The technology sector is optimistic about the rising number of companies preparing to go public this year, largely due to a new presidential administration that aims to lighten regulations and support sectors such as cryptocurrencies and artificial intelligence.
There were already indicators of enthusiasm, particularly in fintech, bolstered by the impressive IPO of ServiceTitan in 2024, a software service platform catering to trades.
StartupSuperb has put together a comprehensive timeline of firms that have either declared intentions to go public this year or have reportedly submitted confidential IPO applications for 2025. This list also includes businesses that filed in 2023 and might finally make their public debut this year.
The confidential filing option allows companies to present their registration papers to regulatory authorities without disclosing them to the public. However, firms can postpone or cancel their filings based on current market circumstances.
Filed in 2025
eToro: The trading platform, based in Israel, filed confidentially in January 2025 in pursuit of a $5 billion valuation.
Voyager Technologies: This space and defence technology startup filed confidentially in January 2025 and is anticipated to be valued between $2 billion and $3 billion, as reported by the Wall Street Journal. The Denver-based company offers a wide range of defence and space-based solutions, including propulsion technologies and airlocks.
Karman Holdings: This other space and defence startup confidentially filed for an IPO in January 2025, aiming to secure up to $100 million. The company, specialising in missile technology, is located in Huntington Beach, California, and could be valued at $3 billion or higher, according to Bloomberg’s report.
In the works since 2024
Chime: The digital banking service filed confidentially for an IPO in December 2024, with plans to go public in 2025. The San Francisco-based company was valued at $25 billion in 2021.
Klarna: The Swedish buy now, pay later fintech company confidentially submitted its IPO application in November 2024, preparing to enter the market in early 2025. Klarna’s valuation improved to $14.6 billion in 2024.
Genesys: The AI cloud technology company announced its confidential IPO filing in October 2024. This California-based enterprise, which was last valued at $21 billion in 2021, is targeting a 2025 IPO that may generate as much as $2 billion in funding, according to Bloomberg.
Clario: This provider of clinical trial software confidentially filed for an IPO in June 2024, pursuing a valuation of $10 billion. Based in Philadelphia, Clario aims to enter the public market in 2025, as reported by Bloomberg.
Cerebras: The chip manufacturer, which seeks to rival Nvidia, confidentially submitted its IPO filing in August 2024. Located in Sunnyvale, the startup hopes to nearly double its $4 billion valuation, although its progress might face delays due to US regulatory concerns regarding its connections to G42, a UAE investor and main client, as reported by Reuters. Notably, OpenAI considered acquiring Cerebras in 2017.
Circle: This New York-based stablecoin provider filed confidentially in January 2024. While the exact timeline remains uncertain, by October 2024, Circle’s CEO expressed strong commitment to going public despite previous delays. The company’s valuation hovers around $5 billion, based on secondary market trading, as reported by Coindesk.
Harry’s: The New York firm known for producing razors and personal care products for men has filed for a public offering confidentially, as reported by Reuters. The company, nearing $1 billion in revenue and profitable, was last valued at $1.7 billion in 2021.
Omada Health: This San Francisco-based startup focusing on diabetes management confidentially filed in the summer of 2024, as noted by Business Insider.
reported, in anticipation of a more favourable IPO market in 2025. The company was last valued at $1 billion in 2022.
Attempts Since 2023
Shein: The fast-fashion leader discreetly initiated an IPO in the U.S. in 2023, but its ambitions were thwarted due to congressional examination of its supply chain and labour practices. It reportedly submitted a confidential IPO application in the U.K. in 2024 and continues to pursue an IPO in 2025, although it faces challenges from lawmakers in the U.K. Shein, based in Singapore with operations in China, was last valued at $45 billion in 2024, a drop from a $100 billion valuation in 2022.
General Atlantic: This San Francisco-based growth equity firm, known for supporting companies like Facebook and Airbnb, confidentially submitted its IPO plans in 2023, according to Bloomberg reports. The firm currently manages $96 billion in assets, following its acquisition of the U.K. private equity firm Actis, as mentioned in a January 2024 announcement. There have been no public updates regarding General Atlantic’s IPO intentions since its 2023 filing.
Oyo: The Indian hotel aggregator backed by SoftBank confidentially submitted its IPO application in India in March 2023, as Reuters reported, after a previous attempt did not succeed. Although that effort did not yield results, the company is reportedly preparing to file again in the first quarter of 2025. Oyo achieved a valuation of $3.8 billion in 2024.
