Tech is upbeat about more companies going public this year, thanks in part to a new presidential administration that has promised to ease regulations and embrace industries like crypto and AI.
But there were already early signs of bullishness — especially in fintech — thanks to the wildly successful 2024 IPO of ServiceTitan, a SaaS platform for the trades.
TechCrunch has compiled a chronological list of companies that have either announced that they plan to go public this year or have been reported to have confidentially filed for a 2025 IPO. And we’ve also included those that filed as far back as 2023 and could finally go public this year.
The confidential filing process allows companies to submit their registration documents to regulators without making them public. But companies can delay or even withdraw their filings, depending on market conditions.
Filed in 2025
eToro: The Israel-based trading platform filed confidentially in January 2025, reportedly seeking a $5 billion valuation.
Voyager Technologies: The space and defense tech startup confidentially filed in January 2025 and will likely be valued between $2 billion and $3 billion, the Wall Street Journal reported. The company, based in Denver, sells a wide variety of defense– and space-based solutions, from propulsion technologies to airlocks.
Karman Holdings: Another space and defense startup, Karman confidentially filed to go public in January 2025 and aims to raise up to $100 million in an IPO, it announced. The company, which specializes in missile technology, is based in Huntington Beach, California, and could be valued at $3 billion or more, Bloomberg reported.
In the works since 2024
Chime: The digital bank confidentially filed to IPO in December 2024 and is looking to go public in 2025. The company, which is based in San Francisco, was last valued at $25 billion in 2021.
Klarna: The Swedish buy now, pay later (BNPL) fintech confidentially filed in November 2024 for an IPO that’s been a long time in the making, paving the way for it to go public sometime in the first half of 2025. Klarna’s valuation rose to $14.6 billion in 2024.
Genesys: The AI cloud startup announced its confidential filing in October 2024. The company is based in Menlo Park, California, and was most recently valued at $21 billion in 2021, it said in a press release at the time. The company is eyeing a 2025 IPO that could raise as much as $2 billion, Bloomberg previously reported.
Clario: The clinical trial software provider confidentially filed in June 2024 seeking a $10 billion valuation. The company, based in Philadelphia, is looking to go public in 2025, Bloomberg reported.
Cerebras: The chip startup that aims to compete with Nvidia confidentially filed to IPO in August 2024, it announced. The company is based in Sunnyvale and is reportedly aiming to roughly double its current $4 billion valuation. The startup’s plans are facing potential delays due to concerns from U.S. regulators about its close ties to G42, a UAE investor and its main customer, Reuters reported. Fun fact: OpenAI once considered buying Cerebras around 2017.
Circle: The New York-based stablecoin provider filed confidentially in January 2024. While the exact timing remains unclear, in October 2024, Circle CEO Jeremy Allaire told Bloomberg it remained “very committed” to going public despite prior delays. President Trump’s embrace of crypto and promise to end government crackdowns on the industry could bolster its chances. The company’s valuation is around $5 billion according to stock that’s been trading on the secondary market, Coindesk reported.
Harry’s: The New York-based consumer company, which makes razors and other personal care items for men, has confidentially filed to go public, Reuters reported in March 2024, citing sources that the firm was nearing $1 billion in revenue and is profitable. The firm was last valued at $1.7 billion in 2021.
Omada Health: The San Francisco-based diabetes startup confidentially filed in the summer of 2024, Business Insider reported, amid hopes of a warmer IPO market in 2025. It was last valued at $1 billion in 2022.
Trying since 2023
Shein: The fast-fashion giant confidentially filed to IPO in the U.S. in 2023, but its hopes were dashed over congressional scrutiny of its supply chain and labor practices. It reportedly filed confidentially to IPO in the U.K. in 2024 and is still seeking to IPO as of 2025, although its U.K. foray is also meeting resistance from lawmakers there. Shein, headquartered in Singapore and with operations in China, was last valued at $45 billion in 2024, dropping from a $100 billion valuation in 2022.
General Atlantic: The San Francisco-based growth equity investor, which has backed firms like Facebook and Airbnb, confidentially filed to go public in 2023, Bloomberg reported. The firm has $96 billion in assets under management following its acquisition of U.K. PE firm Actis, according to a January 2024 announcement. There’s been no public updates on General Atlantic’s IPO plans since its 2023 filing, though.
Oyo: The SoftBank-backed Indian hotel aggregator confidentially filed in India in March 2023, Reuters reported, after a prior attempt fell through. While that attempt didn’t pan out, either, the company is reportedly planning to file again in the first quarter of 2025. Oyo hit a $3.8 billion valuation in 2024.