Company
Liquidity Type
Sector
Rationale
Source
Cerebras Systems
IPO
AI Hardware / Chips
The AI-chip startup overcame a regulatory delay in early 2025 and remains on track for a late-2025 listing. It confidentially filed in 2024 and aims to raise around $1 billion at a ~$8 billion valuation.
Via
IPO
Transportation / Urban Mobility
The transit-tech firm has restarted IPO preparations and hired Goldman Sachs to lead the process. The revived effort follows a pause in 2023 and reflects improving public market conditions.
Harry's
IPO
Consumer Goods
The DTC razor brand confidentially filed in March 2024, but has yet to go public. It rebranded to Mammoth Brands and is expanding via acquisitions, suggesting an IPO is on hold until markets improve.
Navan (TripActions)
IPO
Travel & Expense SaaS
The corporate travel platform confidentially filed for a U.S. IPO in June 2025, leveraging revived investor appetite for tech listings. It was last valued at $9.2 billion and aims to debut by Q4 2025.
Figma
IPO
Design Collaboration SaaS
The design software company publicly filed its S-1 on July 1, 2025, after its $20 billion sale to Adobe collapsed. It reported strong growth and is “preparing to list” on the NYSE this year. Its IPO is poised to be one of 2025’s most high-profile tech offerings.
StubHub
IPO
Ticketing Marketplace
The ticket marketplace filed an S-1 in March 2025, showing 30% revenue growth. It paused its IPO plans amid spring market volatility, but is expected to try again later in 2025 as markets rebound.
AppsFlyer
IPO
Marketing Analytics / AdTech
The marketing analytics firm has hired banks and targeted a ~$300 million raise, reportedly eyeing an early-2025 IPO. It cut 7% of staff and turned profitable in 2023 to position itself strongly, though no public filing yet.
DailyPay
IPO
Fintech / Earned Wage Access
The payroll-fintech is preparing for a potential IPO in H2 2025, aiming for a $3-4 billion valuation. It hired bankers in early 2025 and raised capital recently, but the offering will depend on market conditions.
Discord
IPO
Social / Communications Platform
The chat platform has not formally filed, but it reportedly began working with Goldman Sachs and JPMorgan on IPO preparations. An IPO could come as soon as late 2025 if market conditions are favorable, though no date is set.
Klarna
IPO
Fintech / BNPL
The BNPL fintech confidentially filed in Nov 2024 but postponed its IPO amid tariff-driven volatility in April 2025. With markets improving, Klarna is expected to resume plans and potentially list by late 2025 at an estimated ~$15 billion valuation.
Genesys
IPO
Enterprise CX Software
The call-center software company confidentially filed in Oct 2024 and is aiming to raise up to $2 billion at a ~$20 billion valuation. It’s one of the larger enterprise-tech IPO candidates and is awaiting a favorable window, likely in late 2025.
Clario
IPO
Health Tech / Clinical Trials
The clinical trials software provider confidentially filed in June 2024, reportedly seeking a ~$10 billion valuation. It continues to watch the market for the right timing and could go public in 2025 if conditions allow.
Synechron
IPO
IT Services / Digital Consulting
The IT services firm confidentially filed for an IPO in early 2024, planning to raise ~$400 million at a ~$3 billion valuation. Its offering was delayed by market turbulence, but it may revive the IPO in 2025 as the equity market rebounds.
Gemini
IPO
Crypto / Fintech
The crypto exchange (run by the Winklevoss twins) has signaled interest in going public. Reuters noted it as a candidate for late-2025 listings. However, regulatory headwinds mean timing is uncertain and an IPO will depend on crypto market and legal clarity.
Anduril Industries
IPO
Defense Tech / AI
The defense tech startup has grown rapidly (backed by large defense contracts and AI hype) and is frequently cited as a top IPO candidate. It has signaled readiness and could seek a public listing in late 2025, assuming stable market and political conditions (no formal filing yet).
Epic Games
IPO
Gaming / Entertainment
The Fortnite maker is widely expected to go public eventually, but it has taken steps like secondary share sales instead of an immediate IPO. No 2025 IPO has been confirmed, and recent layoffs suggest Epic may be waiting for stronger financials or market conditions before a public debut.
Farmers Business Network (FBN)
IPO
AgTech / eCommerce
The ag-tech platform was aiming for an IPO after raising capital in 2023, and it reportedly filed confidentially. It continues to grow its farm commerce network, but an actual 2025 IPO will depend on market receptivity - it’s possible but not certain this year.
Claroty
IPO
Cybersecurity / OT Security
View The industrial cybersecurity firm has spoken with underwriters about a 2025 IPO at a ~$3.5 billion valuation. It raised $100M in 2023 and surpassed $100M ARR, but its investors have noted the IPO market “isn't great right now,” so timing may slip to when conditions improve.
Noom
IPO
Health & Wellness / Consumer
The weight-loss app was reported to have filed confidentially in mid-2024, and could finally go public in 2025 if the digital health IPO window opens. However, Noom has faced slowing growth and layoffs, and may be waiting to see the market reaction to peers (e.g. Hinge Health) before proceeding.
HoneyBook
IPO
Fintech / Business SaaS
The small-business finance platform has not formally filed, but it just disclosed $140M ARR (17× growth), indicating strong momentum. HoneyBook is well-capitalized (last valued $2.4B) and likely positioning for an IPO, though it may await consistent profitability or a late-2025 window.
Armis
IPO
Cybersecurity / Enterprise & OT
The IoT security company raised $200M at a $4.2B valuation in Oct 2024 and surpassed $200M ARR. It has made multiple acquisitions while “preparing for an IPO,” according to the company. All signs point to Armis going public, potentially in late 2025 if market conditions hold.
Brex
IPO
Fintech / Corporate Cards
The fintech unicorn expects to hit $500M revenue in 2025 and dramatically cut its burn rate. Brex’s founders say they do intend to go public, but only once fully ready (profitable) and when the market is favorable. An IPO could come in 2025 if it achieves year-end profitability, but 2026 may be more likely.
Revolut
IPO
Fintech
The UK-based fintech has long been eyeing a public listing but has been waiting on a UK banking license and sustained profitability. An IPO in 2025 is possible (Revolut hinted at readiness once it secures its license), but management has said timing will depend on hitting growth targets and market conditions (they’ve ruled out rushing before then).
ROKT
IPO
Adtech / E-commerce
The e-commerce marketing tech firm filed for a U.S. IPO in Dec 2022 but delayed due to the market slump. Rokt has strong revenue and could try again in 2025 if tech IPO windows stay open (perhaps H2 2025). It’s a medium likelihood - dependent on market sentiment for adtech listings by year-end.
Wealthfront
IPO
Fintech / Wealth Management
In a reversal from prior plans, Wealthfront announced it submitted a draft S-1 in June 2025. This indicates a high likelihood of a 2025 IPO, likely in Q4. The robo-advisor’s move to go public (after remaining private post-UBS deal fallout) suggests confidence in the market; the IPO is anticipated by year-end barring surprises.
Netskope
IPO
Cybersecurity
Netskope has taken concrete steps toward going public. The company hired Morgan Stanley to lead preparations and is aiming for an IPO as early as Q3 2025, with an expected valuation well above $5 billion (subject to market conditions). Executives have publicly affirmed plans to list in the second half of 2025, assuming the market is favorable.
Lime
IPO
Shared Transportation
Lime has engaged Goldman Sachs and JPMorgan Chase to prepare for a U.S. IPO targeting 2026 or possibly early 2027. After hitting positive free cash flow and reporting $686M in revenue in 2024, the company is positioning for a public debut next year.
Firefly Aerospace
IPO
Aerospace / Defence
Firefly Aerospace Files Registration Statement for Proposed Initial Public Offering, the space and defense technology company, announced on July 11, 2025 its filing of a registration statement on Form S-1 with the U.S.Securities and Exchange Commission relating to a proposed initial public offering of shares of its common stock. The number of shares to be offered and the price range for the proposed offering have not yet been determined. Firefly intends to list its common stock on the Nasdaq Global Market under the ticker symbol “FLY.
Rapyd
IPO
Fintech
Rapyd raised $500 million in March 2025 to support its acquisition of PayU's global payments business, elevating its valuation to approximately $4.5 billion. The company has also initiated secondary offerings to executives, a move that signals preparations for a potential IPO. These developments suggest Rapyd is actively aligning its corporate structure and capital strategy to support a future public listing, possibly within the next year.
Ethos Life
IPO
Insurtech
Ethos, an insurance technology startup, is exploring an initial public offering that could occur as soon as this year and has tapped Goldman Sachs Group Inc.
Kodiak Robotics
SPAC Merger
Autonomous Vehicles / Logistics
The autonomous trucking startup announced a SPAC merger with Ares Acquisition Corp II at a $2.5 billion valuation, set to close in H2 2025. The deal includes a $551 million cash infusion and has reputable backers, virtually assuring a public listing this year.
Veraxa Biotech
SPAC Merger
Biotech / Immunotherapy
Switzerland-based Veraxa (an antibody-drug developer) agreed to a SPAC merger with Voyager Acquisition Corp, valuing the combined company at ~$1.6 billion. The transaction is on track to close by Q4 2025, paving the way for a Nasdaq listing.
Twenty One Capital
SPAC Merger
Renewable Energy Infrastructure
Bitcoin investment venture Twenty One is going public via a merger with Cantor’s SPAC (Cantor Equity Partners) at a $3.6 billion valuation. The deal, announced in April 2025, will create one of the largest crypto treasuries (42,000+ BTC) and is expected to close in 2025.
View Source
Terra Innovatum
SPAC Merger
AgTech / ClimateTech
The micro-nuclear reactor developer is set to go public through a merger with GSR III Acquisition Corp., valuing Terra Innovatum at approximately $475 million. The business combination is slated to close in the second half of 2025, with the company to be listed on Nasdaq (ticker “NKLR”).
SpaceX
Tender Offer
Aerospace & Telecommunications
SpaceX remains private and routinely offers insider liquidity via share sales. It held a tender at a ~$350 billion valuation in Dec 2024 and is reportedly planning another employee share sale in 2025 at a ~$400 billion valuation. This twice-yearly tender program allows employees/investors to cash out even as SpaceX stays off public markets.
Scale AI
Tender Offer
AI
Scale AI, a startup that helps companies develop artificial intelligence applications, expects to more than double revenue this year and is in talks for a tender offer that would value the company at $25 billion, according to people familiar with the matter.
