After a dry spell in equity markets, 2025 could mark a comeback for IPOs. Even with inflation hitting the major economies, investor appetite is returning—particularly for companies with strong fundamentals and compelling growth stories. After Reddit cleared the way, in March, followed by Chime, this week, several firms are still positioned to do a listing this year.
One of them is Shein: the controversial Chinese fast-fashion giant has confidentially filed for a US IPO. If it clears regulatory hurdles, it could be one of the biggest listings of the decade. With a reported valuation target north of $60 billion, Shein’s hybrid model of ultra-fast production and app-based engagement puts it in a league of its own. However, scrutiny around its labor practices and supply chain transparency may be a challenge.
IT and finance
Other two headliners are Databricks and Stripe. While both unicorns are tight-lipped on timing, insiders suggest 2025 is in play for at least one of them. Stripe, with a $50 billion valuation and deep integration into the online payments ecosystem, would likely be the most significant US tech IPO since Meta. Databricks, focused on AI and big data analytics, has also built strong enterprise traction, hitting a $43B valuation.
Klarna is also on the radar. The Swedish BNPL pioneer is prepping its long-awaited US debut, aiming to ride the wave of digital payments and Gen Z credit alternatives. Once valued at $46 billion, Klarna’s latest private funding round slashed that figure to $6.7 billion. But after a couple of alarming results, the platform has put the plans on hold. Investors, however, keep monitoring the situation.
Bottom line: 2025 won’t be a party, but big IPOs are finally getting their shot. The market is rewarding operational discipline, proven business models, and clear paths to profitability. With monetary conditions expected to ease by year-end, we could be looking at a pivotal year for companies trying to leap from private to public, and investors eager for the next breakout name.
