Upcoming IPO Candidates
Our research team constantly monitors private markets. This monitoring serves a dual purpose: screening future candidates that could join the IPOX® Indexes, and informing the solutions we offer for private market proxy exposure. The IPO candidates we identify are private companies that have reached a stage of growth and maturity where they are considered strong contenders to go public, for example, through an initial public offering (IPO) or spin-off. These firms have typically completed multiple funding rounds and showcase consistent growth, market potential, and business stability. Below is a list of several firms that have expressed interest to go public, or have been subject to media rumors about planning a listing in the near-term.
| Name | Description | IPO Status | Est. Valuation | Expected IPO Date | |
|---|---|---|---|---|---|
 | Ripple Labs | Blockchain-based payment solutions provider for financial institutions | Private | $10 billion | Q4 2025 / Q1 2026 |
 | Solstice (Honeywell Advanced Materials) | Sustainability-focused specialty chemicals and high-performance materials | Planned Spin-off | ≈$11.6 billion (projected) | Q4 2025 / early 2026 |
 | Cerebras Systems | AI-specific hardware for neural networks | Filed S-1 | $8 billion | 2025 |
 | Canva | Design platform for creating visual content | Private | $26 billion | 2025 |
 | Discord | Voice, video and text communication | Private | $15 billion | 2025 |
 | EG Group | Petrol forecourt operator with retail services | Private | $14.5 billion | 2025 |
 | SeatGeek | Event ticketing platform and marketplace | Private | $1 billion | 2025 |
 | Shein | Global fast-fashion online retailer | Private | $50 billion | 2025 |
 | Rappi | Latin American on-demand delivery platform | Private | $5.5 billion | 2025-2026 |
 | Armis | Cybersecurity platform managing asset visibility risks | Private | $4 billion | 2025-2026 |
 | NBCUniversal Cable Networks (SpinCo) | USA Network, CNBC, MSNBC, E!, SYFY, Golf Channel + digital (Fandango, Rotten Tomatoes) | Spin-off Announced | $7B revenue (valuation TBD) | 2025-2026 |
 | Wealthfront | Digital wealth-management (robo-advisor) | Confidentially Filed | >$2 billion | 2025-2026 |
 | Skims | Shapewear and loungewear fashion brand | Private | $4 billion | 2025 |
 | Medline | Medical supplies manufacturer and distributor | Private (planning for IPO) | ≈$50 billion (expected) | Q2 2025 |
 | Kraken | Cryptocurrency exchange and trading platform | Private | $11 billion | Q1 2026 |
 | Deel | Global HR platform for remote workforce management | Private | $12.5 billion | 2026 |
 | Kraft Heinz split | Split into Global Taste Elevation Co. and North American Grocery Co. | Spin-off Announced | — | H2 2026 |
 | DriveWealth | Brokerage-as-a-Service financial technology platform | Private | $3 billion | 2026+ |
 | Lummus Technology | Process-technology licensing for petrochemicals, refining, sustainable fuels | Confidentially Filed | >$5 billion (expected) | TBD |
 | Airtable | No-code app development platform | Private | $11.5 billion | Unknown |
 | Altos Labs | Cellular rejuvenation biotech | Private | $6.5 billion | Unknown |
 | Anthropic | AI safety and research | Private | $61.5 billion | Unknown |
 | BestSecret | Exclusive online fashion retailer | Private | $4.5 billion | Unknown |
 | Dataminr | Real-time data and AI insights | Private | $4 billion | Unknown |
 | Ebury | Global payments and business financing | Private | $2.5 billion | Unknown |
 | Epic Games | Video game developer and publisher | Private | $32 billion | Unknown |
 | Hugging Face | AI and machine learning platform | Private | $4.5 billion | Unknown |
 | Liquid Death | Canned mountain water brand | Private | $1.5 billion | Unknown |
 | Motel One | Budget designer hotel chain | Private | $4.5 billion | Unknown |
 | OpenAI | AI research and development | Private | $300 billion | Unknown |
 | SpaceX | Space exploration and launch systems | Private | $350 billion | Unknown |
 | Stripe | Online payment processing platform | Private | $91.5 billion | Unknown |
The information provided on this page, including company descriptions, valuations, and expected IPO dates, is for informational purposes only and may not be accurate or up-to-date. We do not guarantee the completeness or reliability of this data, and you should verify the information independently before making any financial or investment decisions. Use this information at your own risk.