After a long drought in tech IPOs, the tide may finally be turning. Since 2022, the market has been slow for new public listings, but with rising valuations and a growing backlog of private companies eager to debut, 2025 is shaping up to be a year of major IPO activity.
Among the hottest sectors? Artificial intelligence (AI) and machine learning. The explosion of AI funding has fueled a strong pipeline of IPO candidates, and while we may still be a few years away from seeing major pure-play AI giants like OpenAI or Anthropic go public, several AI-heavy companies are primed to take the leap.
Beyond AI, other tech sectors—including cybersecurity, enterprise software, and semiconductors—are also expected to see a wave of IPOs. Here’s a look at some of the most anticipated tech and AI IPOs of 2025.
The Most Likely Tech IPOs of 2025
Databricks: The AI-Driven Data Giant
Databricks has been an IPO candidate for years, and 2025 may finally be the year it happens. The company, which provides an AI-powered data analytics platform, has raised nearly $14 billion in funding and was last valued at $62 billion. Its CEO has hinted at a potential IPO in 2025, especially after multiple acquisitions in 2024. If market conditions stay strong, Databricks could be one of the biggest tech debuts of the year.
Genesys: A Comeback to Public Markets
Genesys, a customer communication software company, was briefly public in the late 1990s and has been considering a return since 2021. The company has increasingly focused on AI-driven customer engagement tools and reportedly hired investment banks for an IPO in September 2024. By October, it had confidentially filed, setting the stage for a 2025 debut.
SailPoint: A Cybersecurity Powerhouse Returns
SailPoint, an identity governance software firm, was taken private in 2022 by private equity giant Thoma Bravo for $6.9 billion. Now, it’s preparing to re-enter public markets in February 2025, making it one of the first major tech IPOs of the year.
Cerebras Systems: The AI Chip Contender
AI hardware is a hot market, and Cerebras Systems, which builds semiconductors and supercomputers optimized for AI training, is looking to capitalize. The company filed IPO paperwork in September 2024, but regulatory hurdles delayed the process. If the review clears, Cerebras could raise $800 million in an IPO, riding the wave of investor enthusiasm for AI chips.
CoreWeave: The Cloud Powering AI
CoreWeave rents out cloud-based computing hardware, a critical resource for AI applications. The company’s valuation has skyrocketed from $2 billion in 2023 to $23 billion in late 2024, with reports suggesting it could be valued at $35 billion+ when it goes public. It has already tapped investment banks and could IPO as early as Q2 2025.
AppsFlyer: AI-Powered Marketing Analytics
Marketing analytics platform AppsFlyer has been flirting with an IPO for years. The company turned profitable in 2023 and has reportedly been working with banks since mid-2024 for a potential early 2025 listing.
Wildcard AI IPOs to Watch
While most major AI startups are still a few years from an IPO, some could surprise the market. Potential AI IPOs in 2025 include:
- SymphonyAI (enterprise AI solutions)
- ElevenLabs (AI voice technology)
- Waymo (autonomous driving tech)
- Scale AI (data labeling for AI)
- Grammarly (AI-powered writing assistant)
- Perplexity AI (AI-driven search engine)
- Anduril Industries (AI-powered defense technology)
Fintech & Financial IPOs: A Resurgence After the Crash?
Fintech stocks were among the hardest-hit sectors in the 2022 market downturn, but with valuations recovering, several well-known names are re-entering the IPO conversation.
Chime Financial: The Fintech Giant is “IPO-Ready”
Neobank Chime has been preparing for an IPO since 2021, and 2025 could finally be the year. The company, which offers fee-free banking services, recently confidentially filed and enlisted Morgan Stanley for its listing.
Klarna: The BNPL Comeback Story
Klarna, the buy-now-pay-later (BNPL) leader, saw its valuation plunge from $46 billion to $7 billion in 2022. However, the Swedish fintech has rebounded, reporting its first operating profit in 2024. With a confidential IPO filing in September 2024, Klarna could be one of the biggest fintech IPOs in early 2025.
eToro: Taking on Robinhood
London-based eToro, a retail trading platform, has been circling an IPO for years. After ditching its 2021 SPAC deal, the company is now eyeing a traditional IPO in the US, having confidentially filed in late 2024.
Wildcard Fintech IPOs
- Stripe ($65 billion payments giant—will 2025 be the year it finally goes public?)
- Circle (issuer of USDC stablecoin, benefiting from a crypto resurgence)
Consumer & Industrial IPOs: A Diverse Mix of Candidates
StubHub & SeatGeek: The Ticketing Rivalry Hits the Stock Market
Both StubHub and SeatGeek have been on IPO watchlists for years. After pandemic-related delays, both companies have confidentially filed and could go public in 2025.
New Era Cap: 100 Years in the Making
The iconic cap maker New Era may not be a typical IPO name, but it’s reportedly working with JP Morgan on a 2025 listing.
Panera Brands & Inspire Brands: Fast Food Goes Public
- Panera is eyeing a return to public markets after being acquired by JAB in 2017.
- Inspire Brands, the owner of Arby’s, Buffalo Wild Wings, and Dunkin’, could go public at a $20 billion+ valuation.
Industrial IPOs to Watch
- ShipBob (e-commerce logistics, valued at $4 billion)
- Avianca Group (Latin American airline, post-bankruptcy revival)
- Specialty Building Products (filed confidentially for IPO in July 2024)
Healthcare & Biotech IPOs: A Sector That Keeps Growing
Despite IPO slowdowns in other industries, healthcare and biotech IPOs have remained active. 2025 is expected to continue that trend.
Hinge Health: The Wearable Health Tech Leader
Hinge Health, a maker of wearable devices for physical therapy, has been waiting for the right market conditions to go public. Now, with a $6 billion+ valuation, it’s targeting early 2025.
Kallyope: Betting on Weight Loss Biotech
Biotech firm Kallyope, focused on weight loss drugs, has raised nearly $500 million and reportedly hired JP Morgan for an IPO.
Medline Industries: A $50 Billion Giant Goes Public?
Medline, one of the world’s largest medical supplies companies, is gearing up for a $5 billion IPO that could value it at $50 billion.
Wildcard Healthcare IPOs
- Freenome (AI-driven blood testing)
- Noom (digital weight loss and wellness platform)
- Included Health (digital healthcare services)
A Big Year for IPOs?
With improving market conditions and pent-up demand, 2025 could be a breakout year for IPOs across multiple industries. Tech and AI will dominate headlines, but fintech, consumer brands, and healthcare companies are also poised to make their mark.
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