Out of many lagging indicators of the stock market’s health, Initial Public Offerings (IPOs) signal to investors if the economy is moving towards a bearish or bullish sentiment. Following the unprecedented M2 money supply increase in 2020, IPO launches broke all records at 1035 in 2021, worth around $142.2 billion.
2024 closed at 225 IPOs, a level nearly even to 2019 at 232. So far in 2025, 62 IPOs launched while 7 were withdrawn due to lack of investor interest. Judging by monthly IPO count year-to-date, which is 88% higher than the same period in 2024, 2025 should see an equal or greater number of IPO launches.
According to Deloitte’s most recent IPO Market Outlook 2025, that should translate to $45 – $50 billion worth of capital raised vs $29.6 billion in 2024. Here are three upcoming companies retail investors should watch out for.
CoreWeave Inc.
This GPU-focused AI cloud computing startup has been long in the news, with a pre-money valuation of $2 billion in April 2023. Mid-2024, having recovered from bankruptcy, Core Scientific Inc (NASDAQ:CORZ) signed a $3.5 billion AI infrastructure deal with CoreWeave.
The company runs an infrastructure-as-a-service business model, in which clients pay for computing resources. In the age of AI apps, especially highly demanding text-to-video generation, CoreWeave is tapping into a rapidly expanding market. According to Goldman Sachs, AI data center occupancy rate should increase to 95% by the end of 2026, from 85% in 2023.
In early February, the startup offered clients access to Nvidia’s cutting edge Blackwell architecture in the form of recently covered GB200 NVL72. Overall, the company holds around 250,000 GPUs across 32 data centers.
As of IPO filing on March 3rd, CoreWeave generated 8x more revenue in 2024 vs 2023, at $1.9 billion. However, its net loss deepened from $593.7 million to $863.4 million for the same period. Across 12 rounds, CoreWeave raised $14.5 billion in debt and equity, pushing its total valuation to ~$35 billion.
This would make CoreWeave’s valuation run ~18x its revenue generation. And just like Nvidia (NASDAQ:NVDA) itself relies on Big Tech hyperscalers, CoreWeave’s client concentration mostly comes from Microsoft (NASDAQ:MSFT), at around 62% of revenue generated.
Revolut Group Holdings Ltd.
The UK-based neo-bank focuses on the integration of digital assets and payment systems with legacy banking. Across three subscription tiers, this allows users 24/7 banking via its mobile app. Revolut’s international transfer fees are typically lower than traditional banks, making it an enticing alternative for one-stop-shop online banking.
So far, Revolut has attracted over 50 million customers. In addition to fees and subscriptions, Revolut also gains income by issuing loans, typically at around 6% interest rate. In late 2024, the neo-bank announced an AI-powered assistant to gradually integrate into services during 2025. This will be accompanied by full mortgage products in Lithuania, Ireland and France.
In Spain, Revolut plans to roll out its own ATMs using biometric data. As of the latest annual report for 2023, delivered mid-2024, Revolut generated $2.2 billion revenue, which is an uptick of 95% from a year prior. For the third consecutive year, Revolut generated net profits, at $545 million before tax.
So far only holding the EU banking license, Revolut co-founder Nik Storonsky hinted at entry into the US market in late 2024. Presently, Revolut counts on Metropolitan Commercial Bank and Lead Bank as intermediaries for US customers.
With the ambitious goal to become the world’s top online bank, Revolut’s IPO is valued at around $45 billion, making it Europe’s most valued fintech firm.
Medline Industries LP
Founded in 1966, the US-based Medline Industries is a global manufacturer and distributor of healthcare supplies, ranging from long-term care to acute and emergency care. This line of business makes Medline indispensable, securing stable revenue generation.
In 2023, the company made $23.2 billion in net sales, having maintained 98% prime vendor customer retention rate over the last five years. According to Vince Stanzione, the CEO of First Information, Medline’s IPO valuation is heading towards $50 billion, potentially raising $5 billion upon IPO launch.
“Medline’s leading position in the medical supplies industry is likely to turn some heads, and get more eyes on new listings.”
Angelo Bochanis of Renaissance Capital
As one of the largest healthcare employers in the US, paying for 43,000 workers, Medline could benefit from the Trump admin. If President Trump is serious about reshoring, including tariffs as incentive, Medline could increase demand for domestic products.
***
Neither the author, Tim Fries, nor this website, The Tokenist, provide financial advice. Please consult our website policy prior to making financial decisions.