Upcoming IPOs to Watch in 2025

As 2025 began, global markets remained shaped by familiar themes such as interest rates, inflation concerns, and the influence of AI. The IPO market showed renewed signs of life in 2024, with notable listings including Puig, Amer Sports, and Reddit helping to restore confidence after a couple of slower years. While geopolitical tensions and tariffs have introduced some uncertainty, the potential pipeline for 2025 includes several high-profile companies that might make their public market debuts. Let's take a look at some of the most anticipated IPO candidates for 2025.

• Momentum from 2024: Strong market conditions and notable IPOs in 2024, such as Puig, Amer Sports, and Reddit, set a solid foundation for the new year.

• Geopolitical uncertainty: While optimism continues, geopolitical tensions have introduced a layer of caution for many companies.

• High-profile lineup: Several high-profile companies, including Klarna, Databricks, and Shein, are among the most closely watched IPO candidates for 2025.

The global IPO market entered 2025 with a sense of renewed stability and growing momentum. Throughout 2024, broadly strong and stable market conditions, combined with investor interest in AI and technology companies, created a favorable environment for public listings.

While overall volumes remained below the peaks of 2020 and 2021, the year ended with an increasing amount compared to the year before and a strong lineup of companies that listed their shares on the public markets. Some of the most notable IPOs of 2024 were Puig, Amer Sports, and Reddit, to name a few.

Further reading: Companies That Had Their IPO in 2024: Momentum Increasing

With this backdrop in place, we can now turn our attention to which companies might be next. Although 2025 has begun with some geopolitical uncertainty, the optimism that defined much of 2024 has largely persisted, and market conditions remain broadly supportive of new listings. Below are some of the most talked-about IPO candidates to keep an eye on in 2025.

Discord

Discord is a communication platform popular among gamers and online communities, offering voice, video, and text chat. Reports in March of 2025 suggest that the company is working with Goldman Sachs and JPMorgan Chase in its preparations ahead of a potential IPO.

Klarna

Klarna is a Swedish fintech company specializing in buy-now-pay-later services and digital payments. Reports in May 2025 suggest that Klarna is likely to put a hold on its IPO until the second half of 2025 due to geopolitical tensions.

Shein

Shein is a fast-fashion e-commerce giant based in China, known for its low prices and global reach. Given that the company's latest funding round valued it at $66 billion, it could be one of the larger IPOs of 2025 if it proceeds as expected.

Figma

Figma is a collaborative, browser-based design tool that, in less than a decade, has become a staple for design teams all around the world. After having faced an attempted takeover by Adobe in 2022, at $20 billion, it is now seeking to go public in 2025.

Databricks

Databricks is a data analytics and AI platform known for its cloud-based lakehouse architecture. The company has been rumored to go public for a few years, which, if it proceeds now, would likely be one of the larger IPOs of 2025, with its most recent funding round valuing it at $62 billion.

eToro

eToro is a global trading platform known for its user-friendly interface, social investing features, and diverse offering of asset classes. The company filed for an IPO in March 2025 but paused the process due to market uncertainty driven by geopolitical tensions.

Navan

Navan is a corporate travel and expense management platform that integrates bookings, spend tracking, and payments. Since 2024, the company has been reported to be closing in on a potential IPO, with 2025 looking increasingly likely to be the year it lists its shares on the public markets.

Stripe

Stripe is a leading online payments infrastructure company used by millions of businesses globally. Although Stripe's IPO plans are among the least certain of these candidates, rumors have circulated for some time. However, if and when it eventually does go public, it would likely be one of the largest and most anticipated IPOs in recent times.

Although 2025 began with turbulence driven by geopolitical tensions, it remains to be seen whether conditions will stabilize for companies eyeing the public markets. From fintech giants to design platforms and AI leaders, several high-profile companies are ready to make headlines. Whether they proceed or pause, the year ahead will reveal how the story unfolds.