What are the most popular upcoming IPOs to watch?

Upcoming Australian IPOs

Canva (estimated value at IPO: US$42 billion)

In August 2025, Morningstar reported¹ that Canva had launched a share sale programme to current employees, alongside a valuation of US$42 billion. This is ahead of a possible IPO for the design company that was founded in 2012. 

240 million people use Canva monthly, and it’s available in 190 countries. It’s known for turning graphic design – a previously complex activity requiring knowledge of fairly complicated programs – into a simple drag-and-drop exercise for anyone with a basic knowledge of computers. Its kept pace with AI developments, weaving these into its software with frequent AI-powered updates. 

Find out how to trade Australian listings

Rokt (estimated value at IPO: US$12.1 billion) 

Through a secondary share sale, Rokt has recently undergone a new valuation of US$12.1 billion.² The company is expected to potentially dual-list – in the US and on the ASX – in 2026, possibly as soon as in the first half of the year. 

Rokt develops ecommerce tools to large businesses, such as upsell features. Its headquarters are now in New York, US, but it was originally founded in Sydney in 2012. It’s one of the largest unlisted tech companies with Australian roots. 

Morse Micro (estimated value at IPO: A$500 million)

Morse Micro has had a busy 2025 – it held a Series C round of funding in September 2025 to the tune of US$88 million,³ followed in November 2025 by a US$32 million raise pre-IPO.  

It’s targeting an ASX listing in the next 12 – 18 months to meet the global demand for its unique Wi-Fi HaLow chips, which are ultra-low power, long-range Wi-Fi chips for the Internet of Things (IoT).  

Its funding to date exceeds A$300 million, raising its profile as a leading Australian semiconductor company. 

Firmus Technologies (estimated value at IPO: A$6 billion)

In November 2025, Firmus Technologies announced it was raising A$500 million in a new round of funding – this being the second in two months. This subsequent round was backed by Nvidia Corp and Ellerston Capital, both of which have invested in Firmus previously.⁴  

The company is looking good for an IPO on the ASX in 2026, pushing to move forward Project Southgate, a large-scale AI facility, powered by renewable energy.  

Its currently valued at around A$6 billion.⁵ 

Greencross (estimated value at IPO: US$3.75 billion) 

Listed on the ASX previously, Greencross went private in 2019, but is once again considering listing, with a view to go public in 2026. Valued at around US$3.75 billion,⁶ Greencross is a pet wellness company, privately held by TPG Capital (for now). 

It operates 140 Greencross Vets clinics, 24 specialty and emergency animal hospitals, as well as grooming salons, puppy schools and pet crematorium facilities. 

Given its stable cash flows, leading market share in pet services/retail and resilient demand driven by the pet-as-family trend, a relisting could appeal strongly to share traders seeking steady consumer exposure rather than high-growth volatility. 

Upcoming US IPOs

Databricks (estimated value at IPO: US$100 billion – US$134 billion) 

Databricks, the data and AI infrastructure platform, has emerged as one of the most valuable private-market software companies globally – in 2025 it announced it passed a US$4 billion revenue run-rate, with its AI-related products alone crossing a US$1 billion run-rate.⁷ 

On the back of that growth, it recently raised a fresh funding round valuing the company at over US$100 billion, and reportedly may seek a valuation as high as US$130 billion – US$134 billion in further fundraising ahead of a potential IPO. 

Although there’s no set date, the company is likely to go public within the next year. It is, however, remaining cautious and is likely waiting for economic conditions to improve before it launches. 

Commure (estimated value at IPO: US$6 billion) 

Commure is a health-tech firm building an enterprise-grade AI platform for hospitals and health systems. Its offerings include ambient-AI documentation, clinical workflow automation and full revenue-cycle management (RCM) to modernise billing and operations. 

In mid-2025, it secured a US$200 million growth financing round led by a major venture fund – signalling serious investor confidence in its scaling potential and laying groundwork for expansion.⁸

With rising demand for tech-driven healthcare tools (especially post-Covid) and its robust enterprise base, Commure is frequently cited as a probable IPO candidate, possibly by 2027, as the broader health-tech public market warms up. 

Upcoming Asian IPOs

Carro (estimated value at IPO: US$3 billion)  

Carro is a Singapore-headquartered online automotive marketplace – the largest used-car platform in Southeast Asia – offering used and new car sales, financing, insurance and after-sales services. 

The company is now pursuing a potential IPO: according to multiple sources, Carro is preparing for a U.S. listing as early as 2026 – aiming to raise about US$500 million at a valuation above US$3 billion. 

To support this, Carro executives have flagged expansion plans including entry into Australia and are considering up to two – three M&A deals – a classic pre-IPO scaling-up move. 

The company has yet to commit to where it plans to list – this could be the US, Hong Kong or Singapore. 

Shein (estimated value at IPO: US$30 billion – US$50 billion)

Earlier plans to list in 2025 have been delayed, reflecting a cautious stance amid volatile markets and regulatory headwinds in the US, UK and China.  

Washington lawmakers stalled a US listing due to suspicions around supply chain practices at the company. 

Later on in 2025, the China Securities Regulatory Commission (CSRC) refused to give the go-ahead for a UK listing. All companies with ties to the People’s Republic are obliged to get permission from the CSRC, regardless of where they’re based (in this case, Singapore).  

These failed listing attempts have led to the fast-fashion mammoth now looking at a Hong Kong floatation. However, whether the company will get the green light from the CSRC remains to be seen.  

Upcoming European and UK IPOs

Stripe (estimated value at IPO: US$91.5 billion)

The Ireland-based company has stated it’s in no hurry to IPO, but the facts display strong promise of an upcoming listing. Its 2024 figures show the company is finally in profit after five years, and it believes it’s showing no signs of slowing down. In 2023, it reported a loss of US$1.2 billion, but that’s picked up to US$102 million in profit in 2024, with revenue growth of 34%.⁹ 

Its potential valuation has fluctuated, with recent figures sitting at around US$91.5 billion.  

The payment solutions provider hasn’t explicitly stated where it might float. 

Visma (estimated value at IPO: €19 billion) 

With a potential IPO in early 2026 on the LSE (and rumours of a rival floatation on the Swedish bourse), Visma is a powerhouse in the European software space. Its valuation is expected to reach €19 billion.¹⁰

Visma provides cloud-based accounting, payroll and HR software across Europe, and is predicted to be one of the biggest IPOs in London should the company choose the LSE as its public home.

Revolut (estimated value at IPO: US$75 billion) 

Revolut has been on IPO-watcher’s radars for a long time, and for good reason. The private company is expected to potentially float in 2026 with a dual listing on the Nasdaq and the LSE.  

One of its major hurdles in its journey to IPO has been to secure a full UK banking licence, a protracted exercise that has lasted several years. Speculators believe this may be the reason for the long wait to float. 

The fintech giant could be valued as high as US$75 billion should it float next year, which would make it one of the most valuable companies (top 15) on the LSE.¹¹ Due to new regulations, it would also be fast-tracked into the FTSE 100 almost immediately.  

It has 65 million users globally, and 12 million of those are UK-based. 

 Cirsa (estimated value at IPO: €5 billion) 

Blackstone has reportedly been evaluating an IPO for Cirsa, a large Spanish gaming and entertainment firm (casinos, gaming operations across Spain, Italy and Latin America). This may lead to a valuation of up to €5 billion with a listing on the Madrid Stock Exchange.  

That said, timing appears contingent on market stabilisation – so while Cirsa remains a candidate for 2026, it may slip if macro conditions (interest rates, regulatory scrutiny around gambling) remain uncertain. Still, the potential size and geographic footprint make it a name worth flagging for a mid-term European IPO watch list. 

GCash (estimated value at IPO: US$1 billion – US$1.5 billion) 

GCash is the leading mobile-wallet and digital-payments platform in the Philippines, operated by Mynt (partly owned by Globe Telecom). 

The company has engaged major investment banks (including Citi, Jefferies and UBS) to work on what could be a landmark IPO – potentially raising US$1 billion – US$1.5 billion and becoming the largest stock offering in Philippine history. 

However, as of late 2025, GCash has explicitly said there is no firm timeline for its IPO; the company says it will proceed ‘when ready’, citing market volatility and a desire to ensure proper timing. Prevailing expectations now point to a listing in the second half of 2026, though nothing is final. 

Solera (estimated value at IPO: US$10 billion – US$13 billion) 

Solera is a global SaaS company serving the automotive and vehicle-lifecycle ecosystem; its products help insurers, repair shops, dealers, fleet operators and others manage claims, repairs, pricing, valuations and lifecycle data. 

The company filed for an IPO in 2024 but delayed this due to market volatility. This means it could potentially IPO within the next year – or not.  

As insurers and the automotive aftermarket increasingly demand data-driven, software-enabled risk analytics and lifecycle management, Solera could appeal to public-market share traders seeking stable recurring revenues with sector resilience. 

Deel (estimated value at IPO: US$17.3 billion) 

Deel aims to simplify the process of hiring, paying and managing employees remotely.  

The HR software startup reached an annual revenue run-rate of US$800 million, reported by CNBC at the beginning of 2025.¹² At the same time, Deel mentioned to the news outlet that it planned to float in 2026 or beyond.  

It also shared that it saw a 70% increase in revenue year on year (YoY) in December 2024, positioning it for a highly anticipated IPO.  

Biggest recent IPOs

Contemporary Amperex Technology Co. Ltd. (CATL) (market cap: HK$1.34 trillion)

CATL – the Chinese EV battery giant – was one of the biggest IPOs of 2025, after completing a listing on the Hong Kong Exchanges and Clearing (HKEX) in May. It raised approximately US$4.6 billion.¹³ 

Circle Internet Group (market cap: US$21.6 billion) 

The company’s IPO reflects renewed investor interest in digitalasset and fintech businesses, especially as regulatory clarity improves and demand for cryptoenabled financial services stabilises. 

It raised around US$1.05 billion, placing it among the larger IPOs globally this year. 

Karman Holdings (market cap: US$4 billion)

Karman Holdings, a US-based space/defence systems company, listed in February 2025, was valued at roughly US$4 billion after it floated on the NYSE.¹⁴ 

The IPO raised roughly US$506 million via the upsized offering, combining shares from the company and from selling shareholders.¹⁵ 

Klarna (market cap: US$17 billion) 

Originally a Swedish buy now, pay later (BNPL) fintech, Klarna completed its long-anticipated IPO on the NYSE on 10 September 2025 under the ticker KLAR. 

The IPO was priced at US$40 per share, and the company sold around 34.3 million shares, raising approximately US$1.37 billion.¹⁶

Figma (market cap: US$56.3 billion) 

Figma filed for its IPO with the US securities authorities in April 2025, and on 31 July 2025 it began trading on the NYSE under ticker FIG. 

On its first trading day, Figma shares surged significantly – more than tripling the IPO price, giving the company a market capitalisation in the tens of billions of US dollars.¹⁷ 

How to get exposure to IPO shares

Note: We do not offer primary market trading. 

Grey markets

If a company’s IPO has a lot of public interest, we may offer a ‘grey market’ before the IPO takes place. This will allow you to take a position on the company’s estimated market cap at the end of its first trading day – and the price that we quote will be based on our prediction for the company’s market cap.

• You’ll ‘buy’ (go long) if you think the company’s market cap will be higher than the price shown
• You’ll ‘sell’ (go short) if you think the company’s market cap will be lower than the price shown

When you take a position on IPO shares with us, you’ll be doing so by means of contracts for difference (CFDs). This gives you exposure to the share price without you taking ownership of shares in that company.

CFDs are leveraged, meaning you’ll get increased market exposure for a small deposit – rather than paying the entire value of the position upfront. However, your profit or loss will be determined by the total size of your position and can far outweigh your deposit amount, often making trading IPOs higher risk than taking ownership of shares directly.

Secondary market: buying the shares after the IPO – investing or trading

Once the share has listed, the secondary market will open, which is where individual investors exchange the shares between themselves.

It usually takes a few hours for shares to be available after a US IPO, as is the case with all brokers. All other IPOs we offer should be available right away, from the time the exchange opens on the day of listing.

There are two ways for you to take a position on the secondary market following an initial public offering.

You can:

• Invest in the company’s shares by share trading
• Trade on the company’s share price with CFDs

Trading vs investing

When trading a company’s shares with us, you can take a position on the underlying market price with CFDs. You won’t take ownership of the shares, so you can take a position on both rising and falling prices.

You’ll only need a small deposit – known as margin – to get full market exposure. Trading on leverage can magnify your profits, but it can also magnify your losses, making it important to have a suitable risk management strategy in place. Remember, CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.

Learn how you can manage your risk

If you’d prefer to buy and hold or buy and sell instead of trading on price movements with derivatives, you can invest in IPO shares through our share trading platform. When investing in shares, you’ll do so via our share trading platform using our custodial model. This means that as a registered broker we manage, hold and safeguard securities you choose to buy and sell on your behalf. Via our custodial model, you’ll be able to buy and have a stake in actual assets and you will also be entitled to dividends if any are paid, and granted voting rights if applicable.

To open a share trading position, you’ll need to put down the full value of your investment and you can only make money if the share price goes up.

FAQs

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Footnotes:
¹ Morningstar, August 2025 
² The Aussie Corporate, November 2025
³ Forbes Australia, September 2025
⁴ Reuters, November 2025
⁵ Yahoo! Finance, November 2025
⁶ FN Arena, December 2025
⁷ PR Newswire, September 2025
⁸ Commure, August 2025
⁹ Forbes, September 2025
¹⁰ The Guardian, November 2025
¹¹ Yahoo! Finance, November 2025
¹² CNBC, February 2025
¹³ AP News, May 2025
¹⁴ Reuters, February 2025
¹⁵ Reuters, February 2025
¹⁶ Klarna, September 2025
¹⁷ CNBC, July 2025