14 Venture-Backed Firms Set to Ignite the IPO Market
After a prolonged slowdown, the IPO market has warmed up in 2025. Using Crunchbase’s predictive intelligence, 14 venture-backed companies across fintech, AI, cybersecurity, consumer goods and space have been identified as likely IPO candidates. Leading the fintech pack is payments giant Stripe, valued at $91.5 billion in recent secondary trades. Singapore’s Airwallex follows, targeting a public debut by end-2026 with a $6.2 billion valuation. In enterprise tech, AI chip maker Cerebras and data platform Databricks (with a $3 billion revenue run rate and $62 billion valuation) top the list. AI-native marketing startup Clay projects $100 million in 2025 revenue. On the cybersecurity front, crypto wallet leader Ledger—having sold 8 million devices—and password manager 1Password, profitable with 150,000+ customers, are “very likely” and “probable” IPOs, respectively. Endpoint management firm Tanium and space company Sierra Space also rank high. Consumer names include Madison Reed, Skims and apparel retailer Quince. Healthtech Commure and agri-biotech Inari round out the diverse lineup. This curated list underscores a broadening public offering landscape for 2025.
Neutral
This IPO market roundup has limited direct impact on cryptocurrency trading. While Ledger’s prospective listing could boost hardware wallet adoption among crypto investors, most candidates operate outside blockchain. Unlike major crypto IPOs (e.g., Coinbase), this broad list signals a healthy public offering environment with neutral implications for crypto market stability. In the short term, traders may watch hardware wallet stocks but overall volatility in digital assets is unlikely to rise. Over the long term, a stronger IPO market may attract institutional capital, indirectly benefiting crypto sectors, yet the immediate effect remains neutral.