All signs are pointing to a surge in IPO activity for 2025. An IPO “ghost town” prevailed the last couple years as a result of challenging macroeconomic conditions including elevated interest rates, geopolitical risks, and overall market instability. With recent interest rate cuts and some more clarity following the inauguration of the new U.S. administration, IPO activity is set to rebound in 2025.
Inklings of a resurgence have lingered from last year, when October alone accounted for the busiest week in IPO activity since 2021. Increased investor confidence, projected deregulation, and ongoing market stability will likely serve as catalysts to spark a boom in activity.
Below, we outline the top 10 anticipated IPOs leading a tech-driven wave in 2025, along with relevant intelligence and insights from the AlphaSense platform.
Stripe
Valued at nearly $65 billion, Stripe’s payment processing platform is used by millions of businesses, ranging from large corporations to smaller-scale startups, to take credit card and digital payments online. Last week, the firm filed a patent for its electronic data verification using AI.
An expert perspective sourced from the AlphaSense platform notes that Stripe’s focus on developer-centric products, global payments infrastructure, and customizability gives it a competitive edge to continue gaining market share.
Databricks
Following a massive $10 billion funding round in December, Databricks is eyeballing an IPO in 2025. Databricks CEO Ali Ghodsii cited the need for “market stability and a clear direction” in order to pursue an IPO. Databricks provides a cloud-based platform to help enterprises build, scale, and govern data and AI, including generative AI and other machine learning models.
The firm is currently valued at $62 billion, which already surpasses that of Snowflake, its main competitor in the space.
CoreWeave
CoreWeave developed a cloud infrastructure platform that provides computer power for blockchain and other initiatives. It features a specialized cloud system, powered by Nvidia GPUs, that accelerates workflows with a production pipeline and provides access to compute resources that match model complexity, allowing clients to scale efficiently and custom-tailor solutions.
According to documents sourced from the AlphaSense platform, Nvidia-backed CoreWeave is the “most highly anticipated AI company” looking at an IPO in 2025. The AI cloud platform is targeting a valuation of over $35 billion for its IPO, which is expected to occur in the second quarter of 2025. The firm has secured an impressive $13.5 billion in private funding and debt raises since the middle of 2023.
Chime
Chime is a mobile banking and finance platform that offers its members perks such as no-fee banking services, free overdraft protection, a secured credit card to build their credit history, pay access between paydays, and most recently — free tax filing.
There is heightened anticipation for a Chime IPO following the filing of private paperwork in December. Currently valued at $25 billion, the firm selected Morgan Stanley to lead its IPO.
Klarna
In November, Swedish payments firm Klarna announced it confidentially filed paperwork with the Securities and Exchange Commission (SEC) in preparation for an initial public offering, without disclosing share quantity or price. The ecommerce payment solutions platform is well known for its “buy now, pay later” model that offers shoppers interest-free financing on retail purchases over a period of installments. The company also offers direct payments and pay-after-delivery options.
Klarna recently expanded its partnership with Stripe in an effort to solidify its U.S. footprint ahead of an IPO. The agreement makes the company’s “buy now, pay later” services available to businesses using Stripe in 26 countries. The firm’s valuation is expected to surpass $20 billion.
StubHub
The ticket marketplace giant initially filed paperwork with the SEC in 2022; however a long-awaited IPO is still in the works. With a $16.5 billion valuation, StubHub announced last July plans to delay an IPO launch until after Labor Day, citing “choppy market” conditions. Later that month, the D.C. Attorney General filed a lawsuit against the company for alleged bait-and-switch pricing tactics called “drip pricing.”
Navan
Navan is a business travel and expense management platform that is rumored to be pursuing an IPO in 2025, following the addition of an NYSE executive as its CFO last July. The firm has a valuation of over $9 billion.
Documents sourced from the AlphaSense platform find that during last year’s CrowdStrike outage, Navan’s AI chatbot Ava successfully managed increased support demands, providing an edge in corporate service delivery.
Cerebras Systems
Cerebras Systems develops high-performance computing solutions for complex AI and deep learning applications. The company is known for its Wafer-Scale Engine (WSE), the largest chip ever built, designed to handle massive AI computations. In September, Cerebras filed paperwork with the SEC for an IPO of their Class A common stock with the intent of listing on the Nasdaq exchange under the ticker symbol “CBRS.” The firm’s valuation is expected to be $7-$8 billion
At the recent J.P. Morgan Healthcare Conference, Cerebras and Mayo Clinic debuted plans to develop a world-class genomic foundation model aimed at harnessing the power of advanced AI and high-performance computing (HPC) to transform genomics and advance patient care. The model is designed to improve diagnostics and personalize treatment selection, with an initial focus on rheumatoid arthritis (RA).
Hinge Health
Hinge Health (not to be confused with Hinge, the online dating app) is one of more than 700 “unicorn” private companies with valuations of $1 billion or more. The company is a leading musculoskeletal care platform that leverages an AI-powered delivery model to help treat and prevent joint and muscle pain. The firm’s current valuation stands at $6 billion.
An expert perspective sourced from AlphaSense reports growth opportunities in virtual physical therapy for Hinge Health, in particular in its 24/7 support, personalization of treatment, and convenience for members to access care from home and likely increase member participation.
Circle Internet Financial
Circle is a cryptocurrency company and the issuer of USD Coin (USDC), a stablecoin that recently reported circulation growing 78% year-over-year, outpacing the growth rate of all other large, global stablecoins. Last year, USDC became the first major global stablecoin issuer to comply with the European Union’s Markets in Crypto Assets (MiCA) regulation and the first issuer to meet Canada’s new listing rules.
The firm filed documents with the SEC in January 2024 to begin the public listing process and is currently valued around $5 billion. With the new presidential administration and a growing penchant for digital currency standardization, 2025 may be the year for Circle’s public debut.
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