The IPO market, which has been relatively dormant for an extended period, is showing signs of revival in 2025. After a prolonged winter characterized by uncertainty and market volatility, several companies are now preparing to make their public debuts. According to Crunchbase’s predictive intelligence tools, a diverse array of 14 venture-backed companies across various sectors, including fintech, enterprise technology, cybersecurity, consumer goods, health/biotech, and space/defense, are poised to take the leap into the public markets. This article delves into these potential IPO candidates, examining their business models, growth trajectories, and the factors that could influence their public offerings.
Fintech has long been a hotbed for innovation and investment, and it continues to lead the charge in the upcoming IPO wave. Stripe, the payments giant, stands out as one of the most anticipated IPOs in recent years. With a staggering valuation of $91.5 billion and estimated revenues exceeding $16 billion in 2023, Stripe has established itself as the most valuable fintech company globally. Despite its success as a private entity, there is speculation about whether Stripe will choose to go public, given its ability to provide liquidity to early investors and employees through secondary sales. The company has passed significant milestones, including surpassing $1.4 trillion in total payment volume in 2024, making its eventual IPO a focal point for media and fintech enthusiasts alike.
Another notable contender in the fintech space is Airwallex, a global payments platform based in Singapore. The company has ambitious plans to debut in the public market by the end of 2026, although CEO Jack Zhang has indicated that they are not in a rush to list. Airwallex has demonstrated impressive growth, achieving an annual revenue run rate of $500 million and projecting to reach $1 billion in 2025. The company’s decision to reject a $1.2 billion acquisition offer from Stripe in 2018 appears to have been a wise move, as it has since raised over $1.2 billion in funding and was valued at over $6.2 billion in its latest financing round.
Transitioning to the realm of enterprise technology and artificial intelligence, Cerebras Systems emerges as a strong candidate for an IPO. Founded in 2016, this AI chipmaker has made headlines for its innovative approach to chip design, claiming to produce chips that are ten times faster than leading GPU solutions for AI training and inference. Cerebras filed with the SEC to go public at the end of 2024 but delayed its offering due to regulatory scrutiny regarding its ties to UAE-based G42. However, with the clearance from the Committee on Foreign Investment in the United States, Cerebras remains a probable IPO candidate. The company’s reliance on a single customer, Group 42, which accounted for over 80% of its revenue in 2023 and the first half of 2024, raises questions about its diversification strategy, but the overall market conditions for AI chip companies remain favorable.
Databricks, another key player in the AI and data landscape, is also on track for a potential IPO. The San Francisco-based company has achieved a remarkable valuation of $62 billion, bolstered by a reported $3 billion revenue run rate as of January 2025. Databricks has been actively acquiring companies to enhance its capabilities, including notable purchases like MosaicML and Tabular Technologies. With positive free cash flow and a strong growth trajectory, Databricks is considered a probable IPO candidate, and its public offering could attract significant investor interest.
Clay, an AI-powered marketing startup, has garnered attention for its rapid growth and innovative approach to marketing strategies. Founded in 2017, Clay has tripled its valuation in just over a year, reaching $3.1 billion following a $100 million Series C funding round. The company projects $100 million in revenue for 2025, a significant increase from its previous figures. Backed by prominent investors, Clay is nearing profitability and is well-positioned for a public market debut.
In the cybersecurity sector, Ledger, a French startup specializing in crypto hardware wallets, is viewed as a very likely IPO candidate. With over 8 million devices sold and a substantial market presence, Ledger operates at the intersection of cybersecurity and blockchain technology. The company has raised approximately $577 million from investors and is contemplating a U.S. stock market debut within the next three years. Ledger’s plans to expand beyond crypto security into broader cybersecurity solutions further enhance its appeal as a potential public company.
1Password, a Toronto-based security startup, is also on the radar for a probable IPO. Founded in 2005, the company has been profitable since its inception and boasts a valuation of $6.2 billion. With over 150,000 customers, primarily in the enterprise sector, 1Password has raised a total of $920.1 million from venture investors. While the company has not made formal moves toward an IPO, its strong financial performance and market position suggest that public markets could be a logical next step in its growth journey.
Tanium, an endpoint management startup founded in 2007, has consistently appeared on IPO predictions lists due to its impressive fundraising efforts and revenue growth. The company has raised $1 billion from private investors and reported an annual recurring revenue (ARR) exceeding $700 million in 2024. Despite some fluctuations in its valuation on secondary-market platforms, Tanium remains a strong candidate for an IPO, especially following the successful public offerings of other data security platforms.
Shifting focus to consumer startups, Madison Reed, a hair color brand founded in 2013, has built a loyal customer base and expanded its reach through both online and brick-and-mortar channels. The company has raised over $220 million in equity funding and is considered a probable IPO candidate. Co-founded by Amy Errett, a seasoned venture capitalist, Madison Reed’s growth trajectory positions it well for a public market debut.
Skims, the shapewear brand co-founded by Kim Kardashian in 2019, has rapidly diversified its product offerings and attracted significant investment, raising over $700 million. The brand’s ability to stay in the spotlight, coupled with its strong backing from notable investors, makes it a probable candidate for an IPO. As consumer interest in Skims continues to grow, the company’s public offering could capitalize on its momentum.
Quince, a direct-to-consumer clothing retailer, stands out as an unusual but promising IPO candidate in the current market landscape. The San Francisco-based startup has raised more than $260 million and is reportedly on track to double its valuation to over $4.5 billion with an upcoming Series D funding round. Quince’s rapid revenue growth and strong brand appeal among younger consumers position it favorably for a public market debut, despite the broader challenges facing the retail sector.
In the health and biotech arena, Commure, an AI-enabled software provider for health systems, has raised over $800 million in venture funding. The company’s ARR has doubled for three consecutive years, indicating robust growth and a strong market position. With its focus on improving healthcare delivery through technology, Commure is seen as a probable IPO candidate, appealing to investors interested in the intersection of technology and healthcare.
Inari, an agtech innovator, aims to revolutionize seed technology to optimize resource use in agriculture. Founded in 2016, Inari has raised over $720 million and employs cutting-edge technologies such as AI-powered predictive design and multiplex gene editing. Its focus on sustainability and efficiency in agriculture aligns with growing investor interest in environmentally conscious companies, making Inari another probable candidate for an IPO.
Finally, Sierra Space, a company focused on space and defense technology, is firmly on the IPO radar. With $1.7 billion in total venture investment and contracts exceeding $3.4 billion, including partnerships with NASA, Sierra Space is well-positioned for a public offering. The company’s ambitious projects, such as the Dream Chaser spaceplane and the Orbital Reef commercial station, highlight its potential in the burgeoning space industry. As the market for space and defense startups continues to gain traction, Sierra Space’s IPO could attract significant attention from investors.
As the IPO window reopens, these 14 companies represent a diverse cross-section of industries and innovations. Each has demonstrated strong growth, solid financials, and a compelling narrative that could resonate with public market investors. The revival of the IPO market in 2025 signals a renewed confidence in the economy and the potential for these companies to shape the future of their respective sectors. Investors and market watchers alike will be closely monitoring these candidates as they prepare for what could be a transformative year in the public markets.