Private securities marketplace EquityZen says that 2025 was a year for initial public offering (IPO) resurgence. In years prior, IPOs were pretty moribund for various reasons, but markets thawed in the past 12 months.
Looking forward, EquityZens says they anticipate another solid year of public offerings in 2026 and shares the list of companies they expect to go public.
The top firms seen as going public, according to EquityZen, are as follows:
- Cerebras Systems
- Databricks
- Kraken
- Consensys
- Lambda
- Motive Technologies
- Cohesity
- Upgrade
- Strava
- Animoca Brands
- BitGo Holdings
- Wealthfront Corporation.
As you can see, there are multiple Fintechs on the list.
EquityZen notes that the average age of these IPO candidate companies is 12 years old. The youngest company is neobank Upgrade, which was founded nine years ago.
The IPO roster includes teams as small as 300 people (Animoca Brands) to as large as 10,000+ (Databricks).
Meanwhile, publicly reported annual revenue figures for these companies range from around $300 million, for Animoca Brands, Cerebras, and Wealthfront, to $3 billion for the crypto firm BitGo.
Last year, EquityZen shared a similar prediction with seven of the private firms on the listing going public during the year.
Of note, many of these listings were more liquidity events than capital-raising exercises. Early investors and employees could achieve liquidity more quickly than waiting for the typical 180-day post-IPO lockup to expire.
These include: Chime, Coreweave, eToro, Klarna, MNTN, Netskope, and Stubhub.
Overall, investors on the EquityZen platform had exits of 16 firms.
Creating an exit opportunity, either via a public listing or M&A event, is key to generating returns for investors.
EquityZen, which Morgan Stanley recently acquired, reports 800,000 users on its platform, having enabled more than 49,000 company-approved transactions for about 450 private companies since its founding in 2013.
