Monzo, Open AI, Revolut and Klarna: The IPOs to watch out for in 2025
While economic uncertainty prompted a cautious approach to IPOs in 2025, several high-profile companies are preparing to float in 2025. From leading fintechs such as Monzo, Revolut, and Klarna to global giants such as OpenAI and SpaceX, some of the most exciting growth companies in recent years could IPO this year.
Here is a look at some of the most anticipated IPOs to look out for in 2025:
Monzo
The digital challenger bank Monzo, a household name in UK fintech serving over 9m customers, including over 400,000 business clients, may begin its IPO process in 2025.
In May 2024, CEO TS Anil noted that while Monzo would make a “great public company one day”, it wasn’t there yet.
In June of that year, he told City AM he wished to grow the business “several times” before going public.
He said it was “too early for us to talk about the IPO. We’re incredibly well capitalised. We don’t need to raise capital. We’re focused really on continuing to scale the business”.
Since then, the London-based company has become the UK’s seventh-largest bank by customers, boasting more than 11m users.
Monzo appointed former Nubank executive Tom Oldham as its chief financial officer in November – a potential sign of IPO ambitions for the digital challenger bank.
In 2024, Monzo raised $610m (£491m), boosting its valuation to $5.5bn (£4.5bn).
Shein
Chinese fast fashion behemoth Shein has its eyes on the London Stock Exchange (LSE) for a potential IPO in early 2025.
Valued at $66bn (£53bn) – down from $100bn (£80bn) back in 2022 – the fast fashion brand continues to dominate the eCommerce market, with sales outpacing rivals such as Zara and H&M.
Shein is considering offering less than 10 per cent of its shares, Reuters reported in December.
This would value the IPO at $6.6bn (£5.3bn), pending approval from UK regulators. That’s not a given considering the company’s various challenges, including regulatory scrutiny over labour practices and environmental concerns.
If granted, Shein would become the first company allowed to bypass the UK’s 10 per cent IPO rule in 2021.
Starling
Starling Bank, founded in 2014 by former ABN AMRO executive Anne Boden, now boasts over 2m accounts, including 300,000 business accounts, and reported its third consecutive year of profitability during 2024.
With pre-tax profits up 54.7 per cent to £301.1m and revenues growing by 50 per cent to £682.2m, Starling’s financial performance has positioned it well for a public offering.
Recent recruitment for an IPO-focused role has indicated that the bank is laying the groundwork for a potential listing.
The role description looked for a role which will “play a role alongside senior management, appointed advisors and underwriters to execute a successful IPO or other capital event”.
Though still in its early stages, Starling’s appointment of CEO Raman Bhatia and its recent growth could see it through to public markets within the next year.
OpenAI
In the US, OpenAI will be one of the most anticipated IPOs of 2025.
With a $157bn (£126bn) valuation after a $6.6bn (£5.3bn) fundraising round by Thrive Capital, OpenAI has become an increasingly dominant force in the AI sphere.
According to the New York Times, the company has projected $11.6bn (£9.3bn) in sales in 2025 despite anticipated losses of up to $5bn (£4bn) this year.
Its transformative technology and rapid growth have made it a valuable VC-backed firm, and its IPO promises to mark a pivotal moment for the AI industry.
OpenAI backer Brad Gerstner argued at the Madrona IA Summit in Seattle this October that companies needing $1bn in revenue before launching an IPO was “total nonsense”.
He continued, “I hope and expect that the next step for OpenAI would be to go public.”
Space X
Elon Musk’s SpaceX is also rumoured to be prepping for an IPO this coming year as the leader in reusable rocket tech and global satellite internet through its Starlink.
With ambitions from reducing space travel costs and Mars colonisation, its public debut could redefine the market for space exploration companies in the future.
Klarna
Swedish fintech firm Klarna, the buy-now-pay-later pioneer, has also filed IPO documents with the SEC, signalling a potential US listing in early 2025.
Once valued at $45.6bn (£36.7bn), Klarna is now targeting a valuation anywhere between $15bn (£12bn) and $20bn (£16bn).
CEO Sebastian Siemiatkowski stated that the company has now met all the conditions he deemed necessary for an IPO, which included developing a sustainable business model and becoming well-established in the US.
With the US being its largest market, the IPO will also serve as a litmus test for investor sentiment, paving the way for various other major tech listings.
It also represents a loss for the European markets given its Swedish roots, following on from Swedish Spotify’s US listing in 2018.
Revolut
Revolut, which has been valued at $45bn (£36bn), has been one of Europe’s fastest-growing fintech startups.
After securing a banking license in 2024, the firm is rumoured to be prepping for an IPO.
The leading fintech’s ability to avoid fundraising amid rising interest rates has undoubtedly bolstered its valuation, and a public listing would solidify its global ambitions.