What is an IPO?
An IPO marks the transition of a privately held company into a publicly traded entity, allowing it to raise capital by offering shares to the public for the first time. This critical financial event is a pivotal moment in a company's lifecycle, opening the doors to a broader investor base and ushering in increased scrutiny and transparency. Typically, only institutions and accredited investors can invest in private companies. With an IPO, the general public can invest in companies. As public companies these businesses must now disclose detailed information about their financial and business prospects, helping investors to make informed investment decisions. It is an important milestone for many companies as they look to achieve their next phase of growth.
The IPO process involves many steps, from selecting underwriters and determining the offering price to navigating regulatory requirements. Companies opt for IPOs for various reasons, whether to fund expansion plans, pay off debt, or provide an exit strategy for early investors, especially as companies stay private longer. While there are many benefits to going public, going public comes with its own set of challenges, including heightened public scrutiny, regulatory compliance, and the need for effective communication with a much larger set of stakeholders.
The Importance of IPO News
As financial enthusiasts and investors, staying abreast of the latest IPO news is not merely an option; it's a strategic imperative. We find that EquityZen investors who are keenly interested in the innovations happening in the private markets are eager to follow IPO news as it gives a glimpse of how future IPO candidates may perform in the public markets, an important factor when considering a private company investment. After all, IPOs often catalyze market movements.
News of a successful IPO can inject positivity into the market, driving investor confidence and potentially boosting overall stock prices. A successful IPO can encourage other private companies to also prepare for a public market debut. Conversely, a poorly received IPO or unexpected challenges faced by a newly public company can create ripples of uncertainty, affecting not only the company in question but also its industry peers and the broader market. When IPOs underperform, fewer private companies are eager to also IPO and meet a similar fate.
The frequency and success of IPOs can serve as an economic indicator. A surge in IPO activity may suggest a robust economy, reflecting a favorable environment for companies to go public. Meanwhile, a slowdown in IPOs or a string of underperforming offerings may signal economic challenges, prompting investors to adjust their portfolios accordingly or take a less risky investment approach.
Finally, IPO news offers a glimpse into industry trends and emerging sectors. Tracking industry-specific IPOs allows stakeholders to assess the overall health and trajectory of particular sectors within the market, as well as informing what private companies in these industries might be worth. In total, IPO news can provide a pulse on the overall macroeconomic environment, as well as investor sentiment around certain sectors. This news can also highlight some of the innovations that will shape the future investment landscape.
2025
S-1 Filed
BitGo, the digital asset platform, filed with the SEC for an initial public offering in September 2025. The company applied to list Class A Common Stock on the NYSE under the ticker “BTGO.” The S-1 reports the company achieved $4.2 billion in total revenue for the six months ended June 20, 2025, with net income (loss) of $12.6 million. In 2024, total revenue was $3.1 billion on net income (loss) $156.6 million.
Navan, the travel financing company, filed its S-1 with the SEC in September 2025. The company applied to list Class A Common Stock on the Nasdaq under the ticket “NAVN.” Navan’s S-1 reports revenue growth of 33% year-over-year from $402 million in fiscal 2024 to $537 million in fiscal 2025, while net losses decreased 45% year-over-year from $332 million in fiscal 2024 to $181 million in fiscal 2025.
Wealthfront, the financial services company, filed its S-1 with the SEC in September 2025. The company applied to list its Common Stock on the Nasdaq under the symbol “WLTH.” The company was reported to have submitted a draft registration statement on Form S-1 for a potential IPO as of June 2025.
Filed Draft Registration Statement
Motive, the fleet management solutions company, published a press release in September 2025 announcing the company’s submission of a draft registration statement on Form S-1 for a potential initial public offering.
Other IPO News
In October 2025, Cerebras withdrew its S-1 filing, reportedly to update stale information. CEO Andrew Feldman posted on LinkedIn to reassure investors that the plan is still to launch an IPO after the team updates the prospectus with information about the company’s evolution since its first filing. Cerebras, the AI inference and training company, filed its S-1 with the SEC in September 2024, later delaying its initial public offering, namely due to an investigation from the Committee on Foreign Investment in the United States regarding investments from Group 42, a company based in the United Arab Emirates. The company has had this investment cleared and is expected to IPO in late 2025 or early 2026.
Lambda, the cloud-based computing platform, is reportedly preparing for a potential IPO as of September 2025. The Information claimed Lambda has hired Morgan Stanley, J.P. Morgan, and Citi for the public listing.
Strava, the workout tracking network, is reportedly in early talks with banks as of September 2025 regarding a potential IPO.
Cohesity, the data security and management company, is reported to be anticipating a potential initial public offering in 2026. The company initially confidentially filed in 2021 at a valuation of $3.7B, later choosing to delay plans to prioritize a merger with Veritas.
Kraken, the cryptocurrency platform, is reportedly planning for an initial public offering with potential to launch next year. Bloomberg reports that the company has selected bankers Morgan Stanley and Goldman Sachs for this potential IPO.
Discord, the communication platform, is reported to be in early talks with banks as of March 2025 regarding plans to go public.
Launched IPOs
Company Name | Ticker | IPO Date | IPO Price | Price Close on First Day of Trading | Estimated Market Cap. on First Day of Trading |
Netskope | NTSK | 9/18/2025 | $19/share | $22.49/share |
$8.6B |
StubHub | STUB | 9/17/2025 | $23.50/share | $22/share |
$7.5B |
Figure Technology Solutions | FIGR | 9/11/2025 | $25/share | $31.11/share |
$6.6B |
Klarna | KLAR | 9/10/2025 | $40/share | $45.82/share |
$17B |
Heartflow | HTFL | 8/8/2025 | $19/share | $28.75/share | $2.6B |
Figma, Inc. | FIG | 7/31/2025 | $33/share | $115.5/share | $47.9B |
Caris Life Sciences | CAI | 6/18/2025 | $21/share | $27.90/share | $7.9B |
Chime Financial | CHYM | 6/12/2025 | $27/share | $37.11/share | $11.6B |
Voyager Space | VOYG | 6/11/2025 | $31/share | $56.48/share | $1.9B |
Omada Health | OMDA | 6/6/2025 | $19/share | $23/share | $1.1B |
Circle Internet Group | CRCL | 6/5/2025 | $31/share | $83.23/share | $18.4B |
Hinge Health | HNGE | 5/22/2025 | $32/share | $37.56/share | $3.5B |
eToro | ETOR | 5/14/2025 | $52/share | $67/share | $5.4B |
CoreWeave | CRWV | 3/28/2025 | $40/share | $40/share | $14B |
After a slow start to the year shaped by economic uncertainty amid changing tariff policy, a feeling of cautious optimism is building for a resurgence in the 2025 IPO market. US IPO activity through mid-June had decreased substantially year-over-year, with only 84 listings compared to 150 during the same timeframe in 2024.
As of September, there have been 168 US IPOs year-to-date, nearly surpassing the 2024 total in only the third quarter of the year.1 At first wary of the market, several companies that had delayed their IPO plans earlier in the year have now gone public in the third quarter, including big names like Klarna and StubHub. In the same quarter, IPOs raised an estimated $14.6 billion, the largest new issuance since 2021.
This renewed momentum is fueling a strong pipeline of companies eager to go public. IPOs are signaling increasing investor appetite for innovative, technology-driven companies. Companies like CoreWeave, Figma, Voyager Space, and Netskope demonstrated strong entrances to the public market. Circle Internet Group showed standout performance, delivering the biggest two-day pop of an IPO since 1980.
For companies eyeing an IPO, the path to success requires more than just going public; it demands strong brands, profitability, and robust growth trajectories. With companies like Cerebras Systems, BitGo, and Navan having filed their S-1, investors are eager to see if momentum will continue through the last months of the year.
2024
Company Name | Ticker | IPO Date | IPO Price | Price Close on First Day of Trading | Estimated Market Cap. on First Day of Trading |
Astera Labs | ALAB | 3/20/2024 | $36/share | $62.03/share | $9.68B |
RDDT | 3/21/2024 | $34/share | $50.44/share | $9.5B | |
Ibotta | IBTA | 4/18/2024 | $88/share | $103/share | $2.81B |
Rubrik | RBRK | 4/25/2024 | $32/share | $37/share | $6.5B |
ServiceTitan | TTAN | 12/12/2024 | $71/share | $101.00/share | $8.9B |
The IPO landscape is ever-evolving, shaped by economic trends, investor sentiment, and global events. After a subdued year in 2023, the IPO market in 2024 is showing signs of life, albeit cautiously. Thus far this year we’ve seen 33 US IPOs, a 22% increase from the same period last year, suggesting that the market may be gaining momentum. Despite this, the absence of clear winners leaves some investors wary.
Despite this uncertainty, the macroeconomic environment offers a promising backdrop for potential IPO candidates. Stable inflation, robust GDP growth, and low unemployment rates paint a picture of economic strength. Furthermore, with the possibility of stable interest rates and even cuts on the horizon, the stage is set for a welcoming market environment.
A growing IPO pipeline indicates that many companies are eager to capitalize on these favorable conditions, with an eye toward launching before the onset of election season volatility. Projections from industry experts at Renaissance suggest a potential surge in IPO activity, with expectations ranging from 120 to 170 deals in 2024, potentially doubling the levels seen in 2023. Furthermore, heads of major exchanges like the NYSE and NASDAQ, are discussing the depth of their IPO pipelines, indicating a strong appetite for new listings. This sentiment is echoed by the pent-up demand for IPOs following a relatively quiet period in the market.
However, the road to a successful IPO is not without its challenges. Over 1,200 Unicorn companies globally, valued at over $3.8 trillion in aggregate, are waiting in the wings, seeking liquidity and growth opportunities. This demand is driven by various factors, including the expiration of options and RSUs for early employees, the need for early venture capitalists to return capital to their limited partners, and the stagnation within the growth stage financing market.
Furthermore, the changing dynamics between public and private markets add another layer of complexity. The decline in the number of public companies over the past few decades, coupled with the rise of unicorns—particularly those that have not raised funds since 2021—highlights the shifting landscape of investment opportunities.
So while the IPO market in 2024 holds promise, navigating its complexities requires a strategic approach. Companies must assess their readiness for public listing, considering factors such as market conditions, investor sentiment, and long-term growth prospects as they consider their public market debut.
Disclosure
- This is for informational purposes only and is not an offer to sell nor is it a solicitation of an offer to purchase any securities. Information provided is not warranted as complete or accurate and may change without notice. Forward-looking statements are not guarantees of future results. Potential investors should not rely on these statements when making investment decisions.
- Not all pre-IPO companies will go public or be acquired, and not all IPOs or acquisitions are or will become successful investments.