After a shaky start to the year due to uncertainty about the Trump administration’s tariffs and stock market volatility in the spring, activity in the initial public offering (IPO) market has picked up in the second half of 2025.
The major U.S. equity indexes are now trading at all-time highs amid a recovery led by tech stocks. Softer-than-expected tariff rates as well as still-massive spending by AI hyperscalers has supported the broad risk-on price action.
That’s reflected as well in a rejuvenated IPO market. According to Renaissance Capital, 143 deals have been priced so far this year, up 55% vs 2024, to raise a total of $22.7 billion.
“The IPO market is in a good position at the moment, and it looks like the long-awaited pickup is finally going to materialize,” said Renaissance Capital Director of Investment Strategies Avery Marquez. “Solid recent performance and renewed demand for growth stocks have translated to more notable names joining the public pipeline, and we’ve started to see that move to the calendar.”
Marquez expects a steady flow of new issuance through the fourth quarter. “That said,” he adds, “there’s still uncertainty around tariffs and inflation, and as usual, any major blows to market stability or investor confidence could put a damper on a full-blown pickup.”
The IPO market remains volatile. Figma (FIG), an online design platform, saw its IPO soar 250% on its first day of trading in the last week of July and that gain shrink to 66% by the first week in September.
FIG stock illustrates why it’s important for investors to consider IPOs only for that portion of your allocation model set aside for high-risk assets, perhaps 5% to 10% of your portfolio.
Upcoming IPOs
More companies appear to be testing the waters, too, making now the best time to explore the most anticipated upcoming IPOs.
For those looking to gain exposure to these new stocks, it’s imperative to have an understanding of what an IPO is before jumping in.
Having covered the most promising upcoming IPOs for Kiplinger for several years, I’ve crafted this latest list to spotlight larger, well-established companies that are sure to gain the attention of both Wall Street and Main Street.
Data is as of September 10. Where possible, we have provided reported expectations for timelines and/or valuations for the upcoming IPOs.
| Company | Industry | Expected IPO timeline |
| Databricks | Computer software | 2026 |
| AppsFlyer | Mobile attribution and analytics | 2026 |
| Solera | Automotive software | 2025 |
| Canva | Design software | 2026 |
| Grayscale Investments | Digital asset manager | 2025 |
| Wealthfront | Automated weatlh manager | 2025 |
| Avalara | Tax software | 2025 |
| PayPay | Cashless mobile payments | 2026 |
