EquityZen's 2026 IPO Outlook

2025 closes out as the year of the IPO resurgence. Following a multi-year lull, we saw the initial public offering window creak back open, led by several high-profile tech and AI-driven companies. This led to the most active year for IPOs since 2021. The overall success of these offerings spoke to investor demand for innovative, fast-growing companies, especially after the exit drought of the past few years. While top-tier companies exhibited both strong growth and profitability, companies that went public this year proved that investors were willing to accept short-term lack of profitability in the pursuit of durable growth. 

Of EquityZen’s 2025 IPO Outlook list, seven companies - Chime, Coreweave, eToro, Klarna, MNTN, Netskope, and Stubhub - went public. Coreweave quickly became a public market darling as demand for all things AI intensified. Other successful IPOs including EquityZen portfolio companies Circle, Coreweave, Heartflow, Klarna, Netskope, and Omada Health, among others, created positive momentum in the market. In total, EquityZen investors saw exits from 16 portfolio companies in 2025.

2025’s IPO resurgence, however, was not a straight line up. April brought significant tariff-induced volatility that caused several high-profile companies to pause their offerings and wait for a calmer market. Surprisingly quickly, the IPO market came roaring back, producing some of the highest IPO “pops” in recent history, including blockbuster debuts from Figma and Circle. Circle’s success, in particular, unleashed a wave of other crypto-related listings, including Gemini, Figure Technology, and Bullish.

Beyond the pops, 2025 also signaled a structural shift. We saw the percentage of shareholder liquidity increase in many offerings, showing that many of these IPOs served more as liquidity events than capital raising exercises. This allowed more early investors and employees to achieve liquidity more quickly, rather than waiting for the typical 180-day post-IPO lockup to expire. 

Finally, while IPO momentum on a whole picked up for the year, the government shutdown in October abruptly slowed momentum, pushing many IPO-ready candidates to wait for 2026. During this pause, a deep pipeline of mature, innovative technology companies has continued to prepare. Many of these companies make up our list of potential IPO candidates for 2026.

2026 IPO Contenders

The companies on our 2026 list reflect some of the most innovative industries in the market. They are leaders in high-growth sectors like AI infrastructure, cryptocurrency, fintech, and enterprise SaaS, all of whom have used their time in the private markets to meaningfully scale revenue and solidify their market positions. When you look by industry, blockchain and crypto companies make up the greatest portion of the list, likely buoyed by the strong IPO performance of Circle and other blockchain companies, despite more recent Bitcoin volatility. 

While an IPO opens investment access to the widest range of investors, EquityZen investors were able to invest in many of these companies pre-IPO. Of our list, EquityZen funds have offered investments in ten of the twelve companies. In total, over 2,700 EquityZen clients invested as little as $5,000 in these companies, allowing them to participate in the growth of these companies while still private. 

The companies on our list range in popularity, as measured by EquityZen Popularity Score. This is a proprietary metric that measures a company’s popularity based on investor activity and interest on EquityZen’s platform. Based on this score, Cerebras is the most popular company on our list followed by Databricks and Kraken. 

With companies staying private longer than ever, these companies are, on average, older. The average age of our IPO candidate companies is 12 years old, with the “youngest” company, Upgrade, founded nine years ago. These companies have all grown into Unicorn companies while private. The most median last round of funding was a Series F, with an even split of companies pre and post Series F. The companies with the earliest stage last funding round were BitGo (Series C) while Databricks has raised the latest stage funding, raising a Series K in September of 2025. Lead investors for these companies include a who’s who list of top tier venture capital firms from Andreessen Horowitz, New Enterprise Associates and Sequoia Capital to public market heavy-weights like Fidelity Management & Research and T.Rowe Price.

Finally, when it comes to revenue and headcount, the range of metrics is notably wide. Our IPO candidates have teams as small as 300 people (Animoca Brands) to as large as 10,000+ (Databricks). Meanwhile, publicly reported annual revenue figures for these companies range from around $300M (Animoca Brands, Cerebras, Wealthfront) to north of $3 billion (BitGo).

Here are the companies that make up our 2026 IPO Outlook.

Animoca Brands

• Industry: Blockchain + Gaming
• EquityZen Popularity Score: 59
• What they do: Founded in 2014, Animoca Brands is a builder of the "open metaverse," developing and publishing a wide portfolio of products including the REVV and SAND tokens and original games like The Sandbox.
• IPO news: Animoca Brands is planning a Nasdaq debut by the end of 2026 through a strategic reverse merger with Currenc Group (Nasdaq: CURR). This move aims to bring the Hong Kong-based Web3 giant to the U.S. public markets.
• Private market stats: 
  • Valuation + Funding: Animoca Brands has raised over $880 million across 22 funding rounds. Its last major funding round in July 2022 valued the company at approximately $5.5 billion. Key investors include Coinbase Ventures, MSA Capital, Blue Pool Capital and Octava
  • Headcount: 344 (as of July 2025)¹
  • Reported Revenue: Animoca Brands represents economic performance on the basis of a non-IFRS measure, “Bookings.” Bookings refers to the combined revenue on the income statement and deferred revenue on the balance sheet. Bookings as of fiscal year 2024 amounted to $314.0M and $280.0M in FY2023.

BitGo

• Industry: Blockchain + Cryptocurrency
• EquityZen Popularity Score: 54
• What they do: Founded in 2013, BitGo is a digital asset infrastructure company. It provides regulated custody, staking, financial services, and core infrastructure for investors and builders in the cryptocurrency ecosystem.
• IPO news: The company filed its S-1A in November of 2025, but plans to go public were slowed down by the government shutdown. Its IPO would make it the first crypto custodian to go public, following a wave of recent crypto and blockchain IPOs like Circle and Gemini. 
• Private market stats: 
  • Valuation + Funding: The company most recently raised a strategic funding round from Brinks in January of 2024 at an undisclosed valuation. The company previously raised funding via a 2023 Series C at a $1.75B valuation. Key investors include Radar Partners and A-Grade Investments. 
  • Headcount: 565 (as of June 2025)
  • Reported Revenue: Total revenue in FY2024 reached $3.08B and $926.0M in FY2023.

Cerebras Systems 

• Industry: Hardware 
• EquityZen Popularity Score: 98
• What they do: Founded in 2015, Cerebras builds AI supercomputing systems centered around its Wafer-Scale Engine (WSE) chips, the largest in the world. These systems aim to accelerate AI training and inference.
• IPO news: After confidentially filing for an IPO in September 2024, the company withdrew the filing in October 2025, just days after announcing a new $1.1 billion funding round. However, Cerebras’s CEO confirmed that the company is still intent on going public once they update their filing with their latest growth metrics. As a key AI infrastructure player, this IPO is one many investors are watching. 
• Private market stats: 
  • Valuation + Funding: Cerebras has raised $1.9B in funding from notable investors like Fidelity, Sequoia Capital, Foundation Capital, Eclipse, Coatue, Benchmark. The company raised a Series G in September of 2025 which valued the company at approximately $8.1B, a sizable valuation uptick from its Series F round a year earlier at a $3B valuation.
  • Headcount: 700 (as of October 2025)
  • Reported Revenue: Total revenue in the first half of 2024 reached $136.4M and $78.7M in FY2023.

Cohesity

• Industry: Data + AI
• EquityZen Popularity Score: 61
• What they do: Founded in 2013, Cohesity markets itself as an AI-powered data security and management solutions provider. Its platform consolidates data across on-premise, cloud, and SaaS environments, helping organizations back up, manage, and secure their data against threats like ransomware.
• IPO news: Cohesity confidentially filed for an IPO in December 2021. After delaying plans, the company is now integrating its acquisition of Veritas's data protection business, which garners it larger market share as it prepares for a potential listing. Cohesity CEO Sanjay Poonen stated, “if the business continues to be doing well, like it is, 2026 will be the year”.
• Private market stats: 
  • Valuation + Funding: Cohesity raised $2.01 billion in its Series H round in December of 2024, achieving a post-money valuation of $7.0 billion. Key investors include Battery Ventures, Sequoia Capital, Accel Partners, Artis Ventures (AV) and DFJ Growth.
  • Headcount: 6,000 (as of September 2025)
  • Reported Revenue: Cohesity does not publicly disclose financials. However, according to a company press release, Cohesity and its acquired business Veritas, reached $1.5 billion in annual recurring revenue on a pro forma adjusted basis for the fiscal year ending July 2024.

Consensys Systems

• Industry: Blockchain + Cryptocurrency
• EquityZen Popularity Score: 86
• What they do: Founded in 2014, Consensys is a blockchain technology company developing products which allow users, developers, and enterprises to access and build blockchain applications. Consensys claims its solutions have been deployed by financial institutions, enterprises, and governments around the world. Consensys product use cases include decentralized finance (Defi) for institutions, NFT experiences, blockchain development, and more.
• IPO news: Consensys is reportedly preparing for a major IPO, potentially as early as 2026. The firm has engaged JPMorgan and Goldman Sachs to lead the offering.
• Private market stats: 
  • Valuation + Funding: The company last raised a $450 million Series D in March 2022, led by ParaFi Capital, which valued the company at $7 billion. Other notable investors include Battery Ventures, Sequoia Capital, Accel Partners, Artis Ventures (AV), and DFJ Growth.
  • Headcount: 733 (as of August 2025)
  • Reported Revenue: Consensys Software does not publicly disclose financials.

Databricks

• Industry: Data + AI
• EquityZen Popularity Score: 97
• What they do: Founded in 2013, Databricks is a data and AI company that unifies data warehousing and AI on a single platform called the "data lakehouse." Its platform aims to help organizations build, deploy, and maintain enterprise-grade data, analytics, and AI solutions at scale.
• IPO news: A Databricks IPO is slated to be one of the most highly anticipated events in tech. The company is reportedly "IPO-ready" and is expected to go public by early 2026, pending favorable market conditions. 
• Private market stats: 
  • Valuation + Funding: Databricks raised $1 billion in a Series K round in September 2025, pushing its valuation to over $100 billion. In November of 2025 it was reported that the company plans to raise a new round of funding at over a $130 billion valuation, though Databricks has not confirmed the round. The company has raised approximately $14.8 billion from investors including Coatue Management, Andreessen Horowitz, New Enterprise Associates, Tiger Global Management, and BlackRock.
  • Headcount: 10,000 (as of October 2025)
  • Reported Revenue: Databricks does not publicly disclose financials. However, according to a CNBC article published in June 2025, Databricks reached $2.6 billion in revenue in the fiscal year ending in January 2025. In a company press release published in April 2024, the company stated it had reached $1.6 billion in revenue for the fiscal year ending in January 2024.

Kraken

• Industry: Blockchain + Cryptocurrency
• EquityZen Popularity Score: 95
• What they do: Founded in 2011, Kraken is a US-based cryptocurrency exchange. The exchange allows investors to trade Bitcoin, Ethereum and 500+ other cryptocurrencies. Kraken enables more advanced trading strategies, including margin trading, indices, futures, OTC trading, and staking. The company also offers an NFT marketplace and institutional platform for institutions, asset managers, hedge funds and high net-worth individuals.
• IPO news: The company confidentially filed an S-1 with the SEC in November of 2025, reportedly in preparation for a 2026 IPO. This comes off the back of broader momentum in the crypto market and Karken’s revenue doubling by 2024. 
• Private market stats: 
  • Valuation + Funding: Kraken raised a new round of funding in November of 2025 at a $20 billion valuation led by Citadel Securities. This closely followed a Series C financing round in the summer of 2025, which confirmed a valuation of $15 billion. In total, the company has raised over $1 billion from investors including Spark Capital, IVP (Institutional Venture Partners), Index Ventures, FirstMark Capital, Technology Opportunity Partners.
  • Headcount: 2,000 (as of April 2025)
  • Reported Revenue: Kraken does not publicly disclose financials. However, according to a company blog published in January 2025, the company saw revenue of $1.5 billion in 2024, up 128% year-over-year.

Lambda Labs

• Industry: Hardware + AI
• EquityZen Popularity Score: 82
• What they do: Founded in 2012, Lambda is a provider of on premise and cloud-based computing platforms designed for AI development. The company's core product Lambda GPU Cloud offers on-demand NVIDIA GPUs for AI training, fine-tuning, & inference. Additionally, the company offers desktop GPU Workstations. Lambda's stated goal is to provide deep learning hardware, software, and cloud services to the world's leading companies and research institutions.
• IPO news: Lambda has reportedly hired banks to prepare for a U.S. IPO in the first half of 2026. It aims to follow fellow GPU cloud provider CoreWeave to the public markets.
• Private market stats: 
  • Valuation + Funding: Lambda was valued at $6.2 billion following its Series E-2 in September 2025. Key investors include Macquarie Group, Alumni Ventures Group, and Mercato Partners.
  • Headcount: 495 (as of March 2025)
  • Reported Revenue: Lambda does not publicly disclose financials. According to an article by the Information published in September 2025, Lambda generated more than $250 million in revenue in the first half of the year, with approximately $140 million in the second quarter.

Motive Technologies 

• Industry: Software as a Service (SaaS)
• EquityZen Popularity Score: 63
• What they do: Founded in 2013, Motive (formerly KeepTruckin) is a technology company serving the freight and logistics industry. Its main products include an electronic logbook app for drivers, GPS tracking, dashcams, and a comprehensive fleet management platform.
• IPO news: Motive announced in September of 2025 that it had filed a Draft Registration Statement on Form S-1 with the Securities and Exchange Commission. This is an initial step towards preparing for a public offering. This follows reports from August of 2025 that the company hired JP Morgan to lead its upcoming IPO.
• Private market stats: 
  • Valuation + Funding: Motive announced that it raised $150 million in new funding in July 2025. In May 2025, the company raised a Series F round which gave the company a post-money valuation of $3.3 billion. Key investors include IVP (Institutional Venture Partners), Index Ventures, GV, Greenoaks Capital, and Scale Venture Partners.
  • Headcount: 4,827 (as of July 2025)
  • Reported Revenue: Motive Technologies does not publicly disclose financials. However, according to a Bloomberg article published in July 2025, Motive is generating almost $500 million in annualized recurring revenue.

Strava

• Industry: Consumer Apps
• EquityZen Popularity Score: 59
• What they do: Founded in 2009, Strava is a social network and mobile app that aims to connect athletes in a wide variety of sports and fitness activities. Athletes primarily use the app to track and analyze their workouts via GPS data. Users are given the flexibility to explore routes and paths taken by other athletes or join sporting clubs in their cities.
• IPO news: Strava's CEO, Michael Martin, confirmed the company's "intention to go public at some point," with a listing that could come as early as 2026. The company reportedly invited banks to pitch for roles in its IPO in September 2025.
• Private market stats: 
  • Valuation + Funding: Following its acquisition of the apps Runna and Breakaway, Strava was valued at $2.2 billion in May 2025 after new funding including debt. The company has funding from investors including Sequoia Capital, GO4IT, Madrone Capital Partners, Jackson Square Ventures, and Sigma Partners. 
  • Headcount: 459 (as of March 2025)
  • Reported Revenue: Strava does not publicly disclose financials. However, according to a Wall Street Journal article published in May 2025, Strava was anticipated to reach $500 million in annual recurring revenue “in the near future.”

Upgrade

• Industry: Fintech
• EquityZen Popularity Score: 61
• What they do: Founded in 2016, Upgrade is a financial technology company that offers credit, mobile banking, and payment products to consumers. Since its inception, Upgrade claims to have delivered over $40 billion in credit to over 7 million customers. Upgrade’s platform includes six core products: Personal Loans, Credit Cards, Mobile Banking, BNPL, Auto Financing, and Home Improvement Financing.
• IPO news: In October 2025, CEO Renaud Laplanche stated that the company's latest funding round was "likely the last ahead of an IPO," signaling strong intent to go public soon. In a separate interview Laplanche announced the company was “12 to 18 months away” from an IPO.
• Private market stats: 
  • Valuation + Funding: The company's Series G round in October 2025 raised $165 million, valuing the fintech at $7.4 billion. Key investors include Union Square Ventures, FirstMark Capital, CreditEase Fintech Investment Fund, Vy Capital, and Noah Holdings.
  • Headcount: 1,950 (as of September 2025)
  • Reported Revenue: Upgrade does not publicly disclose financials. However, according to a CNBC article published in October 2025, Upgrade reached annualized revenue of more than $1 billion.

Wealthfront

• Industry: Fintech
• EquityZen Popularity Score: 53
• What they do: Founded in 2008, Wealthfront is an automated investment service, or "robo-advisor." It provides automated, diversified, low-cost investment management, alongside high-yield cash accounts and financial planning tools, with $90 billion in assets under management.
• IPO news: Wealthfront confidentially filed for a U.S. listing in June, before publicly filing in September. This move came after a proposed $1.4 billion acquisition by UBS was terminated in 2022. The company intends to list on the Nasdaq under the ticker "WLTH".
• Private market stats: 
  • Valuation + Funding: The company last raised a Series H round at a valuation of $1.4 billion in 2022. Key investors include Spark Capital, Index Ventures, Benchmark Capital, Andreessen Horowitz, and Social Capital.
  • Headcount: 403 (as of August 2025)
  • Reported Revenue: Total revenue in FY2024 reached $308.9M and $216.7M in FY2023.

While initial public offerings from tech leaders capture the headlines, savvy investors know the real start of innovation and growth begins years earlier. Accredited investors no longer have to wait for a company to go public. The private market now offers a clear avenue to invest in the technology leaders that are actively shaping the future with as little as $5,000.

While no one can predict the 2026 market with certainty, the trends from 2025 are clear: the private market is a durable and growing part of the modern investment landscape and the home to some of tech’s biggest innovators. With thousands of leading private companies choosing to stay private longer, EquityZen remains committed to our mission: providing efficient, transparent access for our clients to participate in that pre-IPO growth.

For the latest updates on IPO news, visit EquityZen’s IPO Tracker.