Upcoming and Delayed IPOs: What’s Happening in the Market?

Several high-profile private companies are making moves toward going public, while others are delaying their IPO plans due to market conditions. Here’s a look at the latest developments:
Genesys filed its IPO paperwork confidentially last fall and had been discussing a valuation exceeding $20 billion. However, the company recently canceled a scheduled presentation for equity research analysts, citing concerns over high market volatility as the reason for postponing its public listing.
Discord, the popular social messaging platform, is reportedly in early discussions with bankers about an IPO. According to the New York Times, the company could go public as soon as this year.
Hinge Health, a digital health company focused on chronic pain management, has officially filed for an IPO. The company aims to raise approximately $500 million through the IPO. While the exact valuation for the IPO has not been publicly disclosed, it is anticipated to be in the range of $5.67 billion to $6.2 billion
Figma has reportedly met with investment banks in recent weeks to explore an IPO, which could take place later this year, according to the New York Times.
Market uncertainty continues to influence IPO activity, with companies weighing the risks of going public in a volatile environment. As Cory Weinberg of The Information notes, tech IPOs remain relatively scarce, and management teams often have idiosyncratic reasons for taking the plunge.
Some companies face financial pressures, such as outstanding employee stock grants or investor loans—ServiceTitan and Arm Holdings fall into this category. Others are capitalizing on current market trends, like Reddit and CoreWeave, which are riding the AI boom.
For Hinge Health, going public may simply be a matter of timing. Founded in 2014, the company has demonstrated sufficient revenue growth and cash flow margins to meet the “rule of 40” threshold. Additionally, Hinge executives have expressed confidence in their ability to provide stable financial forecasts—often a key factor in securing investor trust ahead of an IPO.

AI Revenue Wars: OpenAI and Anthropic Battle for Market Share

OpenAI is making significant investments in ChatGPT, which is generating at least $4 billion in annualized revenue. The company plans to introduce specialized AI agents with pricing tiers reaching up to $20,000 per month for high-end models designed for PhD-level research.
The term "agents" typically refers to AI systems capable of autonomously performing tasks on behalf of users with minimal direction. OpenAI has announced a new platform allowing businesses to create custom AI agents for various tasks, such as financial analysis and customer service. As of now, OpenAI has two million paying business users for its ChatGPT offerings.
OpenAI executives have indicated that they plan to offer low-end agents at a cost of $2,000 per month targeting "high-income knowledge workers," mid-tier agents for software development potentially costing $10,000 per month, and high-end agents acting as PhD-level research assistants priced at $20,000 per month.
In the long run, OpenAI expects 20% to 25% of its revenue to come from agent products.
As a reference, OpenAI's most expensive current subscription tier, ChatGPT Pro, costs $200 per month and has been experiencing growth. However, ChatGPT Pro isn't technically an "agent" in the same sense as the proposed PhD-level research or coding agents.

Notably, competitor Anthropic has achieved an annualized revenue of $1.4 billion, primarily driven by its API and chatbot offerings.

CoreWeave Expands Customer Base Amid Concerns Over Microsoft Dependency

CoreWeave, an Nvidia-backed cloud provider, has signed a five-year agreement to supply AI servers to OpenAI. As part of the deal, OpenAI will receive a stake in CoreWeave, projected to be worth $350 million when the company goes public. However, this expansion comes amid growing criticism that CoreWeave remains heavily reliant on Microsoft, which has played a key role in its rapid rise by directing OpenAI’s cloud workloads to the company. Critics argue that this dependency could pose risks to CoreWeave’s long-term stability, particularly as Microsoft continues to strengthen its own AI infrastructure.

Kraken Surges with $1.5B Revenue Amid Crypto Market Rebound

After the crypto downturn of 2022-2023, Kraken has staged a remarkable comeback, reporting an estimated $1.5 billion in revenue for 2024—up 128% year-over-year, according to Sacra. This growth reflects a sharp resurgence in trading volumes, signaling renewed investor confidence in the digital asset space.
Kraken’s strong performance aligns with a broader recovery in the crypto sector. Coinbase also reported significant growth, with fourth-quarter revenue doubling from the previous year to $2.3 billion, surpassing expectations. The company cited strong transaction and subscription gains as key drivers. Similarly, Robinhood saw a 58% YoY revenue increase, reaching $2.9 billion in 2024.

Big Deals in Fintech and Crypto Signal Strong Investor Appetite

The fintech and crypto sectors are seeing a surge in major deals as investor confidence continues to strengthen.
Plaid, the financial data aggregation giant, is finalizing a secondary share sale of up to $400 million, valuing the company at $6 billion. The move reflects strong demand for financial infrastructure providers as open banking adoption accelerates.
Meanwhile, Quantexa, a decision intelligence platform serving financial services and the public sector, raised a $175 million Series F at a $2.6 billion valuation. The funding underscores growing interest in AI-driven data analytics for risk management and compliance.
Assured Insurance Technologies, which uses AI to automate insurance claims, raised funds from investors including Iconiq Capital and Kleiner Perkins at a valuation about $1 billion.
On the crypto front, Binance, the world’s largest cryptocurrency exchange, secured a massive $2 billion investment from MGX, an Abu Dhabi–based sovereign wealth fund. This marks one of the largest strategic investments in the industry, highlighting the increasing role of Gulf capital in shaping the future of digital assets.

Lovable Becomes Europe’s Fastest-Growing Startup with No-Code AI

AI startup Lovable is redefining software development with its groundbreaking no-code platform, which turns simple descriptions into fully functional products. Dubbed “the last piece of software,” Lovable’s AI-powered tool eliminates the need for coding, making product development more accessible than ever.
The company’s meteoric rise has been nothing short of astonishing. In just three months since launch, Lovable hit $4 million ARR within its first four weeks and skyrocketed to $10 million ARR in just two months—all with a lean team of only 15 people. This explosive growth cements Lovable as Europe’s fastest-growing startup ever.

Colossal’s ‘Woolly Mouse’ Brings Mammoth De-Extinction Closer to Reality

Colossal Biosciences, the $10 billion biotech startup aiming to resurrect extinct species, has achieved a groundbreaking milestone in its quest to bring back the woolly mammoth. The company has successfully bred 38 genetically engineered mice carrying traits of the extinct Ice Age giant, marking a major step toward de-extinction.
Dubbed the "woolly mouse," these genetically modified rodents exhibit early signs of mammoth-like adaptations, laying the foundation for future breakthroughs in cloning and gene-editing technologies. Colossal's progress signals that de-extinction science is advancing faster than expected, with potential applications spanning conservation, climate research, and synthetic biology.
As the company pushes forward, the world watches closely to see if Colossal can achieve its ambitious goal—bringing a living woolly mammoth back to the Arctic tundra.