The initial public offering (IPO) market started to pick up the pace late in the first quarter, but concerns about the economic impact of the Trump administration’s tariffs had some companies pressing the pause button amid broader market uncertainty.

In addition to the uncertainty surrounding tariffs, a sell-off in tech stocks and increasing market volatility at the start of the year made pricing new offerings a major challenge.

“There was a pretty clear shift in IPO sentiment after the tariff announcements, which introduced a lot of uncertainty into the market,” says Avery Marquez , director of investment strategies at Renaissance Capital.

“Volatility can be a strong headwind for new issuance, even when investor sentiment and risk appetite are robust. But this came while the trading environment was already somewhat weak in the wake of the mid-Q1 sell-off,” Marquez adds.

But a round of several well-received IPOs, including stablecoin issuer Circle Internet Group (CRCL), have sparked a resurgence in offerings.

According to Renaissance Capital, a leading provider of pre-IPO research and IPO-focused ETFs, there have been 100 IPOs priced so far in 2025, through July 3, up 43% year over year.

And there have been 122 offerings filed, a 13% increase from the year prior. Among the most recent companies to announce its intention to go public is design software vendor Figma, which filed its IPO prospectus on July 1.

Figma plans to go public sometime in the second half of 2025 and will trade on the New York Stock Exchange (NYSE) under the ticker symbol “FIG.”

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Although 2024 was another exceptionally lackluster year for new public offerings, the IPO market could gain momentum in 2025 after its three-year lull. Yes, many large private companies still have stockpiles of capital that have helped tide them over in recent years as they wait for the public markets to improve, but eventually every venture-backed startup needs to exit, whether it be through an acquisition or in a public-market debut.

With that in mind, here are 13 companies that the Crunchbase News team thinks could be top contenders to go public if our 2025 market forecast bears out.

Enterprise tech and AI

Cerebras Systems: Yes, this one is kind of cheating. Cerebras should likely already be public. It filed to go public openly in September. That made sense. However, in early October it was reported Cerebras was postponing its IPO after facing delays with a U.S. national security review on UAE-based G42‘s minority investment in the AI chipmaker. Nevertheless, it seems almost certain to go public soon. It’s a good time to be an AI chip developer. Nvidia has become one of the most — if not the most — valuable companies in the world and venture funding is currently gaining traction in the sector, with investors continuing to pour money in. Finally, Astera Labs — which provides data and memory connectivity solutions for some of the biggest chipmakers in the world — had a successful IPO even though its shares have tailed off its highs. It seems right that another chip startup will try to right those tailwinds. We thought it might be Groq, but a likely fresh $300 million will probably keep it off the public market for a while.

CoreWeave: AI cloud platform CoreWeave was super busy last year. In May, it raised a whopping $1.1 billion in a fresh funding round led by Coatue in a deal valuing the company at $19 billion, per The Wall Street Journal. Then just weeks later, CoreWeave locked up a $7.5 billion debt facility from the likes of Blackstone, Magnetar Capital and Coatue. It didn’t stop there, picking up another $650 million debt facility. The company wanted the cash as AI continued to grow and CoreWeave was able to ride that wave. The startup gives access to the highly sought after AI chips from Nvidia through its more than two dozen data centers. In November it was reported CoreWeave was aiming for a valuation of more than $35 billion in an initial public offering that is expected in 2025. It seems well positioned to make that happen.

Snyk: While many are waiting for cloud security startup Wiz to go public after its big $1 billion raise at a $12 billion valuation last year, we are going to look at another cyber firm with Israeli roots. Early last year, application security developer Snyk reported it grew its revenue by 50% to $220 million in 2023, while also cutting its losses by 33%, according to the company’s Directors’ Report filed with the U.K.’s Companies House. That may help put its long-rumored IPO back on track — especially after fellow cyber firm Rubrik went public last year. In late 2022, Snyk raised a $196.5 million Series G led by Qatar Investment Authority at a $7.4 billion valuation. That was a 13% drop from September 2021, when the company — which has now raised about $1 billion — closed a $530 million Series F co-led by Sands Capital Ventures and Tiger Global Management at an $8.5 billion valuation.

SymphonyAI: SymphonyAI made our list six months ago and we feel even more confident 2025 is the year. In November, the company hired five-time CFO Ravi Narula, who helped lead Ooma, Gigamon and BigBand Networks to their initial public offering, so it’s safe to assume he is being tasked with the same goal here. SymphonyAI also has already been talking to banks about a public offering. The Palo Alto, California-based company, which has reached both a $500 million revenue run rate and profitability, offers predictive AI across a variety of industries to help forecast things such as product demand. SymphonyAI was founded by Romesh Wadhwani, PhD, in 2017. In 2002, prior to founding SymphonyAI, Wadhwani founded Symphony Technology Group, a private equity firm investing in software and technology-enabled services companies. With investors craving all things AI — likely including predictive AI — the timing may be right for SymphonyAI. We’ve been following the company for a while here at Crunchbase News, and the second half of the year could see it finally IPO.

— Chris Metinko

Fintech and banking

Stripe: Several large fintech unicorns are among the contenders to go public in the foreseeable future. But Stripe — arguably the most highly anticipated IPO for the past several years — might not be among the 2025 offerings. Still, we’re including the payments giant here because Stripe has made all the right moves in recent years to signal that it’s eyeing the public markets — it just may not have to do so just yet. The 14-year-old company, co-headquartered in Dublin and San Francisco, was most recently valued at $65 billion in early 2024, and crossed the threshold of processing more than $1 trillion in payment volume in 2023. The company hired Steffan Tomlinson, a seasoned CFO, in 2023, and has released an annual letter for the past two years. It raised $6.5 billion in March 2023 to provide liquidity to former and current employees with tax obligations, and offered a tender offer for employees to sell shares at a value of $65 billion in February 2024. The company stated it is robustly cash-flow positive in its 2023 letter. With its strong financial position and by addressing employee liquidity, Stripe has removed immediate time pressure to go public and, for now, the fintech company is staying mum about its IPO plans. But we’re watching closely for further IPO clues nonetheless.

Klarna: Meanwhile, buy now, pay later service, Klarna has filed confidentially to go public. The Stockholm-based company will be 20 years old this year. It was last valued at $6.7 billion in a July 2022 funding, though that shaved 86% off the $45.5 billion valuation it had notched just a year earlier. Klarna reported revenue of $1.2 billion in H1 2024 — up 27% from H1 2023 — and an adjusted operating profit of $62 million. The company says it has sharply reduced customer service costs through the use of AI. Klarna, which launched in the U.S. in 2015, signaled that its U.S.-based revenue grew by 38% in H1 2024 compared to the same period a year earlier. U.S.-based competitor Affirm went public in early 2021 and is valued at $21.6 billion as of Dec. 12, with its most recent quarterly revenue totaling $698 million.

Revolut: The third most-valuable fintech on The Crunchbase Unicorn Board, Revolut is a strong contender to go public. The U.K.-based mobile banking services company increased revenue in 2023 to $2.2 billion and reported profits of $545 million. The company is the youngest among the fintechs we list here, approaching its 10th year in 2025. Its earliest lead investors were Balderton Capital and Index Ventures. For comparison, the largest public neobank, Brazil-based Nubank, went public in December 2021 and saw its shares surge around 45% in 2024.

— Gené Teare

Health and biotech

Hinge Health: This is another IPO prediction where we’re not exactly going out on a limb (pun intended in this case). Physical therapy startup Hinge Health hired Morgan Stanley to lead an early-2025 IPO, Business Insider reported in September. The San Francisco-based company offers virtual physical therapy services and was last valued at $6.2 billion in a $600 million Series E in 2021 led by Tiger Global and Coatue. The startup has raised more than $826 million total from venture investors since its founding in 2014, per Crunchbase. Along with bringing on investment bankers in preparation for an IPO, Hinge Health — like other startups hoping to take a swing at the public markets in the current investment climate — reportedly has also been working to shore up its finances and become cash-flow positive, moves that included laying off 10% of its workforce earlier in 2024.

— Marlize van Romburgh

Element Biosciences: Venture-backed biotech startups generally go public earlier than their tech counterparts. And so by industry standards, 7-year-old Element Biosciences, with $678 million in equity funding to date, looks ripe for an offering. The San Diego-based company, which focuses on genetic analysis tools for the research market, most recently pulled in a $277 million Series D last summer that included backing from prominent pre-IPO investors Fidelity and T. Rowe Price. Its DNA sequencer lines compete with industry giant Illumina.

— Joanna Glasner

Retail, travel and consumer

Navan: Navan is the new Instacart. The corporate travel and expense-tracking platform, formerly known as TripActions, is the company that is always, definitely about to go public. And yet, it remains private. As background, for years, we predicted Instacart would IPO, until finally in 2023 that happened. For Navan, we’re saying 2025 will be the year for the 9-year-old company, which reportedly filed confidentially for an IPO back in 2022. (Yes, we know we said it would go public last year as well. But, hey, cut us a break.) There are concrete signs Navan is gearing up for a market debut. For one, last summer it hired the former CFO of the New York Stock Exchange as its finance chief. Navan also disclosed last summer that travel bookings were up nearly 2x from year-earlier levels.

— Joanna Glasner

StubHub: Online ticketing marketplace StubHub has reportedly been contemplating an IPO for some time, especially as concerts and other live events have returned after the pandemic. CNBC reported in April that the San Francisco-based company was making plans for a summer 2024 IPO, aiming for a valuation of at least $16.5 billion — a sharp increase from the $4.05 billion co-founder Eric Baker‘s new company, Viagogo, paid when it took StubHub off of eBay‘s hands in 2020, but roughly in line with its valuation during its most recent private funding. But by July, StubHub reportedly had postponed its IPO plans until after Labor Day due to stagnant market conditions. Still, it quietly hired a CFO — Connie James, who previously worked in that position at publicly traded Light & Wonder — The Information reported in August. As of the end of 2024, we’re not aware of any further reporting about timing for a possible StubHub IPO, but it seems like a reasonable bet that if market conditions are indeed favorable in 2025, the company will again mark its calendar for an offering.

Discord: Discord will be a decade old this year. In that time, it has raised nearly $1 billion from private investors including Benchmark, Tencent, Greylock, Spark Capital, Index Ventures, Greenoaks and Sony Interactive Entertainment. The San Francisco-based company is a popular communication platform initially tailored for gamers that has since expanded to host other online communities. It most recently raised private funding in a $500 million Series H led by Dragoneer Investment Group in late 2021 that reportedly came with a $15 billion valuation attached. In what could be seen as IPO prep, Discord has also been working to diversify its revenue streams, including the introduction of gamified advertising products like Video Quests, which reward users for engaging with video ads. It’s a somewhat similar approach to Reddit‘s moves ahead of its IPO last year. Reddit started diversifying its revenue streams through targeted advertising and data licensing for large AI language models, changes that helped the popular online discussion platform narrow its losses and move closer to profitability ahead of its successful IPO in March 2024.

— Marlize van Romburgh

Miscellaneous

Canva: Design-software maker Canva was on this list in 2023, and everyone knows that if you keep making the same prediction again and again, eventually you’ll be right. But this time, the Sydney, Australia-based startup has dropped a big clue that an IPO really is in the cards for 2025: In November, it hired Kelly Steckelberg, the CFO who helped to take Zoom public, as its first finance chief. The company has raised a whopping $2.5 billion from investors — including Bond, Felicis 1, General Catalyst, Dragoneer Investment Group, T. Rowe Price, Coatue and Iconiq Growth — and was recently valued at $32 billion in a secondary sale. Canva, which competes with Adobe’s suite of image editing and graphic design software, says it generates about $2.5 billion in annualized revenue and has been profitable for seven years — numbers that no doubt would pique public market investors’ interest.

— Marlize van Romburgh

Clarification: An earlier version of this article incorrectly stated that Canva was funded by Iconiq Capital. Funding came from Iconiq Growth, the venture arm within Iconiq Capital.

Related reading:

Illustration: Dom Guzman

While August is historically a quiet month for initial public offerings, expect some recognizable names to make a public debut after the Labor Day weekend through the end of the year.

Through Aug. 21, the Renaissance IPO Index was up 11.7% year to date, compared with the S&P 500’s 9.2% gain. Globally, IPOs are performing even better, with the Renaissance International IPO Index up 31.8% year to date and the iShares MSCI ACWI ex US ETF (ticker: ACWX) up 22.1%. While no fixed dates are in place, brand names like SeatGeek, Canva, StubHub and Klarna are lined up and ready to go sometime this year, according to Renaissance Capital.

The IPO outlook for the remainder of the year looks stronger than originally anticipated for several reasons, experts say. “Buyers continue to want to pay good multiples for companies where there are few existing opportunities that are already public,” says Jeff Bernstein, senior managing director, equity capital markets, at New York-based Riveron. “Namely, AI infrastructure, companies that have already demonstrated that AI can enhance their existing solutions, industries (such as insurance and health services) where it’s clear that AI can improve unit economics and profitability, crypto, robotics, and space and defense technology.”

Several winning IPO bets have raised the stakes and the opportunities for new publicly traded companies.

“The IPO market is healthy as we head into the fall,” notes Brianne Lynch, head of market insight at EquityZen in New York. “The venture-backed companies that have gone public this year have, on the whole, performed well, with many increasing their pricing ranges and trading up significantly in early trading.”

Retail investor interest has also been a key ingredient to the success of IPOs from companies like Circle Internet Group (CRCL) and Figma Inc. (FIG). “This speaks to investor demand for fast-growing, innovative companies, especially after a drought of IPOs the past few years,” Lynch says. “Meanwhile, it provides a vote of confidence for the deep pipeline of mature, private companies that have been waiting on the sidelines for an opportune time to go public.”

Which new IPO names stand out in the second half of 2025? Here’s an updated snapshot of some recent IPO winners and significant prospects:

New/Upcoming IPO

Initial IPO Valuation/Estimated Valuation

CoreWeave Inc. (CRWV)

$23 billion

Chime Financial Inc. (CHYM)

$11.6 billion

Circle Internet Group (CRCL)

$6.9 billion MNTN Inc. (MNTN)

$1.2 billion

Miami International Holdings Inc. (MIAX)

$2.5 billion

Figma Inc. (FIG)

$7.3 billion

NIQ Global Intelligence PLC (NIQ)

$6.2 billion Canva

$32 billion (est.)

StubHub $16.5 billion (est.) SeatGeek $1.4 billion (est.)

CoreWeave Inc. (CRWV)

CoreWeave is a notable example of a recent IPO that has achieved significant success. The stock, which is trading around $95 per share, has seen its share price decline since June, after an impressive run following its March IPO. Yet analysts like this cloud computing specialist for the long haul.

“CoreWeave, a cloud infrastructure company focused on powering AI workloads, has seen its stock price surge by 260% since its debut,” says Deven Monga, vice president of sales at Ideals, a virtual data room provider that supports organizations through major financial milestones, including IPOs and M&A activity. “This reflects not only investor excitement about artificial intelligence as a theme, but also growing interest in the foundational infrastructure that supports it.”

A $7 billion cloud computing leasing partnership with Applied Digital Corp. (APLD) in early June has contributed significantly to that growth, as CoreWeave added several high-profile clients to its roster, including some of the Magnificent Seven tech giants. Additionally, in mid-July, CoreWeave’s share price popped by 9% after it announced a $6 billion investment in a new AI-focused data center campus in Pennsylvania.

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Chime Financial Inc. (CHYM)

Chime, which went public on June 12 at an initial IPO price of $27 per share with an $11.6 billion initial valuation, has also seen its share price decline, losing 21.5% in the past month.

Yet again, the stock is favored for its mammoth valuation and its solid grip on low-six-figure-income banking consumers (Chime’s bread-and-butter financial demographic), which J.P. Morgan values at $40 billion.

Chime is another new IPO standout, Monga notes. “The neobank has attracted strong consumer loyalty in the fintech space,” he says. “Chime’s IPO exceeded expectations, rising nearly 60% on day one and validating investor confidence in digital banking. Along with more mature names like McGraw-Hill and NIQ, which have also gone public, Chime is proving there’s a strong appetite not only for high-growth tech but also for stable, cash-generating companies with decades of operational history.”

The company’s financial picture is in good shape, with revenues up 37.5% for the most recent three-month reporting period compared to the same period last year, demonstrating a robust customer base and focused market strength.

Circle Internet Group (CRCL)

Circle made news in mid-August by announcing a 10 million-share public offering at $130 per share, which should attract attention from investors who’ve seen CRCL’s share price rise 350% since its IPO back in May. The company is at the forefront of the stablecoin revolution, which Goldman Sachs recently described as a business that will be worth “trillions of dollars” in a few years.

Circle is all in on stablecoins, recently issuing a new blockchain called Arc, designed explicitly for the stablecoin market, and also recently introducing a new, instant cross-chain liquidity channel via its Circle Gateway. Wall Street has taken full notice, with John Todaro, a Needham analyst, reaffirming a “buy” rating on CRCL with a $250 target price. The stock is currently trading at $128 per share.

“Both Circle and Figma’s IPOs stand out for their record-breaking early trading performance, driven by demand from individual investors,” Lynch says. “While these stocks have come back down to earth, the early demand speaks to investor interest in fast-growing tech companies.”

MNTN Inc. (MNTN)

This Austin, Texas-based company, helmed by film star and businessman Ryan Reynolds, specializes in cloud-based, performance-based TV marketing and advertising, and went public on May 22. The company’s share price opened trading at $16 and stands at $21 per share as of Aug. 26, giving early investors a healthy 25% return.

MNTN aims to be a standard bearer in the new digital age of TV broadcast advertising, offering corporate customers online ad platforms for business-to-consumer, business-to-business, small business and companies further up the enterprise scale.

Wall Street analysts are gradually supporting the stock, with Morgan Stanley analyst Matthew Cost issuing an Aug. 6 research note maintaining an “equal weight” stance on MNTN and setting a $25 price target. In late June, JMP Securities analyst Andrew Boone maintained his “outperform” rating on the stock, increasing his price target from $23 to $30 per share.

Miami International Holdings Inc. (MIAX)

Trading at $32 per share, Miami International’s shares are up 39% since their mid-August debut, when the company, which focuses on options, futures and derivatives trading via its MIAX exchanges, went public at $23 per share.

MIAX has attracted big-name investors like private-equity firm Warburg Pincus and Citadel Securities. The Princeton, New Jersey-based company’s CEO, Tom Gallagher, recently noted that MIAX expects to expand its market scope to financial futures and agricultural futures on top of its existing options trading channels.

Figma Inc. (FIG)

Figma shares have bounced around since the company’s July 31 IPO, when shares priced at $33 skyrocketed to $120 within 24 hours. FIG shares have since settled around $70 per share in late August. The San Francisco-based technology company specializes in artificial intelligence-powered design platforms that enable seamless collaboration across the entire product development lifecycle.

“Figma is a great company with elegant yet powerful technology, fantastic margins, customer retention metrics, an iconic founder, and where they have crossed the chasm from solutions for personal and small team use to enterprise success,” Bernstein says.

NIQ Global Intelligence PLC (NIQ)

Consumer intelligence company NIQ Global Intelligence, formerly aligned with Nielsen, went public on July 23 and promptly slumped about 6%, after raising about $1.1 billion and launching at the low end of its $20-to-$24 pricing range. The current 14-analyst consensus on TipRanks is a “strong buy” for NIQ shares, however, with a price target of $22.88 representing 40% potential upside.

“Companies like NIQ and privately held Circana are among a tiny handful of companies that own so much consumer, brand and retail data, and where AI can dramatically improve their value proposition to retailers and brands,” Bernstein says.

Upcoming IPOs to Watch

With more IPOs on the march but major economic and market concerns at play, what will be the biggest public debut stories in the second half of 2025? Here’s a snapshot:

Canva

The buzz surrounding Canva is that the Australian-based graphic design software company will be listed on the Nasdaq by 2026, but there has been no official announcement yet. While the financial numbers have fluctuated, Canva’s most recent valuation figure was $32 billion as of late 2024. The company has $2.6 billion in annual revenue and has claimed seven consecutive years of consistent profitability, which should resonate with IPO investors.

“Canva has generated a few sizable secondary opportunities, which have allowed them to prolong their time in the private markets, and has been a beneficiary of AI proliferation and adoption,” says Mark Klein, chairman and president of New York-based SuRo Capital. “(Canva) represents an exciting potential IPO we believe could provide an interesting opportunity in the public markets.”

StubHub

Event ticket marketplace StubHub has restarted its plans for an IPO and has targeted a late-September debut, according to a report this month from CNBC. StubHub updated its IPO prospectus, or S-1 filing, on Aug. 11, after pausing its IPO in April to see how President Donald Trump’s “Liberation Day” tariffs would shake out in the markets and wider economy.

StubHub initially filed the prospectus in March, effectively announcing its intention to list on the New York Stock Exchange with the ticker “STUB.” The IPO roadshow could launch after Sept. 1 and the public listing could come later in the month, according to CNBC’s report.

Data provider Similarweb ranks StubHub No. 2 in the ticket e-commerce category based on monthly web visits and customer affinity. However, competition is fierce in that space, and StubHub’s IPO timing is high-stakes, no doubt.

SeatGeek

Speaking of StubHub’s competition, this online event ticket provider confidentially filed for an IPO in April 2023, but not much has come of it over the past few years. The Beverly Hills, California-based company buys and sells tickets for live events, including concerts and sporting events. In July 2025, SeatGeek web traffic increased by 12.6% over the prior month, with 19 million total visits on mobile and desktop devices over the prior three months, according to Similarweb. SeatGeek ranks No. 4 in the ticket e-commerce category on Similarweb, behind Ticketmaster, StubHub and Eventbrite.

StubHub and SeatGeek are IPOs that are highly anticipated by investors, given the stock-price success of comparable Live Nation Entertainment Inc. (LYV), owner of Ticketmaster. LYV has returned roughly 190% over the past five years and more than 70% over the past year.

Analysts have gauged the SeatGeek IPO as a possible late-2025 or early-2026 event.

More IPOs on the Horizon

Market experts say there’s no shortage of new IPOs in the pipeline, but they require some seasoning and stability before going public.

“More broadly, there are over 1,200 unicorn companies globally (companies valued at over $1 billion), many that have been private for over a decade and are likely eager for an exit,” Lynch says. “The subset of these companies that are exhibiting 30%-plus growth, profitability and have a strong brand are well positioned to go public.”

Still, plenty of shovel work needs to be completed before the bell rings on new IPOs.