Investor excitement for a robust 2024 IPO pipeline has dwindled as we enter the latter half of the year.
The year started off strong with four successful venture-backed tech IPOs in March and April, including Reddit, Astera Labs, Ibotta, and Rubrik. However, factors such as the upcoming presidential election and rising interest rates indicate that the IPO market may not fully reopen until 2025, despite these initial successes.
While 2024 still looks promising compared to 2023, some companies like Klarna and Shein are moving towards public filings but with uncertain timelines. It’s becoming easier to identify companies that won’t go public this year, either due to direct statements from CEOs or strategic financial decisions.
Companies Not Going Public in 2024:
Skims
Kim Kardashian’s Skims has been valued at almost $4 billion and was anticipated to go public this year, but recent reports suggest an IPO won’t happen until the first half of 2025.
Chime
Challenger bank Chime, valued at $13.4 billion in 2021, has not planned an IPO for 2024, despite recent progress towards a public offering.
CoreWeave
CoreWeave, a New Jersey-based AI company, raised significant funding this year but is reportedly eyeing a 2025 IPO, as it focuses on growth while staying private.
Sword Health
Sword Health intends to go public by 2025 after recent funding rounds, indicating a strategic delay in entering the IPO market.
Plaid
Plaid’s CEO confirmed no plans for an IPO in 2024, reflecting a cautious approach despite the company’s valuation.
Figma
Design unicorn Figma’s recent liquidity event suggests a delayed IPO, with the company valuing itself at $12.5 billion.
Stripe
Stripe’s valuation strategies indicate a focus on building value before considering a public listing, even after recent secondary sales.
Databricks
AI cloud platform Databricks, valued at $43 billion, is likely not planning an IPO in 2024 as it focuses on strategic funding rounds for growth.
Canva
Co-founder of Canva hints at a potential IPO in 2026, suggesting a longer timeline before going public and a move to list in the U.S.
TechCrunch anticipates developments in the late-stage startup and exit markets and will update this article accordingly.
This post was originally published on May 24, with updates on June 11 and August 7 to include additional companies.
