IPOS TO WATCH IN THE SECOND HALF OF 2025

INVESTMUNDO
20 hours ago
5 min read

Investors seeking exposure to the companies shaping the next decade should closely monitor these offerings. With a focus on profitability, real-world application, and technological edge, the second half of 2025 may very well define the next wave of public market leaders.

The second half of 2025 is poised to showcase a diverse array of Initial Public Offerings (IPOs) across various sectors, reflecting the dynamic nature of the global economy. From fintech innovators to AI infrastructure providers, these upcoming listings present intriguing opportunities for investors. Here's a curated list of notable IPOs to watch in the latter half of 2025.

1. CoreWeave

Sector: AI Cloud Infrastructure
Estimated Valuation: $35 billion
Expected IPO Date: Q3 2025

CoreWeave, an AI-focused cloud infrastructure provider, is set to debut on the public markets in the third quarter of 2025. The company has experienced rapid growth, driven by the increasing demand for AI and machine learning capabilities. CoreWeave's platform offers specialized cloud services powered by Nvidia GPUs, catering to industries requiring high-performance computing. The sector's expansion and CoreWeave's strategic positioning make this IPO particularly noteworthy.

2. Klarna

Sector: Fintech (Buy Now, Pay Later)
Estimated Valuation: $14.6 billion
Expected IPO Date: Q3 2025

Swedish fintech giant Klarna is preparing for a U.S. IPO in the third quarter of 2025. The company has achieved profitability and is well-positioned to capitalize on the growing demand for flexible payment solutions. Klarna's platform allows consumers to make purchases and pay in installments, partnering with thousands of brands. The IPO is expected to raise significant capital, bolstering Klarna's expansion plans in the U.S. and other markets.

3. Mindbody

Sector: Wellness Technology
Estimated Valuation: $3 billion
Expected IPO Date: Q4 2025

Mindbody, a software provider for the wellness industry, is targeting a public return in the fourth quarter of 2025. The company was taken private in 2019 and is now preparing for a potential IPO. Mindbody's platform offers business management solutions for fitness and wellness centers, positioning it well to capitalize on the growing wellness trend.

4. BitGo

Sector: Blockchain Security
Estimated Valuation: Not disclosed
Expected IPO Date: H2 2025

Blockchain security firm BitGo is targeting an IPO in the second half of 2025. The company provides digital asset custody solutions to institutional investors, addressing the growing demand for secure cryptocurrency storage. BitGo's expertise in blockchain technology positions it well for a successful public debut.

5. Cerebras Systems

Sector: Semiconductors (AI Chips)
Estimated Valuation: $8 billion
Expected IPO Date: Late 2025

Cerebras Systems, a semiconductor company specializing in AI chips, is planning an IPO in late 2025. The company competes with leaders such as Nvidia in the AI hardware space. Cerebras aims to leverage its innovative technology to meet the growing demand for AI processing power.

6. eToro

Sector: Fintech (Online Brokerage)
Estimated Valuation: $5 billion
Expected IPO Date: H2 2025

London-based online brokerage eToro is preparing for an IPO in the second half of 2025. The company offers trading in stocks, options, and cryptocurrencies, catering to a diverse range of investors. eToro's user-friendly platform and global reach position it well for a successful public listing.

7. Panera Bread

Sector: Food & Beverage (Restaurant Chain)
Estimated Valuation: Not disclosed
Expected IPO Date: Late 2025

Panera Bread, the bakery-café chain, is considering an IPO in late 2025. The company was taken private in 2017 and is now exploring the possibility of returning to the public markets. Panera Bread's strong brand and loyal customer base make it a notable candidate for a successful IPO.

8. Armis

Sector: Cybersecurity
Estimated Valuation: Not disclosed
Expected IPO Date: H2 2025

Armis, a cybersecurity firm specializing in enterprise security solutions, is targeting an IPO in the second half of 2025. The company provides visibility and control over unmanaged and IoT devices, addressing critical security challenges in modern enterprises.

9. ServiceTitan

Sector: Software (Home Services)
Estimated Valuation: $18 billion
Expected IPO Date: Late 2025

ServiceTitan, a software platform for home service businesses, is planning an IPO in late 2025. The company offers a comprehensive suite of tools to help businesses manage operations, dispatch technicians, and handle customer relationships. ServiceTitan has seen strong adoption among plumbers, electricians, HVAC technicians, and other service professionals across the U.S. and beyond. As demand for digitized home services continues to rise, ServiceTitan's scalable SaaS model makes it a compelling IPO candidate for late 2025. Analysts expect significant investor interest given the company’s robust growth metrics and recurring revenue base.

10. Chime

Sector: Fintech (Digital Banking)
Estimated Valuation: $25–$40 billion
Expected IPO Date: Q4 2025

Chime, the U.S.-based neobank, is now eyeing a late 2025 IPO after previously delaying its public debut due to market volatility. Known for its fee-free banking services, early paycheck access, and broad appeal among Gen Z and millennial users, Chime has rapidly scaled over the past five years. The company has reached profitability and is preparing for what could be one of the largest fintech IPOs in the second half of the year. Its simple app-based interface and consumer-centric offerings make it highly attractive in the current digital-first banking landscape.

These IPOs aren’t just market debuts—they are barometers of economic confidence, tech maturation, and long-term thematic growth.

What This Means for Investors

The second half of 2025 is not only packed with high-profile IPOs but also marks a shift in investor sentiment toward long-term themes like AI infrastructure, secure fintech platforms, and digitized services. As central banks globally stabilize interest rates and economic indicators hint at recovery in key regions, investor appetite for growth-oriented IPOs is returning with momentum.

Trends Behind the IPO Momentum

Several key themes are driving this wave of IPOs:

Return of Tech IPOs: After a two-year slowdown, tech IPOs are roaring back. Companies in AI, cybersecurity, and SaaS have demonstrated consistent revenue growth and profitability—criteria now demanded by public market investors.

Profitability First: Many of the firms going public in H2 2025, such as Klarna, CoreWeave, and Chime, are either profitable or nearing profitability. Unlike the pre-2022 IPO boom, today’s market demands real financial performance, not just user growth.

Sector Diversification: Beyond traditional tech, the IPO pipeline includes players in food service (Panera Bread), wellness (Mindbody), and infrastructure software (ServiceTitan), giving investors broader sector exposure.

Investor Strategy Shift: Private equity firms and venture capital backers are increasingly seeking exits due to elongated holding periods, prompting a rush of well-matured companies to the public markets.

Risks and Considerations

While the H2 2025 IPO lineup appears promising, investors should approach with a balanced perspective:

Market Volatility: Geopolitical tensions, inflation data, or central bank policy shifts could dampen market enthusiasm, impacting pricing and post-IPO performance.

Valuation Pressures: Some companies, particularly in fintech, may still be seeking lofty valuations despite broader market caution. Due diligence is essential.

Lock-Up Period Expiry: Share overhang from early investors could weigh on stock prices post-IPO if insiders choose to sell aggressively after the lock-up period ends.

Conclusion

From CoreWeave's AI-powered infrastructure to Klarna's innovative payment model and Mindbody’s wellness tech revival, H2 2025 is offering investors a rare window into the future of multiple industries. These IPOs aren’t just market debuts—they are barometers of economic confidence, tech maturation, and long-term thematic growth.

Investors seeking exposure to the companies shaping the next decade should closely monitor these offerings. With a focus on profitability, real-world application, and technological edge, the second half of 2025 may very well define the next wave of public market leaders.

As always, thorough research and a disciplined investment approach remain critical. But if early signals are any indication, the smart money is already lining up for what's next.

Note: The information provided in this article is based on publicly available sources and is intended for informational purposes only. Investors should conduct their own research and consult with financial advisors before making investment decisions.