Upcoming IPOs in 2025 and Recent IPOs Reviewed

Is 2025 the year the Initial Public Offering (IPO) market finally rebounds? Early indicators were promising, but the market has shown signs of unpredictability.  

By the end of 2024, with the number of IPOs increasing by 38% and proceeds rising by 48%. In the Americas, 176 public offerings raised $33 billion in 2024 overall, while 7 deals raised more than $1 billion and 20 deals raised over $500 million. 

Renaissance Capital expects between 155 and 195 IPO issuances in 2025, an increase from 150 deals in 2024. The year got off to a strong start, with IPOs raising more than $3 billion in January alone. There are 13 sizable IPO filings (those planning to raise $100 million or more) in the pipeline, the highest number since January 2022. 

Which IPOs should you look out for? Below, we’ve compiled a list of the biggest and most anticipated public offerings. While we started the year optimistic, there’s been some volatility—but we’re still hopeful to see some of these IPOs.

Pro-tips: We’ve got everything you need to know about investing in IPOs. If you want additional context about these offerings’ size, check out the 11 biggest IPOs of all time. (You can also check out our list of the top upcoming M&A deals of 2025 as well.)

In this article: 

• Upcoming IPOs in 2025
• Biggest IPOs in 2024
• Biggest IPOs in 2023
• Biggest IPOs in 2022
• Frequently Asked Questions
• Final Thoughts

Upcoming IPOs in 2025

1. Stripe

Estimated Valuation: $65 billion

Expected IPO Date: 2025

Industry: Fintech

There’s been speculation about a potential Stripe IPO for a few years. Stripe’s CEO stated in June 2024 that they aren’t in a rush to go public, we think an IPO may finally be on the horizon in 2025.  

First, some context. As you may remember, Stripe has been dangling the prospect of a public offering since 2021, when its valuation hit a high of nearly $100 billion. However, rather than pursue this course, it has continued to seek private funding instead, even though it has pretty clearly stated that this funding is not needed to run its business but is instead meant to provide its employees with liquidity. They followed through on this promise in February 2024 with their tender offer, allowing employees to sell their shares to investors on a secondary market, with a valuation of about $65 billion. 

So why our optimism? Stripe continues to enjoy a positive cash flow, generating over $1 trillion in payment volume. Yet, it still has a way to capture the same market share enjoyed by its biggest competitor, PayPal. That may mean they’ll be looking for the extra push a public offering can finally give them.

2. Databricks

Estimated Valuation: $43 billion

Expected IPO Date: 2025

Industry: Technology

Another year, another spot for Databricks on our upcoming IPO list. This company has been making waves for a while, but we would be surprised to leave the year without a public offering from them finally happening. There are a few promising indicators of why.

First, benefiting from the growing excitement around AI, the company grew its revenue last year by an impressive 60 percent, and its net revenue retention was more than 140 percent in the 2024 fiscal year. It also raised an additional $500 million in capital in 2023, helping to push its valuation up. And then there’s its recent acquisitions of MosaicML, Tabular, and Arcion, burnishing its AI bonafide and data capabilities.

This suggests that Databricks is waiting for the right time to debut its IPO. Look for Databricks to make a splash later in 2025 or 2026. However, keep in mind that companies are more hesitant due to market volatility, so there’s a chance this deal could be pushed off another year or two. 

3. Chime

Estimated Valuation: $25 billion

Expected IPO Date: 2025 (delayed)

Industry: Fintech

The timing felt auspicious for Chime to debut its IPO last year, but the stars did not seem to align for the neo-bank. Despite an initial valuation of $25 billion in 2021 and a customer base of over 22 million, the market continued to stay sour for tech stocks across the board. 

With continued inflation and high interest rates, as well as the scrutiny banks have been under from lawmakers and regulators alike, reports indicate that Chime has been putting off what has otherwise been an anticipated offering for a few years. 

Chime, a fintech leader known for fee-free banking, was valued at nearly $25 billion in 2021 following its Series G funding round. However, the tech market cooled soon after, and Chime saw its valuation decline in the next few years—delaying what was an anticipated offering for several years. In 2023, Chime got back on track with more than 38 million customers and $1.3 billion in revenue, a 30 percent increase from 2022. 

Chime confidentially filed for an IPO at the end of 2024, but once again postponed the process following the U.S. administration’s announcement of sweeping tariffs—a  move that triggered a downturn in global private equity markets, according to FinTech Weekly. At the time of this writing, Chime has not announced a revised IPO date. 

4. Klarna

Estimated Valuation: $15 billion

Expected IPO Date: 2025 (delayed)

Industry: Fintech

Stockholm-based Klarna is one of the market’s current leading “buy now, pay later” financial services platforms. The U.S., where Klarna has over 37 million users, is its largest market, and the company filed for an IPO with the US Securities and Exchange Commission in November 2024. While Klarna has not yet selected a listing venue in the U.S., the company intends to reveal its plans in 2025. 

Klarna has encountered a few bumps along the way. Following a 2021 fundraising effort that valued Klarna at $46 billion—which made it Europe’s most valuable startup at the time—its value crashed to $6.7 billion just a year later. There has also been some reported boardroom drama and tensions between executives. 

Klarna continues to cut costs and streamline its balance sheet, positioning itself for a potential IPO valued at up to $15 billion this year. However, like Chime, Klarna postponed its plans amid market volatility triggered by the U.S. administration’s tariffs on global trading partners. While the IPO could still happen in 2025, it’s now expected to take place later in the year.   

5. Discord

Estimated Valuation: $15 billion

Expected IPO Date: 2025

Industry: Technology

Discord has been a shoo-in for an IPO for the last couple of years, but the company has disappointed would-be investors, especially since it remains one of the most promising tech companies out there. A darling with gamers since its debut in 2015, Discord started to gain attention when it pivoted from a platform focused on gaming to a more general, all-purpose communication tool. It now boasts over 200 million active users and an impressive market value of roughly $15 billion.

Discord’s revenue model is distinctive, as it operates without traditional advertisements. Instead, the company generates income through premium subscriptions, notably “Discord Nitro,” which offers enhanced features such as higher-quality streaming and increased upload limits. Additionally, Discord earns from server boosting services and game distribution fees. 

It makes sense that investors are eager to get in on the game. The only question is when. While the company has been cautious, several factors are working in its favor: its sustainable and scalable business model, ability to maintain an enthusiastic user base, and strategic position at the gaming and digital communications crossroads. 

There’s also the fact that Discord’s CFO, Tomasz Marcinkowsk, previously led Pinterest to its $13 billion IPO in 2019. The groundwork seems to be set for a public offering soon.

6. Plaid

Estimated Valuation: $13 billion

Expected IPO Date: 2026 

Industry: Fintech

2025 seemed like the year for Plaid’s IPO, particularly after bringing in its first CFO in 2023 and hiring its first-ever president, Jen Taylor, who previously helped shepherd Cloudflare to its IPO. But it’s not meant to be, at least not in 2025. 

Plaid has experienced consistent revenue growth, with a more than 25 percent increase in 2024, reaching nearly $67 million by year’s end. Over half of all Americans now use Plaid’s services in some capacity. In 2024, usage of the company’s identity verification product surged by 400 percent, while its payment product saw more than a threefold increase—strong signals that its revenue trajectory is likely to remain robust. 

Despite its strong position, Plaid CEO Zach Perret announced in March 2024 that the company had “no immediate plans to IPO.” And in 2025, Plaid raised $575M at a $6.1B valuation—but indicated that the company will not go public this year. That said, we think a Plaid IPO is likely in 2026 or later.  

7. Panera Bread

Estimated Valuation: $7.5 billion

Expected IPO Date: 2025

Industry: Food

There’s been buzz that Panera may be cooking up something even more exciting in its ovens. After expanding into new markets and posting increased foot traffic over the past year, the fast-casual chain’s financial outlook is promising. This marks an exciting turnaround after JABG Holdings took Panera private in 2017 and called off an SPAC deal in 2022.

Other signs point to a potential public offering as well. For instance, there was the announcement that the chain would be laying off 18 percent of its corporate staffers, a slimming down often common before an IPO. 

In addition, Panera has been actively revamping its menu to compete against other fast-casual, more direct concepts. And, of course, the fact that JAG has been holding onto the company for nearly seven years may mean it is ready to unload it to the public.

8. Impossible Foods

Estimated Valuation: $7 billion

Expected IPO Date: 2025

Industry: Food

In recent years, there has been considerable speculation about a potential IPO for Impossible Foods. A surge in popularity for meat and dairy alternatives beginning during the pandemic allowed companies like Beyond Meat, Oatly, and Impossible Foods to win over customers and score lucrative distribution deals from the likes of Burger King and McDonald’s. Of those three, only Impossible Foods has yet to go public, a prospect that has many investors readying their plates.

In April 2024, CEO Peter McGuinness indicated that the company is considering a “liquidity event” within the next two to three years, which could involve a public offering, a sale, or additional private fundraising. McGuinness emphasized the company’s flexibility, stating, “I don’t want to be pigeonholed into an IPO.”

The company’s valuation has seen fluctuations, particularly in light of market dynamics affecting the plant-based meat sector. After a $500 million funding round in November 2021, Impossible Foods was valued at approximately $7 billion. However, challenges in the industry, including increased competition and shifting consumer preferences, have influenced these figures. 

Despite these challenges, Impossible Foods continues to expand its product line and retail presence. With a popular flagship product (the Impossible Burger), distribution across thousands of grocery stores, and consumers’ continued interest in plant-based alternatives, the company has also introduced new products and has been working to make its offerings more accessible to a broader audience. This strategic growth, coupled with a focus on innovation, positions Impossible Foods as a strong candidate for a public offering in the near future. 

9. Skims

Estimated Valuation: $4 billion

Expected IPO Date: 2026

Industry: Retail

Since its inception, Skims has expanded its product line from shapewear to include loungewear, underwear, and menswear, emphasizing body positivity and inclusivity. The brand’s commitment to offering a diverse range of sizes and skin tones has resonated with a broad consumer base, contributing to its impressive growth. 

In July 2023, Skims reached a valuation of $4 billion following a Series C funding round led by Wellington Management, which raised $270 million. This valuation marked a significant increase from $3.2 billion in 2022, reflecting the company’s robust financial performance and market presence. 

Despite ongoing speculation about a potential IPO, Skims’ co-founder and CEO, Jens Grede, addressed these rumors in December 2024, stating that plans for an IPO are not a current priority. Grede emphasized that the company’s focus remains on expanding its retail footprint and product offerings rather than pursuing a public listing in the immediate future but noted that Skims “deserves to be a public company” at some point in the future. Skims’ continued success makes an IPO a likely possibility in the next few years.

*As of February 2025

Biggest IPOs in 2022

‍1. Mobileye

Current Valuation: $15.06 billion

IPO Date: October 26, 2022

Stock Performance: -31.24%

The Israeli-based (and Intel-owned) microchip manufacturer was one of the rare highlights of an otherwise depressing year for technology IPOs. And this optimism was well placed, with Mobileye stocks steadily rising since they went public and hitting a peak at the beginning of this year. Since then, however, the company has underperformed, sending them back to where they began. But the story is far from over here. The growth of the autonomous driving market and many large contracts, including with Volkswagen, may mean good times are ahead.

2. Corebridge Financial

Current Valuation: $22.96 billion

IPO Date: September 14, 2022

Stock Performance: +60.42%

Originally spun out of insurance giant AIG, Corebridge Financial has been on an upward trajectory ever since. One of the few businesses on this list to benefit from elevated interest rates, consumers have been flocking to its annuity products, leading to record profits. With AIG now fully divested from the company, Corebridge doesn’t seem to have trouble growing the business without AIG branding. Substantial investments and a solid market look will fuel continued growth for this company.

3. TPG Inc

Current Valuation: $21.39 billion

IPO Date: January 12, 2022

Stock Performance: +82.11%

TPG entered the public market at what turned out to be a historically volatile time for stocks. Still, the private equity firm did have a few things going for it, most notably a history of positive investment returns. This understanding has carried it through the past two years as TPG has the foresight to diversify its portfolio beyond its traditional focus on tech and healthcare and instead invest heavily in private credit, one of the fastest-growing finance segments. Its stock performance shows this success.

4. Bausch and Lomb

Current Valuation: $5.66 billion

IPO Date: May 5, 2022

Stock Performance: -19.7%

There’s more than meets the eye with this IPO. A spin-off of Bausch Health after the parent company had dealt with heavy losses and mounting debt, Bausch and Lomb started its IPO with Bausch still owning an 80 percent stake. Since then, it has pursued an aggressive M&A strategy, producing solid revenue. So why is its stock down? You can blame the parent company’s $20 billion in debt. But this could be good news for potential investors looking for a stock valued lower than it should be.

5. Credo Technology Group

Current Valuation: $12.45 billion

IPO Date: Jan 26, 2022

Stock Performance: +565.15%

Early investors in Credo Technology should be celebrating – and for good reason. While the high-speed connectivity manufacturer debuted at an inauspicious time for tech stocks as a whole and, as a result, did not see excellent performance initially, it has been on a steep rise ever since the start of 2023. Fueled by massive spending on AI and the need for high-speed solutions at data centers, Credo is well-positioned to continue to capitalize on this growth.

6. Excelerate Energy

Current Valuation: $3.14 billion

IPO Date: April 12, 2022

Stock Performance: +5.46%

Building the infrastructure needed to meet the demand for liquid natural gas is crucial for reducing the harmful emissions from dirtier energy sources like coal. Yet, this need has to translate into success for investors. Excelerate Energy experienced some challenges such as an oversupply of natural gas in the US and increased stress in shipping capacity as essential routes through the Red Sea and Panama Canal were constrained. All this has meant its stock price dropped for a time, but investors are now seeing gains. 

7. CinCor Pharma

Current Valuation: $1.2 billion

IPO Date: Jan 6, 2022

Stock Performance: +49%

CinCor Pharma, a biopharmaceutical company focused on heart and kidney diseases, initially enjoyed a surge of interest after it went public. However, a year later, its shares dropped below their debut price after a failed clinical trial. Taking advantage of this price, AstraZeneca reached a deal to acquire the company, sending its share prices soaring again. The company was fully incorporated at the beginning of 2023.

8. ProFac Holding

Current Valuation: $1.23 billion

IPO Date: May 12, 2022

Stock Performance: -57.54%

As one of the most vertically integrated pumping companies in the fracturing industry, ProFac was in a strong position at the outset of its IPO. At least, investors thought so, as evidenced by the company’s impressive stock price throughout 2022. However, by the following year, certain industry realities, such as soft demand, a fragmented market, and ProFrac’s elevated debt levels, began to catch up. Subsequently, stock prices have slipped below debut IPO levels, with more volatility likely on the horizon.

9. HilleVax

Current Valuation: $92.39 million

IPO Date: April 28, 2022

Stock Performance: -90.28%

Spun out from Takeda to focus solely on developing its proprietary norovirus vaccine, HilleVax initially garnered around $135 million from its IPO. If investor confidence has proven shaky since then, it could be because vaccine stocks traditionally produce poor ROIs. That said, norovirus affects 20 million people in the US each year, providing a large potential market. Unfortunately, with few exceptions (such as the coronavirus), few clinical trials succeed, so we may have to wait and see for this one.

10. Amylyx Pharma

Current Valuation: $304.19 million

IPO Date: Jan 6, 2022

Stock Performance: -80.35%

As is often typical for healthcare-focused companies, Amylyx offers investors a nuanced and potentially lucrative picture. However, their ALS treatment, Relyvrio, was pulled from the U.S. market in 2024 after patients failed to benefit from the treatment in studies. Amylyx also faces stiff competition from more prominent players in the market. Investors have remained skeptical over the long-term prospects of this stock, hence its drop, but as the company has other drugs in its research and development pipeline, this could be a case of riches going to the ones who know how to wait.

Frequently Asked Questions

Why do companies go public? 

Companies go public to raise capital, increase liquidity, and expand their market presence. By offering shares to the public through an Initial Public Offering (IPO), companies can fund growth initiatives, reduce debt, and gain broader access to capital markets. Going public also enhances brand visibility and provides existing investors with an opportunity to cash out or realize the value of their investment.

How can I invest in an IPO? 

To invest in an IPO, you typically need to have a brokerage account. Some brokerages offer access to IPO shares, but they may require you to meet certain eligibility criteria. Alternatively, you can buy shares once they start trading on the stock exchange.

How do I evaluate an IPO? 

To evaluate an IPO, consider company fundamentals such as revenue growth, profitability, and competitive advantage. Compare the IPO price to the company’s earnings and industry peers. Assess the overall market environment and investor sentiment, and understand how the company plans to use the funds raised. 

What are the risks of investing in IPOs? 

Investing in IPOs can be risky because newly public companies often lack a proven track record in the stock market. Prices can be volatile, and there’s no guarantee of success. It’s important to research the company’s financials, business model, and market potential before investing.

How do market conditions affect IPOs? 

Market conditions play a significant role in the success of IPOs. A bullish market with high investor confidence tends to result in more successful IPOs, while a bearish market can lead to delays or lower valuations. Factors like interest rates, economic growth, and geopolitical events also influence IPO activity.

Final Thoughts

The IPO landscape in 2025 is uncertain. While things are shifting, we remain optimistic that 2025 will bring opportunities for investors. New IPOs may also present opportunities for strategic partnerships, acquisitions, or investments in emerging players. By staying ahead of the curve, business leaders can leverage the evolving IPO landscape to drive growth, innovation, and shareholder value. 

Due diligence is critical in all potential business dealings, but it’s challenging to manage the volume of information. The DealRoom M&A Platform streamlines the due diligence process, providing a single source of truth and efficient collaboration tools for investors, companies, and financial teams preparing for a merger or acquisition. Request a demo today to learn how DealRoom can transform your due diligence processes.