8 Top IPO Candidates to Watch in 2025

President Donald Trump’s tariff announcements sent the markets into high volatility, but IPOs appear to be kickstarting again after a number of companies hit the pause button.

EToro’s debut, which saw the stock and cryptocurrency trading platform close at 29% above its IPO price after its first day of trading on May 14, marks a showstopping return to the public stage for venture-backed companies. Several other such firms are on deck and could pull the IPO trigger sometime this year. Here are eight names to watch.

Klarna

• Capital Raised: $3.7 billion
• Last Known Valuation: $12 billion

The buy now, pay later company paused its US IPO plans in early April, less than a week before it planned to kick off its roadshow. Klarna cited tariff concerns at the time, but as public listings appear to be restarting, the company is still expected to go public this year.

Omada Health

• Capital Raised: $405.1 million
• Last Known Valuation: $1 billion

Omada, which provides virtual care for chronic conditions like diabetes, is capitalizing on its rapid growth in a short period. Backed by VCs including Andreessen Horowitz and Cigna Ventures, Omada reports in its S-1 that its revenue increased by 38%—from $122.8 million to $169.8 million—in 2024.

Discord

• Capital Raised: $1.1 billion
• Last Known Valuation: $14.7 billion

Discord is a household name as a social platform for gamers, and it has grown substantially since the onset of the covid-19 pandemic. The firm has been considering a public listing since at least 2022. Most recently, it hired IPO bankers at the end of March and named a new CEO at the end of April.

Hinge Health

• Capital Raised: $827.6 million
• Last Known Valuation: $6.2 billion

Hinge has developed a platform for musculoskeletal health and helps facilitate physical therapy exercises. The company is marketing its shares for $28-$32 each, according to its regulatory filings, and Bloomberg reported that the startup is expected to price its IPO on May 21.

Figma

• Capital Raised: $332.9 million
• Last Known Valuation: $12.5 billion

The design software developer, which called off its $20 billion sale to Adobe in 2023, recently hired Morgan Stanley to lead its IPO and has submitted a confidential S-1 filing. The firm was most recently valued at $12.5 billion in a 2024 secondary share sale.

MNTN

• Capital Raised: $190.3 million
• Last Known Valuation: $2 billion

MNTN, which develops a cloud-based TV advertising platform and counts Ryan Reynolds as a member of its C-suite, submitted its S-1 on May 14 and priced its IPO at $187 million, offering 11.7 million shares for $14-$16 each. The company also postponed its IPO due to concerns over tariff-induced market volatility.

Chime

• Capital Raised: $2.6 billion
• Last Known Valuation: $25 billion

Chime, one of the leading neobanks in the US, filed for an IPO on May 13. In its S-1, Chime disclosed growth from 5.3 million users in 2022 to 8.6 million users as of March 31 of this year. The fintech startup’s largest challenge could be competition from other neobank giants like Revolut if they break into the US market.

Circle

• Capital Raised: $1.2 billion
• Last Known Valuation: $7.7 billion

Stablecoin issuer Circle initially announced its intention to go public in January of 2024, even filing documents with the SEC. The company was expected to go public this spring, but like Klarna and MNTN, it has postponed its listing due to macroeconomic conditions.

Honorable Mentions

These two companies aren’t venture-backed and therefore didn’t make our list, but their upcoming IPOs will be closely watched as well.

StubHub

This isn’t the event ticketing company’s first foray into going public, and it was once owned by the publicly traded eBay EBAY. In 2022, StubHub confidentially filed documents for a direct listing. It considered going public again last summer, but suspended its plans after the controversial rollout of ticket sales for Taylor Swift’s Eras Tour. The firm filed IPO documents again in March before pausing its plans due to the tariff-induced market turmoil.

Medline

This medical supply manufacturer and distributor has gone between being private and publicly traded a couple of times since its founding in 1966. In 2021, Blackstone, the Carlyle Group, and Hellman & Friedman took the company private in a deal worth $34 billion. In December, Medline confidentially filed to go public, and it could reportedly raise as much as $5 billion in an IPO and be valued at $50 billion, according to Reuters.