Initial public offerings in the U.S. have increased in 2024 after a two-year decline, driven by growing hopes of a soft landing and stocks trading at record highs[1]. Investors are eager to see which companies may be on track to pursue an IPO in 2025.
266 went public in 2024 through traditional IPOs, direct listings, and completed SPAC mergers, compared to 214[3] in 2023 through December 21, 2023. Reddit, Ibotta, and Rubrik were some of the bigger names that conducted their IPOs this year, but with 2025 quickly approaching, let’s look at what companies are watching the IPO market to see what the new year could bring.
Anticipated IPOs for 2025
Below are a handful of companies that have indicated they may pursue or have filed paperwork for a future IPO.
(MicroVentures’ portfolio companies are noted with an asterisk in the list below.)
ServiceTitan*
Industry: Software
Originally Filed: November 2024
Last Round: $365M (November 2022)
Estimated 7/23 valuation: $6.7B[4]
ServiceTitan, the software for contract workers, officially filed to go public in November after revamping its original plans from 2022[5]. The company announced that it is seeking a valuation of up to $5.16 billion in its IPO, set to take place on December 12, 2024[6]. ServiceTitan is looking to raise up to $502 million by offering 8.8 million shares priced between $52 and $57[7]. ServiceTitan plans to keep up to 5% of shares in the IPO for eligible clients, the founders’ friends and family members, and others through a directed share program. It is reported that Goldman Sachs, Morgan Stanley, Wells Fargo, and Citigroup are among the company’s IPO underwriters[8].
Cerebras Systems*
Industry: AI Hardware
Originally Filed: September 2024
Last Round: $250M (November 2021)
Estimated 11/21 valuation: $4B[9]
Cerebras’ filing in September[10] this year could represent an upcoming IPO. Cerebras’ reported their revenue grew more than 14-fold to $136.4 million in the first half of 2024, and the company’s net loss declined from $77.8 million to $66.6 million[11]. The terms for its IPO have not been fully announced yet, however, the company is looking to raise between $750 million and $1 billion, which could value the company between $7-$8 billion[12]. Cerebras has picked Citigroup and Barclays to work on the IPO.
Circle*
Industry: Peer-to-Peer Payments Technology
Originally Filed: January 2024
Last Round: $400M (April 2022)
Estimated 7/24 valuation: $5B[13]
Circle Internet Financial (Circle) announced in January 2024[14] that it confidently had filed for an IPO. Since the filing date, there has not been any information detailing when the company may go through with its public debut. In October, its CEO, Jeremy Allaire, reported that they are still going to be pursuing an IPO, despite the delays. The company reports that they are not currently seeking any funding and that pursuing an IPO is not something they are rushing towards but plans to follow through with when the time is right[15].
Liquid Death*
Industry: Food & Beverage
Originally Filed: Not Yet Filed, Looking at 2025
Last Round: $67M (March 2024)
Estimated 3/24 valuation: $1.4B[16]
Originally looking at a 2024 IPO, Liquid Death still has not submitted the filings. The canned beverage company reported triple-digit growth for the third consecutive year, becoming one of the fastest-growing water and iced tea brands in the world[17]. There has not been any new information reported about the company going public aside from hiring Goldman Sachs as the lead underwriter back in 2023[18]. In an October 2022 interview with Yahoo Finance, its Chief Executive Officer (CEO), Mike Cessario, said: “I think we’re open to all kinds of different paths for the company. I think the IPO path is something we’re definitely going to seriously explore and see what that looks like. There is no timeline for when that would be or if we would definitely do it or not…”
Turo*
Industry: Car-Sharing Marketplace
Originally Filed: January 2022
Last Round: $35.2M (April 2022)
Estimated 3/24 valuation: $1.25B[19]
The online car sharing platform is another highly anticipated off-again, on-again IPO. Turo originally filed for an IPO in January 2022[20] and has updated its filings 12 times since, most recently in November 2024[21]. Sources familiar with the matter reported in August that Turo could list shares as early as next year and has worked with Morgan Stanley and JPMorgan Chase & Co. on the matter[22].
Bolt*
Industry: Ride-Hailing and Food Delivery
Originally Filed: Not Yet Filed, Looking at 2025
Last Round: $450M (August 2024)
Estimated 8/24 valuation: $14B[23]
The Estonian ride-hailing and food delivery company that rivals Uber has not yet submitted any forms to the SEC to pursue a public offering but is reportedly ramping up to be ready for an IPO in 2025[24]. Operating in more than 45 countries, this announcement came just after its annual revenue hit £2 billion.
DailyPay*
Industry: Earned-Wage Access
Originally Filed: Not Yet Filed, Looking at 2025
Last Round: $100M (October 2024)
Estimated 1/24 valuation: $1.75B[25]
Earned-wage access company DailyPay has reported the possibility of going public in 2025, according to CEO Kevin Coop. This conversation comes after its valuation rose 75% to $1.75 billion in a recent raise[26]. Kevin Coop told sources: “I think we are of the scale and size that we certainly could go public today if the market were open. But we don’t really think that the market is in position…”
Mindbody*
Industry: Wellness
Originally Filed: Not Yet Filed, Targeting second half of 2025
Last Round: $500M (October 2021)
Estimated 1/21 valuation: $3B[27]
The fitness and wellness software provider is reportedly preparing for a public return. After going public back in 2015, the company was acquired by Vista Equity Partners for $1.9 billion, taking the company private in 2019. However, Mindbody has reportedly hired Goldman Sachs to explore an IPO within “12 to 18 months[28],” sources said in August 2024.
Klarna
Industry: Online Financial Services
Originally Filed: November 2024
Last Round: $800M (July 2022)
Estimated 10/24 valuation: $14.6B[29]
The Swedish buy now, pay later provider has announced it is looking to pursue an IPO in the first half of 2025, according to PYMNTS[30]. The company has already selected Goldman Sachs, JP Morgan Chase & Co., and Morgan Stanley to lead the IPO[31].
CoreWeave
Industry: Cloud-Computing
Originally Filed: Not Yet Filed, Looking at 2025
Last Round: $650M (October 2024)
Estimated 11/24 valuation: $23B[32]
The AI cloud platform is anticipating its IPO in the second quarter of next year, subject to market conditions. CoreWeave is targeting a more than $35 billion valuation in this potential public offering. CoreWeave recently secured a $650 million secondary share sale, valuing the company at $23 billion, an increase from $7 billion the year before[33].
Chime
Industry: Financial Technology
Originally Filed: Not Yet Filed, Looking at 2025
Last Round: $750M (August 2021)
Estimated 1/24 valuation: $5.9B[34]
The fintech company reported in September that it has selected Morgan Stanley to lead its initial public offering, which is aiming to be some time in 2025. Chime was valued at $25 billion in 2021 and has been seen as a potential IPO candidate since[35]. Chime was originally planning to go public in 2022 but put those plans on hold in February 2022 due to the industry entering a “fintech winter”[36].
Going Public
There may be a chance that we can see some of these companies filing and completing IPOs within the next year. Keep an eye out for news about these companies pursuing IPOs as we head into 2025.
If you’re new to terms like “SPAC” and “IPO,” check out a few of our previous blog posts covering different ways to go public:
- What’s the Difference Between an IPO and a Direct Listing?
- SPAC Explained: What is a Special Purpose Acquisition Company?
Want to learn more about IPOs and different ways to go public? Check out the following MicroVentures blogs to learn more:
- 2024 IPO Check-in
- Navigating Exit Strategies: IPOs, M&A, and Secondary Buy-Outs
- IPO Lock-Up Period: What is it, and Why Does it Matter?
- The Initial Public Offering Landscape: What Investors Need to Know About an IPO
Are you looking to invest in startups? Sign up for a MicroVentures account to start investing!
[1] https://finance.yahoo.com/news/ai-chipmaker-cerebras-files-us-205941350.html
[2] MicroVenture Marketplace Inc. using data retrieved 12/21/23 from https://spactrack.io/despacs/ & https://www.iposcoop.com/current-year-pricings/.
[3] https://www.listingtrack.io/listing/hub
[4] https://www.meritechcapital.com/blog/servicetitan-s-1-breakdown
[5] https://www.reuters.com/technology/software-startup-servicetitan-prepares-2024-ipo-sources-2023-12-19/
[6] https://www.nasdaq.com/market-activity/ipos
[7] https://www.reuters.com/technology/servicetitan-seeks-up-516-bln-valuation-us-ipo-2024-12-03/
[8] https://www.cnbc.com/2024/11/18/cloud-software-company-servicetitan-files-for-ipo.html
[9] https://www.cnbc.com/2024/10/11/cerebras-ipo-has-too-much-hair-as-chipmaker-tries-to-take-on-nvidia.html
[10] https://www.sec.gov/Archives/edgar/data/2021728/000162828024041596/cerebras-sx1.htm
[11] https://www.forbes.com/sites/karlfreund/2024/10/02/cerebras-files-for-the-very-first-generative-ai-ipo/
[12] https://www.bloomberg.com/news/articles/2024-09-25/cerebras-systems-targets-raising-up-to-1-billion-in-ipo
[13] https://www.nasdaq.com/articles/circles-valuation-drops-9b-5b-ahead-ipo
[14] https://www.businesswire.com/news/home/20240111073632/en/Circle-Announces-Confidential-Submission-of-Draft-Registration-Statement-for-Proposed-Initial-Public-Offering
[15] https://www.bloomberg.com/news/articles/2024-10-25/circle-ceo-says-the-company-s-ipo-ambitions-remain-despite-delay
[16] https://www.fooddive.com/news/liquid-death-funding-investment/709912/
[17] https://www.theguardian.com/business/article/2024/may/28/liquid-death-the-viral-canned-water-brand-killing-it-with-gen-z
[18] https://accessipos.com/liquid-death-stock-ipo/
[19] https://techcrunch.com/2024/03/08/turo-car-rental-ipo-profitable-growth/
[20] https://finance.yahoo.com/news/car-sharing-turo-restarts-ipo-010106379.html
[21] https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001514587&owner=include&count=40&hidefilings=0
[22] https://www.marketwatch.com/story/car-sharing-marketplace-turo-swings-to-a-profit-in-a-boost-to-potential-ipo-526a8dc4
[23] https://www.theinformation.com/articles/bolt-near-deal-to-raise-450-million-at-14-billion-valuation
[24] https://www.reuters.com/technology/uber-rival-bolts-annual-revenue-hits-2-billion-euros-2024-11-14/
[25] https://www.prnewswire.com/news-releases/dailypay-closes-transactions-totaling-175-million-companys-valuation-increases-by-75-302038413.html
[26] https://www.axios.com/pro/fintech-deals/2024/01/22/dailypay-sets-goal-2025-ipo
[27] https://www.reuters.com/markets/deals/mindbody-classpass-go-public-12-18-months-ceo-says-2024-08-14/
[28] https://insider.fitt.co/classpass-owner-mindbody-preps-ipo/
[29] https://www.pymnts.com/buy-now-pay-later/2024/klarna-valued-14-billion-dollars-after-investor-raises-stake-value/
[30] https://www.pymnts.com/news/ipo/2024/report-klarna-aims-to-list-ipo-in-new-york-in-h1-2025/.
[31] https://www.pymnts.com/news/ipo/2024/report-klarna-aims-to-list-ipo-in-new-york-in-h1-2025/.
[32] https://www.reuters.com/technology/artificial-intelligence/coreweave-closes-650-mln-secondary-sale-ai-startups-lure-investors-2024-11-13/
[33] https://finance.yahoo.com/news/coreweave-targets-35bn-valuation-2025-100333001.html
[34] https://finance.yahoo.com/news/chime-once-valued-25-billion-182929739.html
[35] https://www.pymnts.com/news/ipo/2024/chime-no-report-comment-that-morgan-stanley-will-lead-ipo/
[36] https://www.pymnts.com/news/ipo/2024/chime-no-report-comment-that-morgan-stanley-will-lead-ipo/
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