The IPO market is gearing up for a thrilling year as 2025 promises a lineup of high-profile companies preparing to go public. From AI innovators to green energy pioneers and consumer tech giants, investors are watching closely. Here, we highlight some of the most anticipated IPOs of 2025 and why they could shape the future of the public markets.

1. Stripe

Stripe, founded in 2010 by brothers Patrick and John Collison, has become a cornerstone in the fintech industry by providing comprehensive online payment processing solutions. The company’s platform enables businesses of all sizes to accept payments, manage revenue, and expand their operations globally. Over the years, Stripe has garnered a substantial client base, including industry giants like Amazon, Google, and BMW, underscoring its pivotal role in the digital economy.

In February 2025, Stripe announced a tender offer allowing current and former employees to sell shares, valuing the company at $91.5 billion. This valuation reflects a significant recovery from a previous internal valuation of $50 billion in 2023, bringing it closer to its peak valuation of $95 billion in 2021. The tender offer not only provided liquidity to employees but also indicated Stripe’s robust financial health and growth trajectory. In 2024, the company processed approximately $1.4 trillion in total payment volume, marking a 38% increase from the prior year.

Despite its impressive growth and substantial valuation, Stripe has yet to make definitive moves toward a public offering. The company’s leadership has maintained a cautious approach, opting to remain private while focusing on expanding their product offerings and global reach. This strategy allows Stripe to operate without the pressures and scrutiny that often accompany public market listings. As the fintech landscape continues to evolve, Stripe’s potential IPO remains a topic of keen interest among investors and industry observers, who view it as a significant event that could reshape the public market’s perception of fintech enterprises.

2. SpaceX

SpaceX, under Elon Musk’s leadership, has significantly transformed the aerospace sector with its innovative technologies and ambitious projects. A notable endeavor is Starlink, a subsidiary focused on delivering global broadband internet via a constellation of low Earth orbit satellites. By the end of 2024, Starlink had launched approximately 6,000 satellites, providing internet services to 4.6 million subscribers across 75 countries.

Despite Starlink’s impressive expansion and financial success, discussions about a potential initial public offering (IPO) have been ongoing. Elon Musk has indicated that an IPO would be considered once Starlink achieves predictable cash flow and financial stability. As of early 2025, no official date has been announced, but the company’s robust growth and profitability suggest that an IPO could be on the horizon, attracting significant interest from both retail and institutional investors.

3. Databricks

Databricks, renowned for its big data and AI-driven analytics platform, is a prominent IPO candidate for 2025. In December 2024, the company raised $10 billion in a Series J funding round, elevating its valuation to $62 billion. This substantial investment underscores Databricks’ robust growth and its pivotal role in the data and AI industry. The company boasts a strong client base, serving over 10,000 organizations worldwide—including more than 60% of the Fortune 500, with notable clients such as Block, Comcast, Rivian, and Shell.

4. Shein

Shein, the Chinese-founded fast-fashion giant now headquartered in Singapore, is actively pursuing an initial public offering (IPO), with plans to list on the London Stock Exchange as early as April 2025.

However, Shein’s IPO ambitions have encountered several challenges. In February 2025, reports indicated that Shein was set to cut its valuation to around $50 billion, nearly a quarter less than its 2023 fundraising value. This reduction is attributed to growing headwinds, including the potential removal of the “de minimis” duty exemption in the United States, which could impact Shein’s profitability in its largest market.

Regulatory scrutiny has also intensified. The UK’s Financial Conduct Authority (FCA) is taking longer than usual to approve Shein’s IPO, focusing on the company’s supply chain oversight and assessing legal risks. This follows challenges from advocacy groups, such as Stop Uyghur Genocide, which allege that Shein’s supply chain includes cotton produced by Uyghur forced labor.

Additionally, Shein has faced criticism over labor practices. In 2024, the company reported finding two cases of child labor in its supply chain, involving minors aged 11 years and eight months, and 15 years and three months. Shein terminated relationships with the suppliers involved and emphasized its zero-tolerance approach to child labor.

Despite these challenges, Shein continues to attract attention for its rapid growth and digital-first business model, appealing particularly to Gen Z consumers. However, potential investors are advised to consider the ongoing regulatory and ethical scrutiny, which could impact the company’s market performance and public perception.

5. Plaid

Founded in 2013 by Zach Perret and William Hockey, Plaid has established itself as a pivotal player in the fintech ecosystem by providing APIs that enable applications to connect seamlessly with users’ bank accounts. This infrastructure has become essential for a myriad of financial services, including personal finance management, lending, and payments.

In April 2025, Plaid completed a $575 million funding round, which valued the company at $6.1 billion—significantly lower than its $13.4 billion valuation in 2021. This reduction reflects broader market trends where fintech valuations have been impacted by higher interest rates and increased investor scrutiny. Notably, the funding round attracted new investors such as Franklin Templeton, Fidelity Management and Research, and BlackRock, alongside existing backers like NEA and Ribbit Capital.

Plaid has been diversifying its product offerings beyond its core bank-linking services. The company has ventured into areas such as anti-fraud solutions, identity verification, and payments facilitation. These new product lines now represent over 20% of Plaid’s annual recurring revenue (ARR) and are experiencing rapid growth—anti-fraud services have seen a 400% annual increase, while payments facilitation has grown by 250%.

Regarding public offering plans, Plaid has indicated that an IPO is part of its long-term strategy but has not set a specific timeline. In April 2025, the company stated that it would not go public within the year but continues to track toward an eventual listing.

Plaid’s trajectory underscores the evolving landscape of fintech, where companies must navigate market fluctuations, regulatory considerations, and the imperative to innovate continually. Its role in facilitating open banking and embedded finance positions it as a significant entity to watch in the coming years.

6. Impossible Foods

Impossible Foods, founded in 2011, has been a pioneer in the plant-based meat industry, offering products designed to replicate the taste and texture of traditional meat. The company’s flagship product, the Impossible Burger, has gained significant traction, leading to partnerships with major fast-food chains and distribution in numerous grocery stores. In 2021, Impossible Foods was exploring options to go public, considering an initial public offering (IPO) or a merger with a special purpose acquisition company (SPAC), aiming for a valuation around $10 billion.

However, by April 2024, the company’s trajectory had shifted. CEO Peter McGuinness indicated that Impossible Foods was targeting a “liquidity event” within the next two to three years, which could include an IPO, a sale, or additional capital raising efforts. This adjustment reflects the evolving dynamics of the plant-based meat market, where companies face challenges such as fluctuating consumer demand and increased competition. As of early 2025, while Impossible Foods continues to expand its product offerings and market presence, the exact timing and nature of its public debut remain uncertain, making it a company to watch in the coming years.

7. Klarna

Klarna, the Swedish fintech powerhouse renowned for its “buy now, pay later” (BNPL) services, has been a transformative force in the global payments landscape since its inception in 2005. By allowing consumers to make purchases and defer payments, Klarna has tapped into a burgeoning market of shoppers seeking flexible payment solutions. The company’s innovative approach has not only garnered a substantial user base but also attracted partnerships with over 575,000 merchants across 26 countries.

In November 2024, Klarna confidentially filed for an initial public offering (IPO) with the U.S. Securities and Exchange Commission, signaling its intent to list on the New York Stock Exchange under the ticker symbol “KLAR.” At that time, the company was contemplating a valuation of approximately $20 billion, a notable adjustment from its peak valuation of $45.6 billion in 2021.

However, the path to going public has been fraught with challenges. In early April 2025, amidst escalating global trade tensions and the imposition of sweeping tariffs by the U.S. administration, Klarna decided to pause its IPO plans. The volatile market conditions, exacerbated by fears of a recession and retaliatory measures from trading partners, prompted the company to reassess its timing.

Despite these setbacks, Klarna’s financial health remains robust. The company reported a 24% surge in revenue, reflecting its continued expansion and the growing popularity of BNPL services. Furthermore, Klarna has been proactive in leveraging artificial intelligence to enhance operational efficiency, notably reducing its workforce through AI-driven customer service solutions.

As Klarna navigates the complexities of the current economic landscape, its eventual public debut is highly anticipated. The company’s ability to adapt to market dynamics, coupled with its commitment to innovation, positions it as a formidable player in the fintech sector. Investors and industry observers alike will be keenly watching for updates on Klarna’s IPO journey, recognizing its potential to significantly influence the future of digital payments.

8. Chime

Chime, established in 2012 by Chris Britt and Ryan King, has rapidly emerged as a leading player in the digital banking sector by offering fee-free, mobile-centric financial services. The company’s innovative approach has attracted a substantial customer base, with over 22 million users as of late 2024. Chime’s success is largely attributed to its user-friendly platform, which provides features like early direct deposit, automated savings, and a lack of traditional banking fees, resonating particularly with younger demographics seeking convenient and cost-effective banking solutions.

In December 2024, Chime confidentially filed for an initial public offering (IPO), aiming to go public in 2025. The company was valued at $25 billion in 2021 after securing $750 million in a Series G funding round led by Sequoia Capital. However, in early April 2025, Chime, along with other tech firms like Klarna and StubHub, decided to pause its IPO plans due to market volatility and investor uncertainty stemming from newly announced tariffs and escalating global trade tensions. Despite these challenges, Chime continues to focus on expanding its product offerings and enhancing customer experience, positioning itself as a significant player in the ongoing shift from traditional banking to mobile-first financial services.

9. Medline Industries

Medline Industries, established in 1966 by brothers James and Jon Mills, has evolved into a leading global manufacturer and distributor of medical supplies, offering an extensive portfolio of approximately 335,000 products. The company operates in over 100 countries and territories, supported by a workforce exceeding 43,000 employees worldwide. In 2024, Medline reported net sales of $25.5 billion, marking over 50 consecutive years of revenue growth.

In December 2024, Medline confidentially filed for an initial public offering (IPO) in the United States, aiming to raise more than $5 billion. This move could potentially value the company at approximately $50 billion. The IPO was anticipated to occur as early as the second quarter of 2025, contingent upon market conditions.

However, in April 2025, Medline, along with other companies such as Klarna and StubHub, decided to postpone its IPO plans due to market volatility stemming from newly announced U.S. tariffs and escalating global trade tensions. This decision reflects the company’s prudent approach in navigating uncertain economic landscapes.

Medline’s consistent growth trajectory and expansive global presence underscore its significant role in the healthcare sector. The company’s potential public debut remains a focal point for industry observers and investors, as it could represent one of the most substantial IPOs in the medical supply industry in recent years.

What Makes These IPOs Stand Out?

These companies stand out for their strong brand equity, fast revenue growth, and industry leadership. Moreover, many operate in high-growth sectors like fintech, AI, space tech, and green energy—areas favored by institutional and retail investors.

Several macro trends are accelerating the IPO pipeline. These include the normalization of interest rates, improved market stability, and pent-up demand from companies that delayed going public during the 2022–2023 downturn. Investor appetite is returning, especially for scalable, tech-driven business models.

Investor Tips: What to Watch for in IPOs

When evaluating upcoming IPOs, consider financial performance, market size, competitive edge, and management experience. Read the S-1 filing carefully, focusing on revenue growth, profitability trajectory, and any legal or regulatory risks.

Risks to Keep in Mind

Not all IPOs are guaranteed winners. Market timing, high valuations, and unproven business models can pose risks. For example, some unicorns have disappointed investors post-IPO due to weak earnings or unclear paths to profitability.

The Impact on Broader Markets

High-profile IPOs tend to boost market sentiment and may lead to increased trading activity across sectors. A successful Stripe or SpaceX IPO could lift valuations across the fintech or space industries, respectively.

The Return of the Tech IPO Boom?

After a slow 2022 and cautious 2023–2024, tech IPOs appear poised for a major comeback. With interest in AI, automation, cloud infrastructure, and digital payments accelerating, 2025 could mark the return of a full-scale IPO boom.

ESG and IPO Readiness

Environmental, Social, and Governance (ESG) factors are increasingly important to IPO investors. Companies like Impossible Foods and Shein face scrutiny not just for growth but for ethical sourcing, emissions, and social responsibility.

International Listings and U.S. Interest

Some companies may choose international listings due to regulatory or political factors, but U.S. exchanges like NASDAQ and NYSE remain highly attractive. U.S. investors should also watch for cross-border IPOs offering global exposure.

Conclusion

2025 is shaping up to be a blockbuster year for IPOs, with many industry-defining companies preparing to go public. For investors, this presents both opportunity and challenge: the chance to buy into tomorrow’s giants, but also the need for due diligence and risk management. Stay informed, read filings carefully, and consider long-term value over short-term hype.