As we are now halfway through 2025, it is time to check in on the status of the 2025 IPO Outlook and see which companies have successfully completed an IPO, new companies that have filed, and who else to keep an eye on as the year progresses. Without further ado, let’s check in on 2025 initial public offerings.
Current 2025 IPO Outlook
2025 has been the year that the IPO market has started to thaw out. So far this year, we have seen 159 companies go public via traditional initial public offerings, direct listings, and completed SPAC mergers. With 266 companies going public in 2024, so far, 2025 is on track to outpace last year.
While these numbers are still trailing the highs of 2021, many believe that the IPO markets are poised for a strong 2025, with names like Slide Insurance, Chime, Voyager Technologies, Circle, eToro, and CoreWeave completing offerings. [1]
Companies that have gone public in 2025
(MicroVentures’ portfolio companies are noted with an asterisk.)
Current prices are reflected below as of market close on 6/26/2025.
Slide Insurance – IPO
Industry: FinTech Insurance
Date: June 18, 2025
IPO Price: $17.00
Most Recent Close: $21.10
The most recent large IPO, Slide Insurance (NASDAQ: SLDE), a provider of home insurance, particularly in Florida, with a focus on customization and a streamlined digital experience, went public in June 2025. After pricing its shares at $17, at the high end of the $15-17 anticipated range, the stock was up ~23% when the bell rang, opening at $21.00. It sold 24M shares and raised $408M in the public debut[2]. The shares most recently closed at 24.1% above the IPO price.
Chime – IPO
Industry: FinTech
Date: June 12, 2025
IPO Price: $27.00
Most Recent Close: $33.19
Next recently, Chime (NASDAQ: CHYM), a fintech and mobile-banking company, also went public on June 2025. Chime priced its shares at $27 apiece, raising ~$700M, and opened at $43, an increase of 59%. It closed at $37.11 on the first day, and Chime’s market cap increased to $13.5B.[3] The shares most recently closed at 22.9% above the IPO price.
*Voyager Technologies – IPO
Industry: SpaceTech
Date: June 11, 2025
IPO Price: $31.00
Most Recent Close: $48.95
Also in June 2025, Voyager Technologies (NYSE: VOYG), a space and defense tech company, conducted its IPO. With shares priced at $31, the stock opened at $69.75, an increase of 125%. Through the IPO, Voyager raised $382.8M.[4] The shares most recently closed at 57.9% above the IPO price[5].
*Circle – IPO
Industry: Cryptocurrency
Date: June 5, 2025
IPO Price: $31.00
Most Recent Close: $213.63
June was a big month for IPOs, with Circle (NYSE: CRCL), a cryptocurrency and stablecoin company, also went public. Shares were priced at $31 and ended up raising ~$1.1B. The stock opened at $69, an increase of 122% over the IPO price, and reached as high as $103.75. The shares most recently closed at 589.1% above the IPO price.
*eToro – IPO
Industry: FinTech
Date: May 14, 2025
IPO Price: $52.00
Most Recent Close: $67.36
eToro (NASDAQ: ETOR), a stock brokerage platform, went public in June 2025 at an initial price of $52 per share. The stock opened at $69.69, 34% above its IPO, and closed at $67 per share at the end of the day. eToro raised ~$310M in its public debut. The shares most recently closed at 29.5% above the IPO price.
Potential Public Listings
With the amount of public offerings we’ve seen so far in 2025, who else is on the table to complete their public debuts this year?
*Cerebras
Industry: Semiconductors
Last Round: $250M Series F in November 2021
A competitor to Nvidia, Cerebras develops high-performance computing chips for use cases in artificial intelligence (AI) and machine learning (ML).
Cerebras filed for its initial public offering in September 2024. Chief Executive Officer Andrew Feldman stated that his hope is to take the company public at some point in 2025. However, Cerebras hasn’t provided any additional details about size or timing of the offering.[6]
*Navan
Industry: Travel and Expense Management
Last Round: $400M Debt Financing in December 2022
Navan is a travel and expense management solution for businesses to automate expense reporting and corporate card management.
After a couple years of discussions about an IPO, Navan confidentially filed for its public listing in June 2025. Last valued at $9.2B in 2022, Navan has been aiming for an IPO for years. There is not currently any additional information about a roadshow or pricing of the IPO.[7]
*DailyPay
Industry: FinTech
Last Round: $100M Debt Financing in October 2024
DilyPay is a FinTech company that enables users to access their earned wages in advance of payday.
In February 2025, DailyPay announced that it was in talks to hire investment bankers for a public listing which could value the company between $3B and $4B. While DailyPay stated that its IPO could come as soon as Q2 2025, no additional news has come out about its plans.[8]
*Mindbody ClassPass
Industry: Health & Wellness
Last Round: $500M Private Equity Round in October 2021
Mindbody ClassPass is a wellness experience platform enabling customers to find and engage with fitness, beauty, and integrative health services.
A formerly public company, Mindbody went public in 2015 but was taken private by Vista Equity Partners for $1.9B in 2019. After acquiring ClassPass in 2021, Mindbody ClassPass is now aiming to go public again within the next 12-18 months, as of August 2024. It has retained Goldman Sachs as the lead underwriter but hasn’t chosen the second or third leads yet, according to Chief Executive Officer Fritz Lanman. The company is keeping an eye on IPO performance, playing in to the timing of the eventual IPO.[9]
*Motive
Industry: Trucking & Logistics
Last Round: $150M Series F in May 2022
Motive provides an integrated operations platform for businesses, offering software and hardware solutions including fleet management tools for logistics.
The company hired a Chief Financial Officer in December 2024, with plans to target an IPO by the end of 2025, dependent on market conditions.[10] Chief Executive Officer Shoaib Makani stated “Eventually, we will be a public company,” but the company has not released any additional details about its public listing.
*Discord
Industry: Social Network
Last Round: $500M in September 2021[11]
Discord is a real-time social communications platform, catering to the video games industry.
With original IPO talks via a direct listing starting in 2022, in 2024 its Chief Executive Officer said the company would “probably go public”. As of March 2025, the company is working with Goldman Sachs and JPMorgan Chase & Co for an IPO which could come as soon as this year. No other details have been released about the public debut.[12]
*Bolt
Industry: Ridesharing
Last Round: €628M ($714M) January 2022
Bolt is a ridesharing and delivery service that also offers scooter and e-bike rentals.
As of February 2025, Bolt is exploring its exit options, which could include an IPO. Sources familiar with the matter said the company could pursue a public offering as early as 2026 and is weighing the benefits of going public in the U.S. or Europe.[13]
*Lightmatter
Industry: Photonic Computing
Last Round: $400M Series D in October 2024
Lightmatter is developing photonic computer chips for supercomputing and AI training.
After raising a $400M Series D round in October 2024 at a $4.4B valuation, Lightmatter’s co-founder and Chief Executive Officer Nick Harris stated, “This is probably our last private funding round.” While the company has not made any additional moves towards an IPO, it remains a highly anticipated public listing, whenever it might happen.
*OpenAI
Industry: Artificial Intelligence
Last Round: $40B Venture Round in March 2025
OpenAI develops artificial intelligence (AI)-based solutions including ChatGPT, DALL-E, Whisper, and Sora.
While OpenAI has not discussed its plans to conduct an initial public offering, it outlined plans in December to convert its for-profit arm into a public benefit corporation (PBC). It subsequently adjusted the plan to give the company’s non-profit parent control over the PBC while still allowing the PBC to continue to raise capital. In May 2025, its Chief Financial Officer, Sarah Friar, told Reuters that the restructuring plans could position the company for a future IPO.[14]
*Liquid Death
Industry: Food and Beverage
Last Round: $67M in March 2024
Liquid Death produces and distributes canned water, sparkling water, and tea beverages.
Originally hiring bankers in 2023 for a 2024 IPO, cooled market conditions have prolonged Liquid Death’s public company aspirations. As of June 2025, the company told potential investors that it is aiming for an IPO which could come in early 2026.[15]
Cancelled/On Hold IPOs
While there are companies continuing their IPO plans and new companies making plans, there are also some companies that have stated their IPOs are on hold for the near future, or even scrapped their plans completely.
*Turo
Turo is a short-term car sharing platform, allowing owners to rent out their cars and travelers to access rental cars directly.
After three years in the IPO pipeline, Turo withdrew its plans for an IPO in February 2025. Chief Executive Officer Andre Haddad stated in an email that the board decided “now is not the right time for Turo to pursue a public offering”, noting Turo’s strong performance, reaching $958M in 2024 revenue. He continued on “We plan to take advantage of our company’s plans to remain private in order to make important investments in the business that will build long term value for all stakeholders.”
*Ripple
Ripple provides software and cross-border payment solutions using blockchain technology and is the creator of its native cryptocurrency, XRP.
In many potential IPO conversations, Ripple has been an anticipated public listing. However, in April 2025, President Monica Long reported to CNBC that the company sees no immediate need to go public. She stated “At this moment, we have a lot of liquidity” and that Ripple is actively exploring acquisition and expansion opportunities rather than pursuing an IPO.
*Plaid
Plaid acts as a middleman between financial institutions and apps, enabling users to securely connect their bank accounts to various financial services.
Originally rumored for 2022, Plaid has not made many steps towards an IPO. In April 2025 after its most recent funding round, a company spokesperson told TechCrunch that Plaid does not have plans to go public this year. The company plans to continue working towards an IPO as a longer-term plan but has not attached a specific timeline to a public listing.[16]
*Kraken
Kraken is a cryptocurrency exchange that allows users to buy, sell, and trade various cryptocurrencies.
The possibility of a Kraken IPO has been floated since 2021. However, in March 2025, its co-Chief Executive Officer stated that the company is in no rush to go public. In fact, Kraken was considering raising an additional round in advance of any IPO.[17]
*Stripe
Stripe provides a payment processing platform that enables businesses to accept and manage online payments, subscriptions, and other financial transactions.
A highly anticipated IPO for a couple of years, Stripe was considering a share sale as of February 2025. According to analysts and consultants, Stripe isn’t quite ready to pursue an IPO, as seen through Stripe’s attempts toward alternative ways to raise capital. Stripe executives have been evasive of the question, with no definite plans or moves being currently made.[18]
Going Public
While the IPO market in 2025 appears to be heating up from the past couple of years, some highly anticipated companies have been delaying or even cancelling their IPO plans. Despite this, other names continue to complete public listings, and new companies begin pursuing their public debuts. It will be interesting to see how 2025 shapes out and which companies are able to successfully debut on the public markets.
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 initial public offerings and current market conditions? Check out the following MicroVentures blogs to learn more:
- From Private to Public: Understanding the IPO Process
- 2025 IPOs: Is the IPO Market Thawing?
- What Happens When a Startup is Acquired Before an IPO?
- Why Some Startups Choose to Stay Private
Ready to invest pre-IPO? Sign up for a MicroVentures account to start investing!
[1] https://www.listingtrack.io/ipos/lists
[2] https://www.reuters.com/legal/litigation/slide-valued-over-26-billion-biggest-insurance-ipo-year-2025-06-18/
[3] https://www.cnbc.com/2025/06/12/chime-opens-at-43-in-nasdaq-debut-after-pricing-ipo-above-range.html
[4] https://www.reuters.com/business/aerospace-defense/voyager-technologies-valued-38-billion-shares-more-than-double-nyse-debut-2025-06-11/
[5] https://techcrunch.com/2024/04/18/ibottas-ipo-opens-sharply-higher-hinting-at-warming-public-market-interest-in-tech-shares/
[6] https://www.cnbc.com/2025/05/15/cerebras-ceo-says-chipmakers-aspiration-is-to-hold-ipo-in-2025.html
[7] https://www.investing.com/news/stock-market-news/navan-files-confidentially-for-us-ipo-93CH-4104095
[8] https://thepaypers.com/payments-general/payroll-services-provider-dailypay-prepares-for-2025-us-ipo–1272114
[9] https://www.reuters.com/markets/deals/mindbody-classpass-go-public-12-18-months-ceo-says-2024-08-14/
[10] https://www.bloomberg.com/news/articles/2024-12-04/vehicle-management-startup-motive-hires-cfo-aims-for-2025-ipo
[11] https://www.lightreading.com/cloud/investors-value-discord-at-15b-in-funding-round
[12] https://www.bloomberg.com/news/articles/2025-03-26/chat-app-discord-is-said-to-work-with-goldman-jpmorgan-on-planned-ipo
[13] https://www.pymnts.com/news/ridesharing/2025/bolt-technology-reportedly-exploring-ipo-for-ride-hailing-operation/
[14] https://www.reuters.com/world/europe/openai-cfo-says-new-structure-opens-door-potential-future-ipo-2025-05-28/
[15] https://www.theinformation.com/articles/liquid-death-seeks-fresh-cash-ramp-production
[16] https://finovate.com/plaids-575-million-round-signals-strength-despite-valuation-drop-and-delayed-ipo/
[17] https://www.axios.com/2025/03/25/kraken-ipo
[18] https://www.paymentsdive.com/news/stripe-employee-share-sale-may-mean-delayed-ipo/740871/
*****
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.
