2025 IPO Calendar: Upcoming Initial Public Offerings
Optimism Surrounds 2025 IPO Landscape
The technology sector is demonstrating a positive outlook regarding the number of companies expected to launch initial public offerings (IPOs) in the current year.
This increased optimism is partially attributable to a shift in governmental policy, with the new presidential administration signaling intentions to reduce regulatory burdens and actively support emerging sectors such as cryptocurrency and artificial intelligence.
Early Indicators of a Bull Market
Even prior to these policy changes, early indications of a bullish market were apparent, particularly within the fintech industry.
The remarkably successful 2024 IPO of ServiceTitan, a SaaS platform catering to the trades, served as a significant catalyst.
Tracking Potential IPOs
TechCrunch has assembled a timeline of companies that have publicly announced their plans to go public this year.
The list also incorporates organizations reported to have confidentially submitted IPO filings for 2025, as well as those who filed as early as 2023 and may proceed with their offerings in the coming months.
Understanding Confidential Filings
The process of confidential filing permits companies to submit registration documentation to regulatory bodies without immediate public disclosure.
However, it’s important to note that companies retain the flexibility to postpone or even withdraw their filings, contingent upon prevailing market conditions.
Market volatility and investor sentiment can significantly influence the timing of an IPO.
Initial Public Offering Filings in 2025
eToro, a trading platform originating in Israel, submitted a confidential filing in January 2025. Reports indicate the company is targeting a valuation of $5 billion.
Voyager Technologies, a firm specializing in space and defense technologies, also filed confidentially in January 2025. Valuation estimates, as reported by the Wall Street Journal, range from $2 billion to $3 billion.
Based in Denver, Voyager Technologies offers a diverse portfolio of solutions for both defense and space applications.
These solutions encompass a broad spectrum, including advanced propulsion systems and specialized airlock technologies.
Karman Holdings, another company within the space and defense sector, confidentially filed for an initial public offering in January 2025.
The company announced its intention to secure up to $100 million through its IPO.
Headquartered in Huntington Beach, California, Karman Holdings focuses on the development of missile technologies.
Bloomberg reports suggest a potential valuation exceeding $3 billion for Karman Holdings.
Upcoming IPOs: A 2025 Outlook
Several companies have initiated the process of becoming publicly traded, with anticipated IPOs scheduled for 2025. These filings, often made confidentially, signal potential growth and investment opportunities.
Fintech and Banking Sector
Chime: This San Francisco-based digital bank submitted a confidential IPO filing in December 2024. The company is targeting a public launch in 2025, following a previous valuation of $25 billion recorded in 2021.
Klarna: The Swedish buy now, pay later (BNPL) company, Klarna, confidentially filed for its IPO in November 2024. This move follows a considerable period of preparation, with plans to go public in the first half of 2025. Klarna’s valuation experienced an increase to $14.6 billion in 2024.
Circle: Based in New York, this stablecoin provider filed confidentially in January 2024. Despite previous setbacks, Circle CEO Jeremy Allaire affirmed the company’s commitment to going public in October 2024. Positive developments in the regulatory landscape, including support from President Trump, may improve its prospects. Current secondary market trading values the company around $5 billion.
Technology and Cloud Services
Genesys: This AI cloud startup announced its confidential filing in October 2024. Headquartered in Menlo Park, California, Genesys was last valued at $21 billion in 2021. A 2025 IPO is planned, potentially raising up to $2 billion, as reported by Bloomberg.
Cerebras: The chip startup, aiming to challenge Nvidia, confidentially filed for an IPO in August 2024. Located in Sunnyvale, the company intends to approximately double its existing $4 billion valuation. However, regulatory concerns regarding its relationship with G42, a UAE investor, could cause delays, according to Reuters. Interestingly, OpenAI explored acquiring Cerebras around 2017.
Healthcare and Consumer Goods
Clario: This clinical trial software provider submitted a confidential filing in June 2024, seeking a $10 billion valuation. The Philadelphia-based company is aiming for a public offering in 2025.
Omada Health: The San Francisco-based diabetes startup confidentially filed in the summer of 2024. The company is anticipating a more favorable IPO market in 2025, and was last valued at $1 billion in 2022.
Harry’s: This New York-based consumer company, specializing in razors and men’s personal care products, has confidentially filed to go public in March 2024. Sources indicate the firm is approaching $1 billion in revenue and is currently profitable. The company’s last valuation was $1.7 billion in 2021.
IPO Aspirations: A Look at Shein, General Atlantic, and Oyo
Shein, a major player in the fast-fashion industry, initially submitted a confidential IPO filing in the United States during 2023. However, these plans were stalled due to increased examination by members of Congress regarding its supply chain and labor standards.
Subsequently, reports indicated a confidential IPO filing in the United Kingdom during 2024. As of 2025, Shein continues to pursue an IPO, though it is facing similar opposition from legislators in the U.K.
Headquartered in Singapore with significant operations in China, Shein’s valuation stood at $45 billion in 2024. This represents a decrease from the $100 billion valuation recorded in 2022.
General Atlantic's Public Offering
General Atlantic, a New York-based growth equity firm with investments in companies such as Facebook and Airbnb, also confidentially filed for an IPO in 2023, as reported by Bloomberg.
The firm currently manages assets totaling $103 billion. (This information was updated on February 3, 2025, to accurately reflect General Atlantic’s headquarters and current assets under management).
No further public announcements regarding General Atlantic’s IPO intentions have been made since its initial filing in 2023.
Oyo's Ongoing Pursuit of an IPO
Oyo, an Indian hotel aggregator supported by SoftBank, confidentially filed for an IPO in India in March 2023, according to Reuters. This followed a previous unsuccessful attempt to go public.
Despite the earlier setback, the company is reportedly preparing to file again during the first quarter of 2025. Oyo achieved a valuation of $3.8 billion in 2024.
The company’s journey highlights the challenges and persistence involved in navigating the IPO process.