to keep it on your radar.

Read more about the TerraPower IPO.

76. Gopuff IPO

Gopuff is a food, alcohol, and home essentials delivery service founded and headquartered in Philadelphia, PA.

The company started as a hookah delivery service (hence, the name) around Drexel University but quickly expanded to other conveniences such as beer, toiletries, and diapers.

It now delivers to more than 1,000 cities from its facilities, which stock about 4,000 products each.  

Gopuff operates in a low-margin industry with plenty of competition and will need favorable IPO market conditions for a successful IPO.

In March 2022, Bloomberg reported that “the company has no intention of raising capital through a public offering in the near term, due to market conditions, and hasn’t filed paperwork to initiate the process.”

Read more about the Gopuff IPO.

Conclusion – Upcoming IPOs for this Year and Beyond

Dozens of companies will hopefully have their initial public offerings in 2025. This list attempts to include only those with the most investor interest.

If there are others you think should be on the list, contact me, or leave your reasons why in the comments below.

What upcoming IPOs 2025 are you most excited about? What broker do you use to access upcoming IPOs?

Unicorn image generated via ChatGPT image generator. 

The author is long CMI the Fundrise Innovation Fund. The author may also have a vested interest in multiple upcoming IPOs as they approach their IPO dates.