Why Now? Market Conditions Finally Align
Market Momentum Building
ServiceTitan opened 42% above its IPO price in its December public debut — a good signal for the public markets as we close out 2024. This strong performance has given other companies confidence that public markets are ready to welcome new entrants.
"There was a pop there that people weren't expecting," said Peter Walker, head of insights at startup equity management platform Carta.
"We'll start to see momentum in the beginning of the year, and really accelerate, as the year goes on," predicted Ben-Tzur, who saw early momentum in 2024 that then tailed off.
Market conditions have stabilized significantly compared to the volatility that kept companies private for the past several years.
International Markets Showing Strength
While U.S. companies prepare for their debuts, international markets are already seeing increased IPO activity. India has bucked the global trend in initial public offerings this year, establishing itself as a rare bright spot for tech listings while other major markets face continued headwinds. This international momentum is providing additional confidence for global companies considering public offerings.
More than 20 startups are preparing to list next year, according to multiple sources familiar with the plans. The global nature of this IPO preparation suggests that the revival isn't limited to any single market or geography.
The Pipeline Beyond 2025
- Element Biosciences: Venture-backed biotech startups generally go public earlier than their tech counterparts. And so by industry standards, 7-year-old Element Biosciences, with $678 million in equity funding to date, looks ripe for an offering. The San Diego-based genetic analysis company represents the type of mature, well-funded companies that could follow the initial wave of tech IPOs.
- Navan: Navan is the new Instacart. The corporate travel and expense-tracking platform, formerly known as TripActions, is the company that is always, definitely about to go public. Companies like Navan have been IPO-ready for years but have been waiting for optimal market conditions.
What This Could Mean for Investors
Positioning for the IPO Wave
The convergence of multiple factors—stabilized market conditions, successful recent debuts, and a backlog of mature companies—suggests that 2025 could mark the beginning of a sustained IPO cycle rather than just a brief window. The sheer scale of companies preparing to go public represents potential opportunities across multiple sectors, from artificial intelligence and fintech to biotechnology and enterprise software.
With combined valuations exceeding $100 billion, this IPO wave could reshape portfolio allocation strategies for growth-focused investors seeking exposure to the next generation of public market leaders. Early positioning in growth-oriented investment vehicles could prove advantageous as these household names transition from private to public markets.