The IPO Pipeline Is Stirring Again — Here’s Who’s Quietly Getting Ready

After a prolonged slowdown, the IPO market is starting to find its footing again. Gone are the days of speculative SPACs and unprofitable moonshots crowding the calendar. Instead, what’s emerging is a new cohort of companies — many quietly preparing behind the scenes — that reflect a more disciplined and fundamentally grounded approach to going public. As the broader market stabilizes and risk appetite cautiously returns, a number of high-profile firms are inching toward public listings, even if they’ve yet to file their S-1s.

Robotics, Risk, and Resilience: The Next Wave Takes Shape

One of the most talked-about candidates is Unitree Robotics, a Chinese humanoid robot manufacturer that has gained global attention for its dog-like and bipedal robotic systems. The Hangzhou-based firm, widely compared to Boston Dynamics, is reportedly working with CITIC Securities to prepare for an IPO as soon as late 2025. As the AI hardware boom extends beyond software and chips into mobility and automation, Unitree is well positioned to attract both tech-forward institutional investors and strategic partners across Asia-Pacific.

In London, cyber-insurance leader CFC is exploring a dual-track IPO, weighing listings in either London or New York. The private-equity-backed company, valued at more than £5 billion, has become a dominant player in the fast-growing cyber-risk space, where demand continues to accelerate alongside the rise of ransomware and AI-driven vulnerabilities. With a focus on underwriting, analytics, and recurring revenue, CFC represents one of the more mature financial technology businesses currently eyeing the public markets.

Across the Atlantic, Lime is preparing its case for public investors after a years-long turnaround. The Uber-backed micromobility firm has hired Goldman Sachs and JPMorgan to explore a U.S. listing in 2026. After pulling out of unprofitable cities and doubling down on operational efficiency, the company has reportedly achieved free cash flow positivity on nearly $700 million in annual revenue. While public appetite for micromobility remains cautious, Lime’s leaner balance sheet and improved margins could help it stand apart from past disappointments in the space.

Another name worth watching is WeWork India, which has quietly outperformed its now-bankrupt former parent company. Operated independently and showing sustained profitability, the Indian affiliate has secured approval from SEBI, India’s securities regulator, to raise up to $400 million through a domestic IPO later this year. While the WeWork name may still carry baggage, the Indian arm offers a rare example of disciplined execution and sustainable growth in the flexible workspace sector.

Fintech, AI, and Platforms Position for Public Life

Beyond those already preparing, a handful of global giants are keeping IPO plans close to the vest — but are widely expected to move within the next 12 to 18 months. At the top of the list is Stripe, the digital payments powerhouse valued at up to $100 billion in private markets. Despite years of IPO speculation, Stripe has remained private, but recent reports suggest growing internal momentum to go public as pressure mounts from longtime employees and early investors seeking liquidity. Its infrastructure remains foundational to the internet economy, processing payments for millions of businesses, including Amazon, Shopify, and Instacart.

Another strong candidate is Databricks, the AI and data management platform that has emerged as one of the most consequential enterprise software firms of the decade. With a valuation near $62 billion and deep partnerships with NVIDIA and other AI incumbents, Databricks is considered a prime contender to follow in the footsteps of Snowflake. Its lakehouse architecture has found widespread adoption among large organizations looking to integrate structured data with generative AI.

Swedish fintech Klarna is also back in the IPO discussion after a strategic realignment that focused on cutting costs and returning to profitability. Once the face of the buy-now-pay-later boom, Klarna has adjusted to regulatory headwinds and tighter consumer credit standards. The company posted its first profitable quarter earlier this year and has been quietly meeting with bankers ahead of a potential 2025 or 2026 offering.

Discord, the communications platform that started in the gaming world and has since expanded into mainstream communities, is reportedly in discussions with investment banks for a listing of its own. With over 150 million monthly active users and growing revenue from premium server tools, Discord’s positioning in social infrastructure gives it a unique angle in a space that has otherwise seen lackluster public performance in recent years.

Meanwhile, Chinese e-commerce giant Shein continues to draw speculation about a renewed IPO push. The fast-fashion company, which boasts a valuation of roughly $66 billion, had previously paused its U.S. listing ambitions amid regulatory hurdles. However, several sources indicate the firm remains interested in accessing public capital and could attempt a listing in late 2025 if conditions improve. Despite concerns around supply chain transparency, Shein’s scale and profitability make it one of the largest consumer IPO candidates in years.

A Broader Bench: SaaS, AI, and the Shadow Pipeline

Other names frequently cited in investor circles include Canva, the Australia-based design platform; Figma, whose failed acquisition by Adobe revived IPO interest; and eToro, the retail trading platform with growing global reach. Additionally, a wave of AI-native firms — including ElevenLabs, Grammarly, Perplexity AI, Anduril, and SymphonyAI — are quietly building toward IPO readiness. These companies span sectors from voice synthesis to defense tech, but they share a common thread: late-stage capital, commercial traction, and strategic investor interest.

Many of these businesses have yet to formally file, but their ongoing fundraising, executive hiring, and scaling suggest IPOs could come into focus as early as 2026.

Cautious Momentum, Not a Stampede

Altogether, this emerging class of IPO hopefuls signals a shift in tone and substance. Where the last cycle was driven by growth-at-any-cost narratives, this one is grounded in real revenue, tighter cost structures, and business models built for endurance. If equity markets continue to hold steady and the Fed avoids further shocks, the back half of 2025 and early 2026 could see a steady procession of high-quality public debuts — not a flood, but a slow and serious thaw.

Company	Sector	Status	Estimated Timing	Region
Unitree Robotics	AI / Robotics	Active preparation	Late 2025	China
CFC	Cyber Insurance	Exploring IPO / dual-track	2026	U.K.
Lime	Micromobility	Banks hired	2026	U.S.
WeWork India	Coworking / CRE	SEBI approved	Late 2025	India
Stripe	Fintech / Payments	Rumored, not yet filed	2025–2026	U.S.
Databricks	AI / Data Infrastructure	Rumored, likely IPO	2025–2026	U.S.
Klarna	Fintech / BNPL	Preparing, profitable	2025–2026	Sweden
Discord	Social / Messaging	Banks engaged	Late 2025	U.S.
Shein	E-Commerce / Fashion	Regulatory review	Late 2025	China
Canva	SaaS / Design	Rumored	2026	Australia
Figma	SaaS / Collaboration	Revived interest	2026	U.S.
eToro	Fintech / Trading	Quiet preparation	2026	Israel
ElevenLabs	AI / Audio	Emerging contender	2026+	U.S.
Grammarly	AI / Productivity	Late-stage funding	2026+	U.S.
Perplexity AI	AI / Search	Investor interest	2026+	U.S.
Anduril	Defense Tech / AI	Privately scaling	2026+	U.S.
SymphonyAI	AI / Enterprise SaaS	Under watch	2026+	U.S.