What are the most exciting upcoming IPOs 2023 and beyond?
The upcoming IPOs pipeline is showing signs of revitalization. Market conditions have finally improved.
We hope to see more of these late-stage startups going public in 2023 and into 2024.
Jump to #1 on the list.
To own innovative startups earlier in their lifecycles, investors can turn to pre-IPO investing platforms such as the Fundrise Innovation Fund, a venture capital fund with a $10 minimum investment, or direct access opportunities via Equitybee as a backdoor way to access future IPOs.
Pre-IPO investing platforms enable investors to invest in upcoming IPOs well before the public offerings.
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Below is a list of the most exciting and highly anticipated upcoming IPOs for 2023 and beyond.
I update this list frequently as maturing startups hit the radar. I move them to the Companies That Had Their IPO in 2023 page upon completion.
Open an account with SoFi Invest to get IPO access on select future deals. Also, check out our list of best brokers for IPO investing to learn how to increase your chances of receiving IPO allocations in upcoming deals.
Table of Contents
1. Rubrik IPO (October 2023)
Rubrik is a cloud data management and security company based in Palo Alto, CA, calling itself the “Zero Trust Data Security” company.
Zero trust is an information technology term regarding a methodology to thwart cybersecurity and ransomware attacks.
Zero trust methods are based on the assumption that all devices, applications, and users are untrustworthy. Therefore, systems and processes should verify all users before accessing a network or application.
Rubrik’s cloud products, combined with integrations and company partnerships, help to strengthen cybersecurity defenses.
Microsoft invested in Rubrik in August 2021. With heavy venture capital ownership, keep an eye out for an upcoming IPO or acquisition in the coming year.
Bloomberg reported on September 1st, 2023, that Rubrik aims to IPO as early as October 2023 pending market conditions. The deal is expected to raise $500-$700 million.
In June 2023, Rubrik hired Goldman Sachs, Barclays Plc, and Citigroup Inc as underwriters for its IPO expected in 2024 “if the IPO market becomes more welcoming”.
Read more about the Rubrik IPO.
2. Turo IPO (Oct-Nov 2023)
Turo is the world’s largest car-sharing marketplace. It’s like Airbnb for cars.
The platform enables “hosts” (car owners) to turn their idle cars into income-producing assets by renting them to “guests”.
Guests typically rent cars for excursions, test drives, local day trips, or short-term getaways.
More than 160,000 hosts, 300,000 vehicles, and 2.7 million guests are active on Turo as of late 2022.
Turo believes it is fueling multiple seismic consumer behavior shifts that represent a long-term opportunity.
- Entrepreneurs seek income from idle assets
- Consumers prefer mobile-first services
- Cars are expensive, and many consumers don’t want to own them
Originally incorporated as RelayRides in August 2009, the company changed its name to Turo in 2016.
Turo filed for an IPO with the SEC in January 2022 but did not follow through that year. The company has updated its S-1 filing multiple times, indicating it plans to move forward, hopefully in 2023.
September 2023 reporting by Bloomberg indicates Turo is ready to go public. The IPO roadshow could begin as early as the October.
Turo hosts and guests may have the opportunity to invest in the IPO via a directed share program.
Read more about the Turo IPO.
3. Birkenstock IPO (Oct-Nov 2023)
Private equity firm L Catterton plans to launch an IPO for the iconic footwear brand Birkenstock. According to Bloomberg, the deal could raise as much as $8 billion and occur as early as September 2023.
Birkenstock is a more than 200-year-old German brand with varying popularity over the past 4o years.
Birkenstocks sandals made an appearance in the popular summer 2023 blockbuster Barbie. The private equity firm is looking to capitalize on the recent surge in popularity.
L Catterton is working with Goldman Sachs and JP Morgan to underwrite the Birkenstock IPO.
The Birkenstock F-1 filing was released to the public via the SEC’s website on September 12th, suggesting an October or November IPO. There is reference to a directed share program (potentially to include customers), but the details are not available yet.
The Birkenstock stock symbol “BIRK” will trade on the NYSE.
4. 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.
Understanding enterprise data optimizes operations and helps companies stay one step ahead of competitors.
In terms of what this company does, most people aren’t going to understand. The main takeaway is that data analytics is an extraordinary long-term trend over the decades to come, positioning Databricks to ride the wave.
Bloomberg reported in late 2020 that the company would pursue an IPO in 2020.
However, the company completed a fresh round of private funding in early 2021. Then another in September 2023 that raised $500 at a $43 billion valuation.
Additional private funding rounds may delay an inevitable Databricks IPO. But having now completed a Series I funding round (that’s a lot), Databricks is getting close to an IPO.
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.
5. ServiceTitan IPO
ServiceTitan is a cloud software-as-a-service (SaaS) platform empowering home services businesses such as HVAC, plumbing, electrical, pest control, builders, and many other industries to manage their clients and employees.
The software supports all aspects of trade businesses, including marketing, scheduling, dispatch, payments, timesheets, payroll, and customer service management.
Founded in 2012 in Glendale, CA, the business has more than 11,000 customers generating more than $200 in annual recurring revenue (ARR).
The company has raised more than $1 billion.
The latest confirmed funding round, a Series G, was a $200 million raise tied to the Aspire acquisition (a landscaping software company) in June 2021.
Though the company filed confidentially for an IPO in January 2022, The Information confirmed the company is seeking additional funding as of November 2022.
Read more about the ServiceTitan IPO.
6. 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. Customers include Amazon, Shopify, Peloton, Lyft, Zoom, Slack, Uber, Doordash, and OpenTable.
The Stripe mission statement:
Our mission is to increase the GDP of the internet. Stripe is a technology company that builds economic infrastructure for the internet. Businesses of every size—from new startups to public companies—use our software to accept payments and manage their businesses online.
Company headquarters are in San Francisco.
Stripe raised a new round of funding in March 2021, valuing the company at $95 billion.
However, the company lowered its internal valuation to $63 billion in early January 2023 and again in late February to $50 billion.
On January 26th, 2023, The Wall Street Journal reported that Stripe set a one-year timeline for either an IPO or liquidity event for employee shareholders.
Read more about the Stripe IPO.
7. 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.
Instead of hiring a graphic designer to create images for social media and online businesses, the Canva software provides more than 800,000 templates that users can modify for their needs.
Standard template sizes are optimized for common photo size formats, such as Pinterest pins, book covers, and Facebook or Instagram posts.
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.
The software is easy to use and offers a free version with paid upgrades. So almost anyone can open an account a try it. Once users learn the software, they pay for an upgraded account that supports Canva’s recurring revenue SaaS business model.
“Fueled by the global demand for visual communication”, Canva is a profitable company, boasting 60 million users and $1 billion in annualized recurring revenue.
Read more about the Canva IPO.
8. 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.
You can now own a portion of Flexport stock via the ARK Venture Fund at Titan for a $500 minimum investment.
Read more about the Flexport IPO.
9. 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. Then sells its products direct to consumers and through a growing list of retailers.
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.
It donates 10% of profits to organizations dedicated to reducing plastic pollution.
Founder and CEO Mike Cessario told Fast Company, “At the end of the day, we’re a brand more than we’re a water company”. Cessario is a former Netflix creative director.
Initially intended for tattoo parlors and “straight edge” death metal and punk fans, Liquid Death marketing is often gory and provocative.
Liquid Death’s slogan is Murder your thirst.
Strong branding and a fresh cash influx from a Series D capital raise should enable the company to expand into additional healthy beverage categories to fuel growth.
An October 2022 blog post suggested the company was “beginning to lay the groundwork for the IPO path in case it makes sense for the business”.
A July 2023 report from The Information reporteded the company has hired Goldman Sachs as the lead underwriter and could complete its IPO as soon as Spring 2024.
Read more about the Liquid Death IPO.
10. 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) AI language model with over 175 billion parameters and GPT-4 with about 1 trillion parameters. These tools have a wide range of applications, from language translation to generating creative writing.
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.
OpenAI claims to be actively involved in promoting AI’s ethical and safe development and has been a vocal advocate for responsible AI research and development practices.
There does not appear to be an immediate push for an IPO. However, Microsoft’s $11 billion investment in January 2023 increased the OpenAI valuation to $28 billion.
At those levels and with the recent AI buzz and momentum, positive market conditions could be a catalyst for a public offering. Though the company claims it’s not interested in being public.
Read more about the OpenAI IPO.
11. 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.
The company offers a limited free service and a premium subscription service for professionals or anyone looking to improve personal or published content.
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.
12. 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.
Customers will include governments and consumers. As of late 2020, nearly 1,000 satellites have been launched into orbit, and the service’s testing has commenced. The satellites ride the Falcon 9 rocket for insertion into orbit.
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.
In February 2020, CNBC confirmed SpaceX is considering a Starlink spinoff. A public Starlink company could help SpaceX raise funds for its primary objective, to put humans on Mars, by capitalizing on investors’ desires to ride the Midas touch of CEO Elon Musk.
13. Reddit IPO
The long-time private social media website, Reddit, aims to go public in the second half of 2023. That’s according to The Information, a business news website.
Founded in 2005, Reddit is a dinosaur in internet years. The website is a place to aggregate and discuss the latest news, tips, or strange happenings on the internet.
The company is “far from profitability” despite its mature age.
Reddit filed confidentially for an IPO in December 2021, just before the IPO doldrums of 2022. But the company has kept the filings up to date, presumably awaiting favorable market conditions for a public offering.
14. Fanatics IPO
Fanatics is 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 in the coming year.
Michael Rubin is the company’s CEO. He is also a co-owner of the Philadelphia 76ers and the New Jersey Devils. But as of June 2022, he is looking to divest those assets to allow Fanatics to enter the sports betting market.
Fanatics is headquartered in Jacksonville, Florida, with offices in New York, Manchester, U.K., and Boulder, Colorado.
Read more about the Fanatics IPO.
15. X Corp IPO (Twitter IPO 2.0)
Elon Musk now owns Twitter and changed the name to X Corp. Musk overpaid, and Access IPOs believes the company is on a path to a future IPO — the Twitter IPO 2.0, if you will.
Since he and his many venture capital partners overpaid, the fastest way for him to recover from his mistake is to rebrand, rebuild, then offer shares to Musk’s millions of fanboys in an IPO who will surely chase shares into overvalued territory.
I expect to see an X Corp IPO forthcoming in the next two to four years.
Read more about the Twitter IPO/X Corp IPO.
16. 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.
The company’s flights reduce the carbon emissions of deliveries by 97% compared to gas cars and are also far more efficient than electric vehicles.
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.
But 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.
Read more about the Zipline IPO.
17. 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.
18. 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.
Read more about the Anduril IPO.
19. 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.
Read more about the Epic Games IPO.
20. 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.
The new batteries can also lower costs and improve driving mileage for electric vehicles.
The company currently partners with WHOOP to provide batteries for its performance watches. Sila Nanotechnologies is building a factory in Moses Lake, Washington State, to build enough anode material to support the production of up to 500,000 vehicles per year.
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.
21. Redwood Materials IPO
Redwood Materials is a sustainable materials company laying the groundwork for the next generation of vehicle and electronics battery recycling.
As electric-powered vehicle consumption grows, the number of batteries reaching their end-of-life will keep growing.
Electric vehicle battery components will maintain much of their raw material value when the cars drive their last mile.
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 Material was founded in 2017 by J.B. Straubel, a Tesla Co-Founder (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.
22. Northvolt IPO (Upcoming European IPO)
Northvolt is a Swedish design and manufacturing company producing lithium-ion batteries in Europe for a more sustainable energy storage future.
The company’s primary target is automotive battery applications (cars and charging stations), but it also produces products for grid storage, industrial applications, and portable devices (e.g., tools, and e-bicycles).
Founded by former Tesla executive Peter Carlsson, Northvolt aims to support global electric vehicle expansion in the coming decades.
It seeks to balance the global automotive battery supply in competition with Asia and North American manufacturers by scaling battery manufacturing in Europe.
In December 2021, Northvolt produced the first European-designed and manufactured lithium-ion battery for electric vehicles in its gigafactory in Skellefteå, northern Sweden.
A second gigafactory is under construction in Salzgitter, Germany, in partnership with Volkswagen, and a third is slated to be built in Heide, Schleswig-Holstein, Germany.
The company was founded in 2016 with a mission to build the world’s greenest battery to enable the European transition to renewable energy.
Read more about the Northvolt IPO.
23. Revolut IPO (Upcoming European 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). FSCS is the U.K.’s equivalent to the U.S. Federal Deposit Insurance Corporation (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.
Read more about the Revolut IPO.
24. Klarna IPO (Upcoming European IPO)
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.
Consumers shop wherever they choose, whether online, on mobile devices, or in shopping malls, then use the Klarna app to checkout.
Once a purchase is in the app, users have multiple no-fee flexible short-term payment options and longer-term options with financing rates ranging from 0%-29.99%. Klarna also offers browser extensions for online shopping and a credit card for everyday purchases.
Klarna means “clear” or “clarity” in Swedish.
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.
CEO Sebastian Siemiatkowski stated in August 2023:
From an IPO perspective, the requirements have been met [regulatory preparations]. So now, it’s more market conditions.
It’s unclear on what exchange Klarna would list its IPO.
Read more about the Klarna IPO.
25. 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.
Adi Tatarko serves as the company CEO.
The Houzz website stores millions of photos to inspire various design and remodel ideas. Users browse or search by room or style and can bookmark favorites on their accounts.
Shoppers can browse furniture and accessories and purchase through the retail partner program.
Another product, Houzz Pro, is a software as a service (SaaS) offering for professional designers and contractors that helps to manage end-to-end businesses.
The product helps users attract and win the right clients, run profitable projects, and deliver a standout customer experience. The Houzz Pro software subscription costs between $65 and $399 per month, depending on selected services.
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 to kick off the next wave expected in 2023 or 2024.
Read more about the Houzz IPO.
26. 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.
Founded in 2007 by father and son team Orion and David Hindawi, former found of BigFix, which IBM acquired in 2010. David served as the original CEO, with Orion taking over in 2016.
In February 2023, Orion became Executive Chairman of the Board, making way for Dan Streetman to take over as CEO. Streetman was the former CEO of Allvue Systems and TIBCO Software.
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.
27. Skims IPO
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.
The founders originally named the company “Kimono”, but Kardashian received negative responses to the name, accusing it of being insensitive to Japanese culture. She changed the name to Skims in August 2019.
Skims plans to expand into menswear and open brick-and-mortar stores in the coming years. Access IPOs expects Skims to IPO in 2024 or 2025 and encourages the company to make IPO access inclusive to its customers and “every body”.
Read more about the Skims IPO.
28. BMC Software IPO
BMC Software is an enterprise information technology company owned by the private equity firm KKR (Kohlberg Kravis Roberts & Co). The company makes software to help enterprise organizations automate batch jobs on legacy systems.
For example, its Control-M software “simplifies application and data workflow orchestration on-premises or as a service. It makes it easy to build, define, schedule, manage, and monitor production workflows, ensuring visibility, reliability, and improving SLAs.”
The company was founded in 1980 and conducted its first IPO in 1988. Then a group of private equity firms acquired the company in 2013, taking it private. KKR bought BMC Software in 2018 for $8.5 billion.
Bloomberg reported in February 2023 that BMC Software had filed confidentially with the SEC and intends to IPO later in the year. The IPO could be valued at $14-$15 billion. It has hired Goldman Sachs as the lead underwriter.
29. 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.
Patreon offers a simple pricing model, charging 5% to 12% of the monthly income creators earn, plus payment processing fees (2.9% + $0.30). Higher prices apply to additional functionality, such as tiered subscriptions, integrations, and advanced customer support.
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 has not raised private capital since raising $155 million in April 2021.
Read more about the Patreon IPO.
30. 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.
Addepar’s platform allows advisors to aggregate assets in one place, enabling portfolio trading, rebalancing, and analyzing real-time portfolio data. A significant differentiator is the integration capabilities, connecting systems and workflows with hundreds of existing financial platforms.
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. That was a Series F round, suggesting the company may be ready to IPO when market conditions improve.
Read more about the Addepar IPO.
31. 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.
Fans of Elon Musk realize that he will likely be the most consequential technologist and entrepreneur of our lifetimes.
He’s started several companies, cashing out of earlier ventures to build companies that tackle humanity’s biggest challenges, including transportation, climate change, and becoming a multi-planet species.
Neuralink is his next ‘crazy idea’ to link the power of artificial intelligence with nature’s most complex and intelligent organ, the human brain.
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.
Read more about Neuralink stock.
32. 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.
As of April 2022, there are five projects in various stages of planning and construction. The first non-testing project is underway in Las Vegas.
The company raised $675 million in a Series C funding round in April 2022, valuing the company at $5.675 billion.
The Boring Company is one of two upcoming IPOs tied to Elon Musk.
Read more about The Boring Company IPO.
33. Chime IPO
Chime* is an online financial app that has redesigned the way millennials manage their money. As of 2020, the company has more than 8 million customers.
Chime 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.
In October 2021, Forbes reported that Chime was targeting an IPO at a $35-$45 billion valuation.
Chime has hired Goldman Sachs as the lead underwriter and was expected to IPO sometime in 2022.
However, reporting by Barron’s in May 2022 suggests the company will delay the IPO until after 2022 due to market conditions.
Along with Robinhood and Stripe, Chime* is one of several fintech apps and upcoming IPOs riding the wave of mobile technology efficiencies.
Read more about the Chime IPO.
34. Plaid IPO
Plaid is a financial technology (fintech) company that enables seamless connections between customers, financial institutions, fintech apps, and developers.
Plaid 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.
Read more about the Plaid IPO.
35. 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.
Impossible Foods is based in Redwood City, CA.
Read more about the Impossible Foods IPO.
36. 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.
37. OnlyFans — An Upcoming IPO (or SPAC)
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.
Users can buy bonus content and personalized media for an additional cost.
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.
Its popularity has transcended the adult industry, now utilized by athletes, musicians, celebrities, comedians, health and spiritual experts, fitness gurus, chefs, and makeup artists.
However, the deep ties to adult-related content make questionable its ability to attract institutional investor demand as a private or public company.
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.
The company has more than 100 million users and has paid out more than $3 billion in creator earnings. In 2020, the company generated $2 billion in sales, according to Bloomberg, and $300 million in profit, according to The Information.
Axios reported in March 2022 that the company is courting potential SPAC partners.
Read more about the Only Fans IPO.
38. 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.
Co-founder Ajeet Singh also cofounded Nutanix, a cloud software company that IPO’d in 2016.
ThoughSpot enables self-service analytics queries that use AI to return text answers, data tables, and charts. The platform integrates with major cloud providers such as Google Cloud and Amazon’s AWS and analyzes data sources from large cloud storage companies such as Databricks.
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.
ThoughtSpot has completed two acquisitions, suggesting it does not plan to be acquired. However, several large cloud companies may be interested in owning ThoughtSpot, with Snowflake being the most likely candidate due to its $20 million investment.
Watch for hiring an underwriter or a confidential ThoughtSpot IPO filing in the coming year.
Read more about the ThoughtSpot IPO.
39. 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.
At least 25 of the Fortune 100 companies use Netskope products, and the company serves more than 2000 customers worldwide.
In 2022, Gartner named Netskope a leader in the Security Service Edge (SSE) inaugural Magic Quadrant report.
The latest funding round, a Series H, was a $300 million raise completed in July 2021, valuing the company at $7.5 billion.
Read more about the Netskope IPO.
40. Weee! IPO
Weee! is an online grocery delivery startup that caters to Asian Americans seeking hard-to-find fresh ingredients and imported packaged foods. The company now delivers across the United States.
The online store has separate micro-stores catering to specific cuisines, including Chinese, Vietnamese, Korean, Filipino, and Japanese.
Larry Liu, the company’s founder, struggled to find groceries near his home in northern California. He started Weee! in 2015 to cater to Asian immigrants who shared his frustration ordering specific foods.
Weee! became profitable in 2020. In early 2021, the company hired its first CFO, Ankur Shah, and is preparing for an IPO, according to an interview with Shah in the Wall Street Journal.
The company has raised $800 million in venture capital funding to date. The latest funding round, a Series E in February 2022, valued the company at $4.1 billion.
Weee! is a Fremont, CA-based company with more than 1,000 employees. Order on desktop or mobile.
Read more about the Weee! IPO.
41. 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.
Users download the Lime mobile phone app, then use it to locate the nearest vehicle and complete their ride. Most of their transportation devices are dockless, meaning customers unlock usage and pay completely through the app.
The company employs “juicers” who collect and charge vehicles when the battery levels are low, then return them to various “LimesHubs” for easy access in the mornings.
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. It is expected to be profitable in 2022, but the company does not share its numbers with the public.
Read more about the Lime IPO.
42. 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.
Users can access Discord via software download, web browser, or mobile phone app.
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.
Jason Citron and Stanislav Vishnevsky founded the company. The software was released in May 2015.
Discord completed a $100 million funding round in late 2020 and is rumored to be pursuing its next multi-million round.
In 2021, Discord was #3 on CNBC’s Disruptor List.
You can now own a portion Epic Games stock via the ARK Venture Fund at Titan for a $500 minimum investment.
Read more about the Discord IPO.
43. 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.
It also integrates with Microsoft Office programs like Excel to automate repetitive tasks.
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.
44. 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.
45. Cameo IPO
Cameo is a content-sharing website for celebrities that empowers them to monetize their fame with personalized videos.
Fans join the website and request custom videos from celebrities as gifts to friends, family, and colleagues.
The founders recognized that selfies had become the new autograph and figured out how to gift the feeling of snapping a selfie without meeting the celebrity in person.
Celebrities set their prices and keep 75% of sales. Cameo keeps the other 25%.
Similar to other sites like Patreon and OnlyFans, Cameo’s differentiator is its 30,000+ celebrity user base and its ability to deliver a customized personal experience.
Cameo experienced tremendous growth during the pandemic because celebrities were on lockdown like the rest of us.
How the business model adapts as the world transitions out of the pandemic is the big question going forward. Some areas of expansion include live video chats, corporate requests, and international adoption.
The company is headquartered in Chicago, Illinois.
Read more about the Cameo IPO.
46. Acorns IPO
Acorns * is a “financial everything” technology app that popularized micro-investing, a strategy that involves frequent small investments. Its primary draw is the ability to ’round up’ spending amounts and invest dollar fractions into ETFs.
For example, if you spend $2.40 on a coffee, the app automatically invests $0.60 into a pre-determined portfolio of passive index ETFs. It’s also added a checking account, making it simple to manage spending and investing in one place.
It charges a low flat fee per month.
Acorns has partnered with CNBC to deliver educational features to promote financial wellness. The partnership offers inspiring stories and expert advice on fundamental personal finance and investing topics.
Given this relationship, Acorns-related news receives more TV coverage than other public offerings.
On May 27th, 2021, Acorns announced it would become a public company through a SPAC merger with Pioneer Merger Corp. (PACX). However, the partners scrapped the deal in January 2022, siting sour market conditions.
Acorns then raised $300 million in March 2022, valuing the company at $2 billion.
The company was founded by father and son Walter Cruttenden and Jeffrey Cruttenden and is based in Irvine, CA.
47. OpenSea IPO
OpenSea is an online marketplace for crypto collectibles and non-fungible tokens (NFTs). Buyers and sellers of digital art, online domains, and other various crypto-related tokens use the platform for exchange.
OpenSea says this about NFTs:
NFTs have exciting new properties: they’re unique, provably scarce, tradeable, and usable across multiple applications. Just like physical goods, you can do whatever you want with them! You could throw them in the trash, gift them to a friend across the world, or go sell them on an open marketplace. But unlike physical goods, they’re armed with all the programmability of digital goods.
So long as buyers are willing to shell our digital currencies for digital assets, OpenSea stands to gain as a first mover.
The company has financial backing from some of the biggest names in crypto and venture capital, including Andreessen Horowitz, Coinbase, Paradigm, Coatue, and Y Combinator.
OpenSea announced a $300 million Series C round in January 2022, valuing the company at more than $13 billion.
48. 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.
49. 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.
50. 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.
51. Circle IPO
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.
Another way to think about it — Circle’s stablecoin is not a speculative investment. It’s a utility to transform digital international financial transactions.
Circle’s APIs enable developers and various financial institutions to build applications that bridge traditional banking and internet-native money transactions.
Questions have been raised about how Circle handles its reserve investments. In response, the company has increased transparency to give users the confidence to redeem the coin for a 1:1 ratio for U.S. Dollars or Euros.
In August 2023, Coinbase bought an equity stake in Circle, helping to legitimize its status among the top tier crypto firms.
Read more about the Circle IPO.
Conclusion – Upcoming IPOs 2023 and Beyond
Dozens of companies will hopefully have their initial public offerings in 2023. 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 2023 are you most excited about? What broker do you use to access upcoming IPOs?
Unicorn illustration by Wild0ne via Pixabay
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