Last Updated on August 1, 2025
After a slow stretch, the IPO market is picking up speed again. In 2025, a wave of private companies are preparing to go public, aiming to raise capital, reduce existing debts, or give early investors a chance to sell. For many of these companies, this will be their first time listing on a stock exchange, marking a major milestone in their growth.
At the same time, recent IPOs like Reddit and Astera Labs have reignited interest in listings across the Nasdaq and other stock exchanges. However, factors such as inflation and high interest rates have caused companies to hesitate on going public in recent years, making the resurgence in 2025 particularly notable.
This roundup covers the biggest names to watch, from announced IPOs with confirmed dates to companies rumored to be working on filings. Whether you’re watching for new products, growth moves, or key stock trends, this guide gives you an updated view of where things stand, and what’s coming next.
| Company | Estimated Valuation | Industry | IPO Date (Expected) | Notes |
| Stripe | $50–60 billion | Fintech | 2025 (TBD) | Delayed from 2022; strong demand |
| Reliance Jio | $100+ billion | Telecom/Tech | 2025 (Likely Q3) | India’s most anticipated IPO |
| Klarna | $6–20 billion | BNPL / Fintech | 2025 (Unconfirmed) | Valuation drop post-pandemic boom |
| Skims | $4 billion | Fashion/Consumer | 2025 (Early stages) | Backed by celebrity brand value |
| VinFast | $23 billion (listed) | EV / Auto | Listed (2023) | Notable post-listing volatility |
| Omada Health | $1+ billion | Digital Health | 2025 (Projected) | Pioneering digital diabetes care |
| Databricks | $43 billion | AI / Data Infra | 2025 (Speculated) | Riding AI investment wave |
Table: Upcoming IPOs Snapshot (2025)
Hottest Recent IPOs (2025)
The year 2025 has witnessed a resurgence in the IPO market, with several companies making significant debuts. Notably, the top 10 IPO deals in June 2025 (“10 2025”) have set new benchmarks for market activity and investor interest. Here’s a look at some of the standout IPOs so far this year:
Be sure to check our list below for more details on these standout IPOs and their market impact.
Omada Health, Inc. (OMDA)
- IPO Date: June 6, 2025
- IPO Price: $19.00 per share
- Opening Price: $23.00 per share
- Funds Raised: Approximately $150 million
- Valuation at IPO: $1.28 billion
Omada Health, a digital healthcare provider specializing in virtual care programs for chronic conditions like diabetes and hypertension, experienced a strong debut on the Nasdaq. The company’s shares opened at $23, above the offer price of $19, reflecting a 21% surge and underscoring renewed investor interest in health-tech IPOs.
Circle Internet Group, Inc. (CRCL)
- IPO Date: June 5, 2025
- IPO Price: $31.00 per share
- Current Price: $107.70 per share
- Return Since IPO: Approximately 247%
Circle Internet Group, a prominent fintech firm known for its stablecoin USDC, had a remarkable IPO, with its stock soaring nearly 250% post-listing. This performance highlights the market’s enthusiasm for blockchain and fintech companies in 2025.
Hinge Health, Inc. (HNGE)
- IPO Date: May 13, 2025
- IPO Price Range: $28.00 – $32.00 per share
- Funds Raised: Over $437 million
- Valuation at IPO: Up to $2.6 billion
Hinge Health, a digital health startup focusing on musculoskeletal care, went public aiming for a valuation of up to $2.6 billion. The company’s strong revenue growth and profitability in Q1 2025 reflected a robust company’s financial position, which contributed to significant investor interest and marked a successful entry into the public markets.
Chime Financial, Inc. (CHYM)
- IPO Date: June 12, 2025
- IPO Price Range: $24.00 – $26.00 per share
- Shares Offered: 32,000,000
- Expected Funds Raised: Approximately $800 million
Chime, a digital banking platform known for its fee-free services, is set to go public on June 12, 2025. The company aims to raise around $800 million, reflecting strong investor interest in fintech solutions that cater to a younger, tech-savvy demographic. Chime’s IPO is anticipated to be a bellwether for the fintech sector’s performance in public markets this year. The company has an estimated valuation of $25 billion, underscoring its significant market presence and growth potential.
Voyager Technologies, Inc. (VOYG)
- IPO Date: June 11, 2025
- IPO Price Range: $26.00 – $29.00 per share
- Shares Offered: 12,348,387
- Expected Funds Raised: Approximately $382.8 million
- Stock Exchange:
Voyager Technologies, a company specializing in advanced space technologies, is scheduled to debut on the NYSE on June 11, 2025. The IPO is expected to raise close to $383 million, signaling a renewed investor appetite for aerospace and defense sector equities.
| Company | IPO Year | Valuation at IPO | Sector | Market Response |
| VinFast | 2023 | $23 billion | EV | High volatility post-IPO |
| Birkenstock | 2023 | $8.6 billion | Retail | Mildly underwhelming debut |
| Instacart | 2023 | $9.9 billion | Tech / Grocery | Lower-than-expected pricing |
| 2024 | $6.4 billion | Social Media | Community + brand-led |
Table: Noteworthy 2023–2024 IPOs
Upcoming IPOs to Watch in 2025
After a cautious couple of years, the IPO market is regaining momentum, and 2025 is shaping up to be a turning point. Several high-profile private companies across fintech, biotech, telecom, and insurtech are preparing to go public, aiming to raise capital, expand into new markets, or offer liquidity to early investors.
When a company decides to go public, it works with investment banks to determine its valuation, set the initial share price, and manage the underwriting process. For example, in the case of a leading fintech firm, the decision to launch an IPO was driven by the need to access new funding for expansion and to provide an exit opportunity for early stakeholders.
These anticipated listings reflect a mix of industry innovation, maturing business models, and investor appetite returning to growth-stage firms.
Below, we’ve compiled the most talked-about upcoming IPOs of 2025, complete with valuations, sectors, expected listing dates, and the strategic reasons behind each move to the public market.
Stripe
Estimated Valuation: $91.5 billion
Expected IPO Date: To be announced
Industry: Fintech
Stripe, the global payment processing giant, has long been the subject of IPO speculation. Founded in 2010 by brothers Patrick and John Collison, the company has grown to become one of the most valuable privately held fintech firms worldwide. In February 2025, Stripe conducted a tender offer that valued the company at $91.5 billion, allowing employees and early investors to sell shares without initiating a public listing. Meanwhile, Databricks, another tech leader, has an estimated valuation of $43 billion and is also expected to IPO in 2025, adding to the year’s robust pipeline of tech offerings.
Despite its substantial valuation and profitability achieved in 2024, Stripe has not filed for an initial public offering (IPO) with the U.S. Securities and Exchange Commission (SEC) as of June 2025. Co-founder John Collison has indicated that the company has “no near-term IPO plans,” emphasizing a focus on long-term growth over the pressures of public markets.
Stripe’s strategic decisions, including providing liquidity through private share sales and investing in AI-driven innovation, suggest a deliberate approach to remaining private while continuing to expand its global footprint. The company’s actions indicate that while an IPO remains a possibility, it is not an immediate priority.
Medline Industries
Estimated Valuation: $50 billion
Expected IPO Date: 2025
Industry: Healthcare Supplies
Medline Industries is one of the largest privately held manufacturers and distributors of medical supplies in the United States. Founded in 1910, the company has evolved from a family-owned business to a healthcare juggernaut, providing products and services to hospitals, surgery centers, physician offices, and long-term care facilities.
In 2021, a consortium of private equity firms including Blackstone, Carlyle, and Hellman & Friedman acquired a majority stake in the company, fueling rumors of a future IPO. Fast forward to 2025, and Medline is now widely expected to go public in what could be one of the largest healthcare IPOs in recent history.
Why is this significant? Medline’s scale is massive: it generates over $20 billion in annual revenue, serves more than 125 countries, and offers over 550,000 medical products. With aging global populations and increased demand for healthcare infrastructure, investors view Medline as a key player in a growing market.
Though the company hasn’t yet filed official paperwork with the SEC, sources indicate internal preparations are well underway. If executed, the IPO could give Medline access to new capital for expansion into emerging markets, continued innovation in medical logistics, and potential debt reduction to strengthen its financial stability.
Reliance Jio
Estimated Valuation: $112 billion
Expected IPO Date: 2025
Industry: Telecommunications
Reliance Jio, the telecom arm of Reliance Industries, is one of the most disruptive forces in India’s telecommunications market. Launched in 2016, the company quickly upended the industry by offering data and voice services at ultra-low prices, forcing incumbents to restructure or exit. Today, Jio has over 450 million subscribers, making it one of the largest telecom networks globally.
Speculation about a Jio IPO has circulated for years, and now it seems that 2025 may finally be the year. According to investment bank Jefferies, Reliance is on track to list Jio on the public market with a valuation nearing $112 billion. If successful, this would make it one of the largest IPOs in Indian history, and potentially in global telecom history as well.
What’s driving the buzz? Jio has grown well beyond basic telecom services. The company is now building out its 5G infrastructure, investing in generative AI and cloud services, and bundling smart devices for consumers across India. Its growing digital ecosystem positions it as more than just a phone and internet provider, it’s becoming a tech platform in its own right.
Klarna
Estimated Valuation: $15 billion
Expected IPO Date: 2025
Industry: Fintech
Klarna, the Swedish “Buy Now, Pay Later” (BNPL) pioneer, has long been one of Europe’s most-watched fintech companies. After reaching a peak valuation of $46 billion in 2021, the company’s worth was recalibrated during the global tech correction. As of late 2024, Klarna was valued at $15 billion, but its fundamentals are showing renewed strength, and its IPO is back on the radar.
The company filed confidentially for a U.S. IPO in late 2024, planning to go public on the New York Stock Exchange. However, market volatility caused Klarna to temporarily pause those plans in April 2025. Despite this delay, industry insiders suggest the IPO is still on track for the second half of the year, pending improved conditions.
Klarna’s appeal lies in its expansive reach and its pivot to profitability. The fintech firm serves over 150 million active users across 45 countries, and it recently reported a net profit for Q1 2025, its first in several years. Klarna has also broadened its offerings beyond installment payments, now offering debit cards, shopping tools, and even banking services in certain regions.
Caris Life Sciences
Estimated Valuation: $5.35 billion
Expected IPO Date: June 2025
Industry: Biotechnology
Caris Life Sciences is a precision oncology company at the forefront of molecular profiling, helping physicians tailor cancer treatments to individual patients. Based in Irving, Texas, the company has carved out a niche by using cutting-edge data analytics and artificial intelligence to advance personalized medicine. With biotech innovation booming and demand for precision diagnostics surging, Caris is stepping into the spotlight with a planned IPO in June 2025.
The company filed with the U.S. Securities and Exchange Commission (SEC) to raise up to $423.5 million by offering 23.5 million shares, priced between $16 and $18 each. That would value Caris at approximately $5.35 billion, making it one of the biggest healthcare IPOs of the year so far.
Caris is betting on its proprietary platform, which integrates machine learning and next-gen sequencing to identify key biomarkers, as its competitive edge. This approach enables oncologists to predict patient responses to therapies more accurately than traditional diagnostics. It also supports pharmaceutical companies in developing targeted cancer drugs.
Slide Insurance Holdings, Inc.
Estimated Valuation: $2.12 billion
Expected IPO Date: June 2025
Industry: Insurtech
In June 2025, Slide is expected to go public on the Nasdaq, aiming to raise $340 million through its IPO. The company will offer roughly 20 million shares, priced between $16 and $18 each. If successful, the IPO would value Slide at over $2.1 billion, positioning it as one of the most notable tech-forward insurance listings this year.
Slide’s value proposition lies in its ability to assess risk using AI-powered underwriting and real-time data, including satellite imagery, smart home data, and IoT signals. This lets the company price policies more competitively while still protecting margins, a key differentiator in a high-loss industry.
The company has shown strong growth in Florida, one of the most challenging markets for insurers, and has plans to expand into other catastrophe-prone regions. With reinsurance partners backing its growth and a tech stack designed to scale, Slide’s IPO represents a bet on smarter insurance models for a riskier world.
| Industry | Major IPOs | Trend |
| Fintech | Stripe, Klarna, Nubank | Continued investor interest |
| EV / Automotive | VinFast, Rivian (earlier) | Market cooling off post-2021 |
| Consumer Goods | Birkenstock, Skims | Lifestyle + DTC brands rising |
| Digital Health | Omada Health, Hims & Hers | High demand post-pandemic |
| Data & AI | Databricks, Snowflake (2020) | Surging AI investment activity |
Table: Sector-wise IPO Momentum (2023–2025)
Frequently Asked Questions (FAQs)
What is the next big IPO coming?
While exact dates vary, Reliance Jio is widely considered one of the biggest upcoming IPOs in 2025, with an expected valuation exceeding $100 billion. Klarna and Medline Industries are also on the watchlist for large-scale listings.
What companies are going IPO soon?
Several companies are expected to go public in 2025, including Caris Life Sciences, Slide Insurance, Voyager Technologies, Medline Industries, Klarna, and possibly Stripe (though not confirmed). These firms span industries from biotech to fintech and insurtech. Additionally, Panera Bread, with an estimated valuation of $7.5 billion, is also expected to join the IPO wave, reflecting the diversity of sectors entering the public markets this year.
What IPOs are coming up in 2025?
Upcoming IPOs in 2025 include Medline Industries, Klarna, Reliance Jio, Slide Insurance, Caris Life Sciences, Voyager Technologies, and potentially others like Reddit and Skims depending on market conditions.
What is the best IPO to buy now?
This depends on your investment goals and risk tolerance. Caris Life Sciences may appeal to biotech investors, while Klarna and Reliance Jio may suit those looking for high-growth fintech and telecom exposure. Always review the company’s financial position and market outlook before investing.
Which IPO launched recently?
Recent IPOs include companies like Astera Labs (NASDAQ: ALAB), Reddit (NYSE: RDDT), and Rubrik (NYSE: RBRK), all of which debuted in early to mid-2024. These set the stage for a busy 2025 IPO calendar.
What are the biggest upcoming IPOs?
The biggest IPOs anticipated in 2025 are Reliance Jio (est. $112B valuation), Stripe (if confirmed), and Medline Industries. These IPOs are expected to raise billions in capital and attract strong institutional demand.
What are the largest IPOs in the US?
Historically, the largest U.S. IPOs include Alibaba, Facebook, Uber, and Rivian. In 2025, Klarna and Stripe (if they proceed) could join this list. Keep an eye on companies filing S-1 forms with the U.S. Securities and Exchange Commission.
Which upcoming IPO is best to buy in 2025?
Voyager Technologies and Caris Life Sciences offer compelling narratives in emerging industries. However, Klarna’s return to profitability and Medline’s healthcare scale could make them the most stable bets for long-term investors.
What to Expect from IPOs in 2025
The IPO landscape in 2025 is shaping up to be one of the most diverse and dynamic in years. From fintech giants like Klarna to biotech disruptors like Caris Life Sciences, and bold entrants in space tech like Voyager, these offerings reflect more than just financial opportunity, they represent the pulse of innovation across sectors.
As market sentiment improves and companies look to raise capital for scaling, investors will have a chance to gain early exposure to firms reshaping everything from healthcare to digital banking and infrastructure. Yet, timing, valuation, and regulatory clarity remain critical. Understanding a company’s financial position, customer base, competitive edge, and growth trajectory is more important than ever.
Whether you’re an institutional investor watching for major filings, or a retail trader looking for the next breakout stock, staying informed on upcoming IPOs, recent debuts, and what’s driving them will be key to spotting strong opportunities in a volatile but promising market.
The 2025 IPO wave is already gathering momentum, now is the time to do your homework, track key filings, and be ready when the right opening bell rings.
Matthew Small is the Vice President of Strategic Sales and Alliances at SmartRoom, where he builds partnerships and leads strategic efforts to deliver cutting-edge virtual data room solutions for dealmakers. With a strong background in enterprise sales and channel development, Matthew is passionate about unlocking new growth opportunities and helping clients navigate complex transactions with greater speed, security, and confidence.
