According to Renaissance Capital, 2025 has been a “green light” year for initial public offerings as of April 1, with 52 new U.S. IPOs priced so far this year. That’s up 62.5% over the same period a year ago.
Total proceeds are also up, Renaissance reports, with a 9.5% increase from last year. The pipeline seems stocked, too, with 73 total new IPOs filed in 2025, up 32.7% year over year and signaling a busier IPO market for the remainder of 2025.
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To date, 2025 is shaping up to be somewhat like 2024, which was a good-but-not-great year for IPOs. With $29.6 billion raised in the IPO market, 2024 cleared 2023’s numbers but fell well short of 2021’s $142.4 billion raised, according to Deloitte.
Amid the volatility in the stock market recently, spurred by the Trump administration’s tariff policies and stubborn inflation, the highly anticipated CoreWeave Inc. (ticker: CRWV) IPO initially fell flat after the AI cloud firm priced shares at a lower-than-expected $40. The consensus range was $47 to $55. Still, the IPO raised $1.5 billion, making it the largest U.S. tech IPO since 2021.
CRWV shares had declined about 9% as of the March 31 close, though shares bounced back over 20% in midday trading on April 1. Still, that false start may have set a cautionary tone for other companies with plans for an IPO in this market climate. However, with Nvidia Corp. (NVDA) as one of its largest shareholders, a turnaround would be no surprise.
What will 2025 bring by year-end? According to Will Braeutigam, Deloitte’s U.S. capital markets transaction leader, the IPO market looks poised for “slightly above average” performance, with an estimated $45 billion to $50 billion in capital to be raised.
Here’s a closer look at the IPO market right now, with many brand-name companies either taking the full IPO step or planning to do so soon in 2025. Each has the robust valuations, sturdy management and solid company financial performance needed to attract investor attention:
| Upcoming IPO | Estimated Valuation |
| Stripe Inc. | $91.5 billion |
| Klarna Bank AB | $15 billion |
| Revolut Group Holdings Ltd. | $45.0 billion |
| StubHub (STUB) | $16.5 billion or more |
| Cerebras Systems Inc. (CBRS) | $4.3 billion |
| Chime Financial Inc. | $10.0 billion or more |
| Medline Industries LP | $50.0 billion |
Stripe Inc.
IPO valuation estimate: $91.5 billion
Founded in 2010 by Patrick and John Collison, Stripe is an enigma in the IPO world, with news of an imminent offering regularly percolating but no action yet. The company’s bread-and-butter is payment processing, using application programming interfaces and software-as-a-service packages to integrate digital payments for customers. That’s big business right now, with Stripe landing about 1 million customers and partnering with big-name business brands like Amazon.com Inc. (AMZN), Shopify Inc. (SHOP), Zoom Communications Inc. (ZM) and DoorDash Inc. (DASH), among others. Once again, Stripe seems to be inching toward an IPO, with its valuation climbing to $91.5 billion after a recent tender offer for employees and shareholders. That’s up from $65 billion and closer than ever to the peak $95 billion valuation Stripe hit in 2021.
Klarna Bank AB
IPO valuation estimate: $15 billion
Klarna, an emerging “buy now, pay later” (BNPL) powerhouse, announced a confidential U.S. IPO with the Securities and Exchange Commission in November 2024, leaving the price range for the IPO and other details undefined. Amid sparring with Affirm Holdings Inc. (AFRM) and other rivals for positioning in the market, the buzz on Wall Street is that Klarna is aiming for an early-April IPO with an estimated $15 billion valuation. The company has about 85 million customers globally, many of them younger consumers who value the product and service installment-payment model that defines the BNPL realm. That market is expanding fast and could reach $167.6 billion by 2032, at an impressive 20.7% compound annual growth rate, according to Fortune Business Insights.
With brand-name investors like Institutional Venture Partners, Sequoia Capital and DST Global already backing the firm, and with a new payment-platform deal with fellow IPO favorite Stripe in place, Klarna looks ready to go public in a big way in 2025.
Revolut Group Holdings Ltd.
IPO valuation estimate: $45 billion
This U.K.-based mobile banking company is valued at $45 billion after a recent secondary share sale and now looks likely to go public in 2025, although that figure could climb to $60 billion if a group of company investors make their case for a new secondary share sale. Revolut reported $1 billion in profit before taxes for 2024, up from $545 million in 2023. There’s been no response from company management on the expanded valuation proposal, but it shows investors’ intense interest in a Revolut IPO in 2025.
Meanwhile, company management has been busy building out a commercial real estate arm and a private lending operation, and murmurs about a U.S. banking license (Revolut only has a European Union banking license) are growing louder. Not yet 10 years old, Revolut is currently one of the most valuable privately held technology firms in Europe.
[Read: Will the Stock Market Crash in 2025?]
StubHub (STUB)
IPO valuation estimate: $16.5 billion or more
This event-ticketing giant first filed for an IPO in 2022 but kept pushing back its public trading date, with no word of an IPO timeline, until March 21, when it finally announced its filing to go public on the New York Stock Exchange under the ticker “STUB” with no specified target price. In the filing, it disclosed nearly 30% revenue growth in 2024, albeit with a net loss of $2.8 million compared with a 2023 profit of $405 million. The New York Times reported in early March that the company had been in talks for an IPO later this year, and that it’s aiming to raise $1 billion in the IPO.
StubHub’s IPO valuation was most recently estimated at $16.5 billion, significantly higher than the $4.1 billion current owner Viagogo paid eBay Inc. (EBAY) for the company back in 2020. However, that figure could change as the company cements its grip on the online ticket market. StubHub is a lean-and-mean business with no inventory, and it profits when big concerts and sporting events sell high-demand tickets, as recent tours by the Rolling Stones and Taylor Swift attest.
The company derailed its plans for a 2024 IPO last summer, citing “choppy market” conditions. Yet, with the IPO market potentially opening up in 2025 and StubHub operating at full speed financially, management could move while the market — and the financials — are on their side.
Cerebras Systems Inc. (CBRS)
IPO valuation estimate: $4.3 billion
Cerebras is another rising technology company looking to go public; a potentially outdated estimate of the valuation is $4.3 billion. The company, which operates in the AI-optimized semiconductor space, was expected to launch its IPO in late October but was delayed due to reported regulatory paperwork issues. It filed its SEC IPO papers in September 2024 and announced its ticker will be CBRS. While most IPOs kick off four to six weeks after an S-1 IPO document filing, Cerebras has remained mum on any specific IPO date.
One hang-up is a security review triggered by the Committee on Foreign Investment in the United States (CFIUS), probing a minority investment in Cerebras made by G42, a United Arab Emirates tech firm. G42 seems to be of particular concern to regulators, given its reported past link to China-based Huawei. G42 accounted for 83% of Cerebras’ 2023 revenue and 87% of revenue in the first half of 2024.
Once the review clears, it should be “all systems go” for a CBRS IPO, though the lag is concerning to some investors.
The Sunnyvale, California, company views its IPO as a chance to better compete with AI chip heavyweights like Nvidia, Advanced Micro Devices Inc. (AMD) and Intel Corp. (INTC). CBRS investors will have to absorb that competition risk, even as Cerebras says it’s in discussions with more extensive and diverse customers as chatter increases about G42 making up most of the firm’s revenues.
Chime Financial Inc.
IPO valuation estimate: $10 billion or more
Founded in 2012, this online banking company filed for an IPO with the SEC in December 2024 with Morgan Stanley leading the effort, but with no scheduled public trading date. The valuation is expected to be around $10 billion, less than the $25 billion valuation set after Chime raised $750 million from Sequoia Capital in 2021.
Chime’s financial picture remains rosy, as the company reported revenues grew by 30% to $1.7 billion in 2024. The digital bank already has 38 million customers, offering checking and savings accounts that cater to an evolving workforce. Chime planned to go public as early as 2022, but it pulled the plug due to volatile market conditions.
Company management has maintained radio silence on the IPO. However, Chris Britt, Chime CEO and co-founder, noted in late 2023 that the firm was “as IPO-ready as a company can be.” If Chime goes public in 2025, the company could be credited with helping to stabilize the IPO market, given its rising stature in the digital financial services realm.
Medline Industries LP
IPO valuation estimate: $50 billion
Headquartered in Northfield, Illinois, Medline is the biggest privately owned U.S. medical supply and equipment manufacturer, employing 43,000 workers and exceeding $23 billion in annual sales. The private equity-owned medical supply company has also submitted IPO paperwork, and this could be one of the most prominent issues in 2025. The IPO is expected to be handled by Goldman Sachs Group Inc. (GS), JPMorgan Chase & Co. (JPM) and Morgan Stanley (MS).
“It’s currently owned by private equity firms’ equity group Blackstone, Carlyle and Hellman & Friedman,” says Vince Stanzione, CEO and founder of the financial publishing firm First Information. “The company is likely to be valued at $50 billion, and they will likely raise around $5 billion in the IPO.”
Medline isn’t the sexiest upcoming IPO, but it will likely be reliable. “While a manufacturer of sterile gloves, catheters, surgical blades and lab equipment may sound less appealing than a technology IPO, it’s exactly why I favor it,” Stanzione says. “They manufacture 335,000 medical items and are supply chain and logistics leaders. With pharmaceutical companies under the spotlight with the new Trump administration, “the medical supplies companies should not be affected by any pricing crackdowns, and being a major U.S. employer should go in their favor,” Stanzione adds.
While the company has set no specific date for its IPO, it’s reportedly focused on the second quarter of 2025.
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7 Upcoming IPOs in 2025 originally appeared on usnews.com
Update 04/01/25: This story was published at an earlier date and has been updated with new information.
