IPOs to Watch in 2025: What’s Coming and How to Invest Pre-IPO

2025 Is Primed to Be a Big IPO Season

After a slow few years, the IPO market is gearing up for a resurgence. Following the post-pandemic collapse in new listings, 2024 saw a noticeable uptick in companies going public, and 2025 is shaping up to build on that momentum.

Several factors are creating one of the most favorable IPO environments in years. Lower interest rates, stabilizing valuations, and a shift in investor appetite toward small- and mid-cap stocks have set the stage for companies that have been waiting on the sidelines. After the record-breaking IPO market of 2021, followed by two years of declines, 2025 is expected to bring a more measured, but steady stream of public listings—a return to normal rather than another boom-and-bust cycle.

This year’s IPO lineup spans a wide range of industries, from artificial intelligence and fintech to cybersecurity and consumer tech. Companies like Stripe, CoreWeave, Revolut, and Klarna are among the most anticipated, while established names like StubHub and Medline Industries are preparing to test the public markets.

For investors, the headlines will focus on these companies as they go public. But the bigger opportunity is before they get there. Many of these companies have been trading on private secondary markets for years, and investors who understand how to access these deals can secure better terms than those buying at IPO prices.

In the sections ahead, we’ll take a closer look at the companies planning to go public in 2025, the market forces driving IPO activity, and how investors can position themselves before these companies hit public markets.

IPO Market Trends Shaping 2025

The broader IPO landscape is shifting, and several factors are setting the stage for a more active year in public listings, even if the market won’t return to the frenzied pace of 2021. One of the biggest shifts is the growing investor interest in small- and mid-cap companies. For much of the past few years, capital has been concentrated in a handful of tech giants, driving record highs for companies like Microsoft, Nvidia, and Meta. But in late 2024, that began to change. Investors started rotating away from mega-cap stocks and into smaller companies, a trend that historically supports IPO activity. The S&P 400 Midcap Index and the S&P 600 Small Cap Index have outperformed the S&P 500 since late 2024, signaling a shift in sentiment. With investors now looking beyond the largest tech stocks, newly public companies could attract more demand than in recent years.

At the same time, many of the companies expected to go public in 2025 raised capital at peak valuations in 2021. With private markets tightening in the years since, these companies have faced pressure to either raise additional funding at lower valuations or go public to provide liquidity for investors and employees. This trend is especially evident in fintech and AI, where companies like Stripe, Klarna, and CoreWeave have conducted secondary share sales ahead of their IPOs, giving investors and insiders an early chance to cash out. In many cases, these secondary sales serve as a stepping stone to a public offering.

Valuations have also started to stabilize, which is another key factor driving IPO activity. One of the biggest reasons IPO activity dried up after 2021 was the collapse in tech valuations. At the height of the pandemic, software companies were trading at an enterprise value-to-revenue multiple of 13.5 times. By 2023, that had fallen to 6.5 times, effectively shutting down the IPO market. In 2024, valuations began to recover, with the median software multiple now sitting at 7.8 times revenue. With investors more willing to pay higher valuations, an IPO becomes a more attractive exit for private companies that previously held off.

While 2025 is expected to be busier than recent years, analysts don’t see it as a repeat of 2021’s IPO mania. Instead, the market is returning to pre-pandemic levels of activity, where quality companies go public at a steady pace rather than in waves of speculation. For investors, this means that rather than chasing IPOs as momentum trades, the focus should be on fundamentals—valuation, growth potential, and market positioning.

Key Sectors to Watch in 2025 IPOs

While 2025’s IPO calendar is expected to be diverse, a few sectors stand out. Artificial intelligence, fintech, cybersecurity, and cloud computing are all driving major shifts in the economy, and companies in these spaces are poised to attract significant investor interest.

Artificial Intelligence & Cloud Computing

AI continues to dominate investor discussions, and 2025 will likely bring some of the first major public offerings in AI infrastructure. Companies like CoreWeave, which provides cloud-based GPU computing for AI applications, and Cerebras Systems, an AI chip developer, are among the most highly anticipated IPOs. These companies are at the center of the AI boom, providing the computing power that drives large-scale AI models.

Cerebras Systems

• Industry: AI Hardware

• Description: Cerebras Systems specializes in developing AI-optimized semiconductors designed to outperform traditional chips in machine learning applications. Their core product, the Wafer Scale Engine, is one of the largest and most powerful AI chips available, used for high-performance computing workloads.

• IPO status: The company filed its S-1 with the SEC in September 2024 but delayed its IPO due to regulatory paperwork issues. It plans to trade under the ticker CBRS at an estimated valuation of $4.3 billion.

• Private market details: Cerebras has raised $963 million from investors including Sequoia Capital, Eclipse, Coatue, and Benchmark. The company conducted a Series F-1 in mid-2024, valuing it at approximately $3 billion.

CoreWeave

• Industry: Cloud Computing

• Description: CoreWeave is a cloud computing provider that specializes in high-performance workloads, particularly AI-driven applications. The company leases GPU and CPU resources to businesses from its network of 14 data centers, making it a critical supplier in the AI infrastructure space. Nvidia is a key business partner, and CoreWeave has been rapidly expanding to meet rising demand.

• IPO status: The company is planning to go public in the second half of 2025, aiming to raise $3 billion from its IPO.

• Private Market Details: CoreWeave has raised $1.6 billion from investors such as Coatue, Fidelity, and Blackstone. A recent secondary share sale valued the company at $23 billion, with expectations of reaching $35 billion at IPO.

Financial Services & Fintech

The fintech space is set for one of its most active IPO years in recent memory. Payments giant Stripe is widely considered one of the most valuable private companies in the world, and after years of speculation, it may finally go public in 2025. Digital banking platforms Chime and Revolut are also expected to test public markets, along with Klarna, a leader in the “Buy Now, Pay Later” space. These companies are riding long-term trends in digital finance and payments, making them strong IPO contenders.

Stripe

• Industry: Payments & Fintech

• Description: Stripe is one of the world’s largest online payment processors, helping businesses accept and manage digital payments. The company handles more than $1 trillion in annual payment volume and has expanded into fraud detection and financial infrastructure services.

• IPO status: Stripe has long been rumored to go public, and a recent secondary sale at a $65 billion valuation suggests it may be preparing for an IPO in 2025.

• Private market details: Raised over $8 billion from investors including Sequoia Capital, Andreessen Horowitz, and Tiger Global.

Chime

• Industry: Digital Banking

• Description: Chime offers fee-free banking services, including checking and savings accounts, early direct deposit, and automatic savings tools. The company markets itself as a consumer-friendly alternative to traditional banks.

• IPO status: Confidentially filed for an IPO in late 2024, with Morgan Stanley leading the process.

• Private market details: Previously valued at $25 billion, though more recent estimates place it closer to $8 billion. Has raised funding from Sequoia Capital, DST Global, and Menlo Ventures and serves over 38 million customers.

Klarna

• Industry: Buy Now, Pay Later (BNPL)

• Description: Klarna is a leader in flexible consumer financing, offering pay-in-installment services and other financial tools for online shoppers. The company partners with thousands of retailers and has become a major player in the digital payments space.

• IPO status: Filed a confidential U.S. IPO with the SEC in November 2024, with analysts estimating a $15 billion valuation.

• Private market details: Last valued at $6.7 billion in 2022 after a major valuation cut from its 2021 peak of $46 billion. Investors include Institutional Venture Partners, Sequoia Capital, and DST Global.

Revolut

• Industry: Digital Banking

• Description: Revolut is a London-based financial services company offering banking, payments, and cryptocurrency trading. The company recently secured a banking license, strengthening its competitive position.

• IPO status: Considering a U.S. listing in 2025, possibly bypassing the London Stock Exchange for greater liquidity.

• Private market details: Last valued at $45 billion following a secondary sale.

Cybersecurity & Data Management

With cyber threats increasing, investors are paying close attention to companies providing security solutions. Netskope and Snyk, two of the fastest-growing cybersecurity firms, are expected to go public in 2025, as is Neo4J, a leader in graph database technology. Cybersecurity IPOs have historically performed well, as demand for security solutions remains high regardless of market cycles.

Netskope

• Industry: Cybersecurity

• Description: Netskope provides cloud security solutions designed to help enterprises manage data protection, compliance, and network security challenges in real time.

• IPO status: Preparing for a 2025 IPO, with its CEO stating that market conditions will influence the exact timing.

• Private market details: Last valued at $9.4 billion with $1.1 billion raised from investors such as Accel Partners and Lightspeed Venture Partners.

Snyk

• Industry: Developer Security

• Description: Snyk helps developers identify and fix vulnerabilities in real-time by integrating security directly into the software development process. The platform is used by major enterprises such as Google, Salesforce, and MongoDB.

• IPO status: Expected to go public in 2025, with reports that it has been working on its IPO prospectus.

• Private market details: Last valued at $7.4 billion in 2022, backed by Tiger Global, BlackRock, and Salesforce Ventures.

Software & Consumer Tech

A mix of software and consumer-facing companies are also expected to go public. StubHub, one of the largest online ticket marketplaces, has been weighing an IPO for several years and could finally make its move. Turo, the peer-to-peer car-sharing platform, is another high-profile name expected to go public. Meanwhile, MNTN, an ad tech company focused on television-based performance marketing, is preparing for its debut as well.

StubHub

• Industry: Ticketing & Live Events

• Description: StubHub operates a major ticket marketplace for live events, allowing consumers to buy and sell tickets for concerts, sports, and theater.

• IPO status: Originally targeted a 2024 IPO but postponed plans. Expected to go public in 2025 at a $16.5 billion valuation.

• Private market details: Acquired by eBay for $310 million in 2007, then reacquired by its co-founder in 2020 for $4 billion.

Turo

• Industry: Car Sharing

• Description: Turo is a peer-to-peer car rental marketplace that allows individuals to rent out their vehicles to others.

• IPO status: Filed its IPO prospectus in 2024 and is preparing to list in 2025.

• Private market details: Last valued at $1.9 billion with over $540 million raised from investors including Kleiner Perkins and Canaan Partners.

Healthcare & Infrastructure

The IPO market won’t be entirely dominated by tech. Medline Industries, one of the largest medical supply companies in the U.S., is expected to be among the biggest IPOs of the year. The company, currently owned by private equity, could list at a valuation of $50 billion. In the infrastructure space, Switch, a data center operator that was previously taken private, is considering a return to public markets.

Medline Industries

• Industry: Medical Supplies

• Description: Medline Industries is a leading manufacturer and distributor of medical supplies, providing hospitals and healthcare providers with over 335,000 products, from surgical gloves to diagnostic equipment. The company also offers supply chain management solutions to improve procurement efficiency. With steady demand for medical supplies and a vast distribution network, Medline is positioned as a major player in the healthcare industry.

• IPO status: Expected to be one of the largest IPOs of 2025, with a projected valuation of $50 billion.

• Private market details: Owned by private equity firms Blackstone, Carlyle, and Hellman & Friedman, which acquired a majority stake in 2021.

Switch

• Industry: Data Centers & Cloud Infrastructure

• Description: Switch designs and operates high-performance data centers optimized for enterprise cloud solutions, AI workloads, and financial services. Known for its energy efficiency and security, the company provides colocation services to major tech firms. Its focus on sustainable infrastructure and low-carbon power sourcing has made it a key player in the growing data center industry.

• IPO status: Taken private in a $11 billion deal in 2022, Switch is now exploring a return to public markets and has begun discussions with investment banks.

• Private market details: Previously traded on the NYSE before its acquisition by DigitalBridge and IFM Investors. Aware Super became a key investor in 2023.

How to Invest in These Companies Before They IPO

For most investors, IPOs are the first opportunity to buy shares in a high-growth company. But by the time a stock hits the public markets, much of the upside may have already been captured by venture capital firms, institutional investors, and early insiders. The reality is that many of these companies have been trading on private secondary markets for years, allowing investors to gain exposure before an IPO—often at more attractive valuations.

Private secondary markets exist because early employees, venture capital firms, and other shareholders often want to sell a portion of their stake before a company goes public. These transactions provide liquidity for existing investors and create opportunities for new buyers, but navigating the private market requires an understanding of pricing, liquidity, and access. Unlike public markets, where share prices are transparent and readily available, private market transactions are often negotiated individually, and pricing can vary based on supply, demand, and company performance.

For investors looking to invest in companies like Stripe, CoreWeave, or Chime before they IPO, the key is knowing how to evaluate opportunities, find the best terms, and avoid common pitfalls. Cold Capital provides research and insights to help investors make informed decisions in private markets—whether it’s understanding a company’s valuation trends, identifying secondary market sellers, or determining whether an IPO is likely to be a strong exit.

Tracking IPO timelines is another important factor in pre-IPO investing. Some companies may file confidentially and stay private for longer than expected, while others may accelerate their timeline if market conditions improve. To stay on top of upcoming IPOs, the Forge Tech IPO Calendar is a useful tool, providing real-time updates on company valuations, IPO status, and estimated launch dates.

While most investors will be watching these companies when they go public, the real opportunities often lie before they reach that stage. With the right research and access, investing in private markets allows investors to position themselves ahead of the public listing and capture potential upside before it gets priced in.