The initial public offering (IPO) market has been a rollercoaster over the past few years. After a record-breaking 2021, the market cooled significantly in 2022 and 2023 due to economic uncertainty, rising interest rates, and geopolitical tensions. 2024 and 2025 have showed some hope, with several high-profile companies either filing for IPOs or rumored to be considering them. In this blog, learn more about the current state of the IPO market and see whether the IPO market is truly thawing or not.
State of the IPO Market 2025
A Slow Recovery
The IPO market in 2025 is showing signs of recovery, but it’s not quite the frenzy we saw in 2021. While 266[1] IPOs in 2024 were still below pre-2022 levels, some believe the quality of offerings has improved, with companies demonstrating stronger fundamentals and clearer paths to help achieve growth.
Sector Trends
Certain sectors are leading the charge in the IPO resurgence. Technology, fintech, and green energy companies are particularly active, reflecting broader trends in the economy. For example, the rise of artificial intelligence (AI) has spurred interest in companies like Cerebras, who filed for IPO in October 2024 which could potentially take place this year.
Meanwhile, fintech companies such as Plaid, Circle, and Ripple are navigating regulatory challenges while eyeing public markets. The green energy sector is also gaining traction, with companies in renewable energy and electric vehicles (EVs) attracting investor interest.
MicroVentures’ Portfolio Companies IPO Status
MicroVentures has a diverse portfolio of companies, many of which are at various stages of the IPO process. Here’s a closer look at some of the most notable names and their current status:
ServiceTitan (Completed December 2024)
Service Titan, a software provider for home services businesses, filed for an IPO in November 2024 and made its public debut in December. Raising $625M with shares priced at $71, the stock opened and closed at $101, increasing 42% over the course of the day.[2]
Voyager Technologies (Filed in January 2025)
Voyager Technologies, a SpaceTech company building the successor to the International Space Station, filed for an IPO in January 2025. The number of shares, pricing, and timing have yet to be determined.
Cerebras (Filed in October 2024)
Cerebras, a leader in AI hardware, filed for an IPO in October 2024 but could face delays due to market conditions. The company’s innovative chip technology has garnered significant attention, but existing market conditions have led the company to not complete its public debut thus far.
Circle (Filed in January 2024)
Circle Internet Financial, the company behind the stablecoin USDC confidentially filed for an IPO in January 2024 after its plans for a $9B SPAC deal fell through in late 2022. However, 14 months after that IPO filing, the SEC is still reviewing the filing. Beyond that, there is not much concrete news about when the fintech company could complete its IPO.
Stripe (Not Anticipated as of February 2025)
Stripe, a fintech company that provides payment processing solutions, has been a rumored IPO for several years. However, it has not filed for an IPO, and limited information about a public debut has been released. Co-founder and President John Collison stated in February 2025 that the company cares about providing liquidity for employees and shareholders but the company has no near-term IPO plans.
Databricks (Not Anticipated as January 2025)
The data and AI company’s IPO has been rumored since 2023, but CEO Ali Ghodsi stated in December 2024 that the company was waiting until at least 2025 to go public. However, in January 2025, Ghodsi said it would not be a huge surprise if the company was a public company a year from now.
Liquid Death (Hired Banks as of July 2023)
The edgy canned beverages brand has been a long anticipated IPO and it hired Goldman Sachs in July 2023 as it aimed for a 2024 IPO. However, no new information of substance has come out about a public debut. The company hired a new Chief Financial Officer in June 2024 but has not submitted any formal filings or made any statements about timing.
Key Factors Influencing the IPO Market in 2025
There are a few contributing factors that could influence the IPO market in 2025, leading some companies to pursue a public debut and others to delay or cancel their efforts.
Regulatory Environment
The regulatory landscape continues to play a role in shaping the IPO market. Companies like Plaid and Circle are navigating complex regulatory challenges, particularly in the fintech sector. The SEC’s scrutiny of crypto-related businesses, for example, has delayed Ripple’s plans for a U.S. IPO, prompting the company to explore international markets instead.
Investor Sentiment
Investor sentiment has improved in 2025, but it remains cautious. When investor sentiment is positive, there can be greater demand for IPOs, which can help lead to higher valuations and more successful debuts. Conversely, when sentiment is cautious or negative, investors may shy away from new offerings, causing companies to delay or cancel their IPO plans. And investor sentiment doesn’t just affect the IPO itself—it can also impact how a stock performs after going public. Positive sentiment can lead to a strong aftermarket performance, while negative sentiment can result in a lackluster debut or even a decline in share price.
Market Volatility
Geopolitical tensions and economic uncertainty continue to pose risks for the IPO market. Companies considering IPOs should weigh these factors carefully, as market volatility can impact the success of an offering.
Is the IPO Market Unthawing?
The IPO market in 2025 is showing signs of life, but it’s not yet back to its pre-2022 levels. While companies like Reddit, Rubrik, and ServiceTitan have successfully gone public, others are taking a more cautious approach, waiting for more favorable conditions. The stabilization of interest rates, improved investor sentiment, and strong performance in key sectors like technology and fintech could be viewed as positive indicators, but challenges remain.
Final Thoughts
While 2025 so far has not been the breakout year for IPOs that investors had hoped for, we are still seeing companies make their public debut while others continue to plan and make moves toward future IPOs. As we look ahead to the rest of 2025 and beyond, the IPO market has the potential to continue its gradual recovery.
Want to learn more about investing in private companies? Check out the following blogs to learn more:
- What Happens When a Startup is Acquired Before an IPO?
- How to Spot a Potential Unicorn Company
- Common Pitfalls: Mistakes in Venture Capital Investing
- High or Low? Find Your Risk Tolerance
Are you looking to invest in startups? Sign up for a MicroVentures account to start investing!
[1] https://www.listingtrack.io/ipos/lists
[2] https://www.cnbc.com/2024/12/12/servicetitan-starts-trading-on-nasdaq-after-ipo.html
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The information presented here is for general informational purposes only and is not intended to be, nor should it be construed or used as, comprehensive offering documentation for any security, investment, tax or legal advice, a recommendation, or an offer to sell, or a solicitation of an offer to buy, an interest, directly or indirectly, in any company. Investing in both early-stage and later-stage companies carries a high degree of risk. A loss of an investor’s entire investment is possible, and no profit may be realized. Investors should be aware that these types of investments are illiquid and should anticipate holding until an exit occurs.
