The initial public offering market got back on its feet in 2024 and looks as if it will take some big steps forward in 2025. And that could happen sooner rather than later.
According to Renaissance Capital, IPO proceeds soared more than 50% last year, led by new issues like Reddit Inc. (ticker: RDDT), Astera Labs Inc. (ALAB) and Rubrik Inc. (RBRK), among others. Growth could have been even better, but modest interest rate cuts, some market chaos and robust private market funding triggered some cold feet among IPO candidates who pushed their public trading dates further out on the calendar.
As a result, Renaissance expects a banner year for IPOs, with an estimated volume range of 155 to 195 IPOs in 2025 and $40 billion to $55 billion in new funding as the market “normalizes” in 2025.
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“A rosier macroeconomic backdrop, coupled with more political certainty, is leading many to expect a more robust year for IPOs this year,” says Phil Haslett, co-founder and chief strategy officer of EquityZen in New York City. “Public markets surged in 2024, allowing investor sentiment to improve.”
Leaders at the New York Stock Exchange and Nasdaq also predict a bigger year for IPOs in 2025. “Nasdaq CEO Adena Friedman expects IPOs to return with momentum this year,” Haslett notes. “Goldman Sachs’ head of technology equity capital markets shared a similar sentiment, with expectations that the IPO pipeline will double in 2025.”
That doesn’t mean the 2025 IPO market will be a cakewalk for investors. They’ll need to do their homework. Look for a strong business model and a realistic growth strategy, and dig into financials like revenue, profit margins and debt levels. It’s also worth keeping an eye on lock-up periods; when they end, insiders can start selling shares, and that’s when stock prices usually dip. Also remember that diversification is key, and you shouldn’t put all your eggs in one IPO basket.
Which IPOs could make the grade early in 2025? These IPO candidates top the list:
| Upcoming IPO | Estimated Valuation |
| Stripe | $65 billion |
| Klarna | $15 billion |
| CoreWeave | $35 billion |
| Revolut | $45 billion |
| StubHub | $16.5 billion |
| Cerebras Systems Inc. (CBRS) | $4.3 billion |
| Chime | $8 billion |
| Medline Industries | $50 billion |
Stripe
IPO valuation estimate: $65 billion
Stripe has spent several years kicking tires on an IPO but never sealing the deal. That scenario could change in 2025 as the Dublin, Ireland-based financial payments company keeps gaining ground. The company breached the $1 trillion payment volume mark in 2023, and its valuation rose to $65 billion in a deal that let employees cash out their shares in early 2024. Adding some fuel to the fire, Stripe President John Collison recently told podcaster David Rubenstein that an IPO could come “presumably at some stage.”
Stripe’s leadership appears ready to strike. After laying the groundwork for a successful IPO, and with a healthy IPO market expected in 2025, Stripe may decide this is the year for its public debut.
Klarna
IPO valuation estimate: $15 billion
Klarna, an emerging “buy now, pay later” powerhouse, filed a confidential U.S. IPO with the Securities and Exchange Commission, leaving the price range for the IPO and other details undefined. The Sweden-based fintech firm has excelled in the consumer payments sector and recently achieved profitability in the first half of 2024. The company is well managed and has the building blocks to execute a solid IPO.
“Its core offering is its ‘pay in 4’ installments and consumer financing for larger purchases,” Haslett says. “The company has partnerships with thousands of brands, allowing customers to compare prices, track deliveries and manage purchases all within the Klarna app.” With brand investors like Institutional Venture Partners, Sequoia Capital and DST Global already backing the firm, Klarna appears ready for the next step.
CoreWeave
IPO valuation estimate: $35 billion
CoreWeave, the Roseland, New Jersey-based AI cloud platform company, is expected to issue an IPO in the second half of 2025. The company is aiming to raise $3 billion from the sale of its shares, reports indicate, with a valuation of more than $35 billion in its sights. CoreWeave is immersed in the cloud-based data center and artificial intelligence chip realm, with Nvidia Corp. (NVDA) as a key business partner.
Its bread-and-butter is leasing cloud-based computing power to customers from its network of 14 data centers. The company is building toward an IPO, recently completing a $650 million secondary share sale valued at $23 billion, with Fidelity Management and Jane Street among deal participants. If CoreWeave goes public later this year, it’s well positioned in the profitable AI data center and server market to become one of 2025’s top IPO success stories.
Revolut
IPO valuation estimate: $45 billion
This U.K.-based mobile banking company is valued at $45 billion after a recent secondary share sale and looks likely to go public in 2025. Depending on valuation liquidity levels, the fintech firm could steer its IPO toward Nasdaq and bypass the London Stock Exchange.
[READ: 2025 Investment Outlook]
The firm has notably avoided fundraising to boost capital in a high-interest-rate economic environment and secured a banking license last year, which should attract investors on day one of its IPO. Not yet 10 years old, Revolut is currently one of the most valuable privately held technology firms in Europe.
StubHub
IPO valuation estimate: $16.5 billion
This event-ticketing giant keeps pushing back its initial public trading date, with no word on any specific IPO timeline as of mid-January. StubHub’s IPO valuation is estimated at $16.5 billion, significantly higher than the $4.1 billion Viagogo paid eBay for the company back in 2020.
“It looks like StubHub decided to postpone efforts until there was more market certainty, although StubHub has been working with JPMorgan and Goldman Sachs on IPO plans,” Haslett notes.
Launched in 2000, the online ticket service provider is now the largest ticket agency in the world after the Viagogo merger.
When the time comes, StubHub could be one of the bigger IPO stories of the year, given its prime position in the multibillion-dollar North American resale-ticket market. That market is expected to grow by $14.9 billion between 2023 and 2028, at a compound annual growth rate of 16.2%. StubHub has no inventory, and it profits when big concerts and sporting events sell high-demand tickets.
StubHub could wind up with a familiar competitor when its stock goes public, as digital ticket provider SeatGeek has also filed paperwork for an IPO with a reported $1.4 billion valuation and an unknown timetable.
Cerebras Systems Inc. (CBRS)
IPO valuation estimate: $4.3 billion
Cerebras is another rising technology company looking to go public with an estimated valuation of $4.3 billion. The company, which operates in the AI-optimized semiconductor space, was expected to launch its IPO in late October but was delayed due to reported regulatory paperwork issues. It filed its SEC IPO papers in September 2024 and announced its ticker will be CBRS.
The Sunnyvale, California, company views its IPO as a chance to better compete with AI chip heavyweights like Nvidia and Advanced Micro Devices Inc. (AMD). Their customers are industry giants, and CBRS investors will have to absorb that business risk, even as Cerebras says it’s in discussions with larger and more diverse customers. The company’s current customer sheet is somewhat top-loaded, as a single customer, United Arab Emirates-based AI company G42, contributed 87% of revenue growth in the first half of 2024.
Still, an IPO will trigger interest from investors looking for an AI path to profits. “Considering the lack of pure-play AI companies available in the public markets, the Cerebras IPO news caused a lot of buzz among investors,” Haslett says. Cerebras aims to raise $1 billion in its IPO.
Chime
IPO valuation estimate: $8 billion
Founded in 2012, this online banking company filed for an IPO with the SEC in late 2024, with Morgan Stanley leading the effort but with no scheduled public trading date. Chime was valued at $25 billion after it raised $750 million from Sequoia Capital in a 2021 funding round, but Forbes estimated its value at about $8 billion or less recently.
The digital bank already has 38 million customers, offering checking and savings accounts to consumers. “Chime provides its banking services for free, claiming there are no monthly fees, open deposit requirements, minimum balances or international transaction fees,” Haslett says. “It also markets early direct deposits and automatic savings features to customers.”
Chime planned to go public as early as 2022 but pulled the plug due to choppy market conditions. Ironically, if Chime goes public in 2025, the company would be credited with helping stabilize the IPO market, given its rising stature in the digital financial services realm.
Medline Industries
IPO valuation estimate: $50 billion
This medical supply company has also submitted IPO paperwork, leading up to what could be one of the most prominent issues in 2025.
“It’s currently owned by private equity firms’ equity group Blackstone, Carlyle and Hellman & Friedman,” says Vince Stanzione, CEO and founder of the financial publishing firm First Information. “The company is likely to be valued at $50 billion, and they will likely raise around $5 billion in the IPO.”
Medline isn’t the sexiest upcoming IPO, but it will likely be reliable. “While a manufacturer of sterile gloves, catheters, surgical blades and lab equipment may sound less appealing than a technology IPO, it’s exactly why I favor it,” Stanzione says. “They manufacture 335,000 medical items and are also supply chain and logistics leaders.”
With pharmaceutical companies under the spotlight in the new Trump administration, “the medical supplies companies should not be affected by any pricing crackdowns, and being a major U.S. employer should go in their favor,” Stanzione adds.
The company has set no date for its IPO and, like many new issues, any public trading date is likely to be influenced by market conditions.
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8 Upcoming IPOs to Watch in 2025 originally appeared on usnews.com
Update 01/22/25: This story was previously published at an earlier date and has been updated with new information.
