Upcoming Tech IPOs: Private Companies Preparing to Go Public

After a long drought between 2022 and 2024, the technology IPO market reopened in 2025 and 2026, with listings from AI chipmaker Cerebras, fintech Klarna, design company Figma, stablecoin issuer Circle, geothermal developer Fervo Energy and several Indian startups. A large pipeline of private companies is preparing to follow. This guide lists private companies in our database that have filed for IPOs or publicly signalled plans, and other large private companies frequently mentioned as candidates, with what's known about each.

IPO plans change often with market conditions, so the companies below may list sooner, later or not at all. Each company links to a full profile with its latest valuation and sources. Our guide to the IPO process explains how listings work.

Companies that have filed or hired banks

United States

• Kraken: the crypto exchange confidentially filed for a US IPO in November 2025 after raising at a US$20 billion valuation. Reports in early 2026 suggested plans were paused amid weaker crypto markets, but the company later indicated it still intended to list.
• Strava: the fitness platform confidentially filed in February 2026 after being valued at US$2.2 billion in 2025. A spring 2026 listing didn't happen, and timing remains open.
• Discord: the chat platform, last privately valued at about US$15 billion in 2021, was reported to have filed confidentially in early 2026.

India

• PhonePe: India's leading UPI payments app, valued at about US$12 billion, filed confidentially with SEBI in 2025.
• OfBusiness: the B2B raw materials and credit company has been reported to be reviving plans for an IPO of up to about US$800 million.
• Infra.Market: received SEBI approval for an IPO in January 2026, then explored a route via Shalimar Paints.
• Licious: the meat and seafood brand was reported to target an IPO at a valuation above US$2 billion.
• Zetwerk: the manufacturing company launched its IPO in October 2026.

Middle East

• Ninja: the Saudi quick-commerce company selected banks for a potential Riyadh IPO by late 2026 or early 2027.
• Salla: the Saudi e-commerce platform raised a pre-IPO round in 2024 ahead of a planned local listing.
• Tabby: the buy now, pay later company has been preparing for a Saudi listing.

Frequently mentioned candidates

These large private companies haven't publicly filed in our records, but are often discussed as future IPO candidates:

• Databricks (US$190 billion), the data and AI platform, whose CEO has discussed a possible listing.
• Stripe (US$159 billion in a tender offer), which has repeatedly used tender offers instead of listing.
• Revolut (US$75 billion), which has said it intends to list eventually.
• Canva (US$42 billion in 2025; marked down to about US$34.9 billion by backers in August 2026), the design platform, now widely expected to list no earlier than 2027.
• Anthropic and OpenAI, whose valuations and capital needs have led to speculation about eventual listings.
• Waymo (US$126 billion), majority-owned by Alphabet.
• Arctic Wolf, Huntress and Gong, software and security companies with large recurring revenue.
• Grafana Labs and ClickHouse, infrastructure companies growing quickly.
• Redwood Materials, which hired a former Tesla CFO.

Why the IPO window reopened

Several factors brought companies back to public markets. Interest rates eased from their peaks, stock markets recovered, and investor appetite for AI-related companies surged. Early 2025 and 2026 listings that traded well, such as Cerebras, encouraged others. Many companies that raised at high 2021 valuations had grown into them, or were willing to accept lower prices. Private investors, whose funds have finite lives, also pushed for exits after years without liquidity.

Why some companies keep delaying

Market volatility, sector-specific downturns (for example, in crypto) and uncertainty about valuations cause many companies to postpone. Some prefer to stay private and provide liquidity through tender offers. Others worry about listing below their last private valuation, which can hurt employee morale and investor returns. Our guide to down rounds explains the dynamics when valuations fall.

How to follow upcoming IPOs

• Regulatory filings: public S-1 filings on the SEC's EDGAR database in the US, draft prospectuses with SEBI in India, and filings with the Capital Market Authority in Saudi Arabia.
• Exchange announcements: Nasdaq, NYSE, NSE, BSE and Tadawul publish upcoming listings.
• News coverage: reports that a company has hired banks or filed confidentially often come months before public filings.
• Company profiles: CapFinch profiles track valuations, funding and IPO plans with sources.

How individuals can invest

Most individuals can buy shares only once trading begins, although some brokers offer access to IPO allocations. Before an IPO, accredited investors may buy shares through secondary marketplaces or funds, with high risk and limited liquidity. Our guide to investing in pre-IPO companies explains the options and risks. IPO stocks can be very volatile, so investors should read the prospectus carefully, especially the risk factors and financial statements.

What to look for in an IPO prospectus

• Revenue growth, gross margins and the path to profitability.
• Customer concentration and retention.
• Risk factors, including regulation and competition.
• Use of proceeds and the company's cash position.
• Ownership structure, including dual-class shares that give founders extra voting control.
• The IPO valuation compared with the last private round.

Recent IPOs that shaped the market

Several listings in 2025 and 2026 set the tone for the companies that follow. Cerebras, the AI chipmaker, priced above its range and soared on its first day, showing strong appetite for AI infrastructure. Figma's 2025 listing demonstrated demand for profitable software companies with strong growth. Circle's IPO highlighted interest in regulated crypto businesses, while Klarna's showed that a fintech could list even after a sharp private valuation reset. In India, listings by Groww, Meesho, Lenskart and Physics Wallah tested domestic appetite for consumer technology. Fervo Energy's 2026 IPO showed that climate technology companies with large contracts can attract public investors. Each successful listing encourages others in the same sector to move forward, while poor performance can close the window.

Where companies choose to list

Most large technology companies list in New York, on the Nasdaq or the New York Stock Exchange, because of the depth of US capital markets and the presence of technology-focused investors. However, Indian startups increasingly list at home on the NSE and BSE, often after moving their legal headquarters back to India. Gulf companies are encouraged to list on Saudi Arabia's Tadawul or UAE exchanges. Chinese companies have shifted towards Hong Kong and mainland exchanges amid US-China tensions. European companies weigh London, Amsterdam and Frankfurt against New York. The choice affects valuation, investor base, regulatory requirements and visibility.

How IPO valuations compare with private marks

An IPO price can be higher or lower than a company's last private valuation. When private rounds were priced at peak 2021 multiples, IPOs often came in lower, as with Klarna, whose IPO valuation was well below its 2021 private peak. In contrast, companies whose growth has outpaced their private marks, such as Cerebras, can list well above their last private round. Investors watch these comparisons closely as a sign of how accurate private valuations are. Our guide to down rounds explains what happens when valuations fall.

What happens after the IPO

Newly listed companies face a demanding first year. They must meet or beat the expectations they set during the roadshow, publish quarterly results, and manage the end of lock-up periods, when early investors and employees can sell. Share prices often swing widely as the market finds a stable valuation.

IPOs and employees

For employees of companies preparing to list, an IPO can finally turn stock options into sellable shares. Understanding lock-up periods, tax rules and the company's share structure is essential before making decisions.

Investors who buy shares soon after an IPO should be prepared for volatility, especially around earnings reports and lock-up expirations.

Reading the prospectus carefully remains the best preparation.

More IPO candidates to watch

Several other private companies in our database have discussed or been linked to public listings. VAST Data, valued at US$30 billion in April 2026, said its funding mix gave it flexibility over whether and when to go public. Lambda, the GPU cloud company, was reported in 2026 to be in pre-IPO talks at more than US$12 billion. Upgrade's CEO described its October 2025 round as probably its last before going public. Wearable makers Oura and Whoop have both been linked to listings, and Indian used car platform Cars24 expects to become eligible to file its draft prospectus by around April 2027 after moving its holding company to India. In the UK, Zilch has discussed a London IPO in 2027. Timing for all of these depends on market conditions, and none had completed a listing at our last update.

More recent additions to our watch list include Consensys, the maker of MetaMask, which engaged JPMorgan and Goldman Sachs before later reports said its listing had been delayed; Cohesity, whose management has discussed a possible IPO after combining with Veritas's data protection business; Indian broker Upstox, reported in August 2026 to be in preliminary talks with bankers about a roughly US$400 million offering; Indian credit data company Perfios and logistics platform Porter, both described as preparing for eventual listings; Singapore payments company Nium, which said in 2024 that it hoped to list; and Chainalysis, frequently named as a crypto IPO candidate. None of these had filed a public prospectus in the sources we reviewed.