Figma IPO & Next Companies to Go Public
The IPO Landscape Shifts: Why Tech Giants Are Delaying-and Which Ones Might Be Next
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For years, the promise of a tech IPO felt like an inevitability for many high-growth companies. A public listing meant access to vast capital, increased visibility, and a chance for early investors to cash out. But the script is flipping. Increasingly, even the most valuable private companies are choosing to stay private, fueled by readily available funding and a desire to avoid the intense scrutiny of the public market. Meanwhile, a select few, like defense tech firm Anduril, are poised to break the mold.
The Allure of Staying Private: Why IPOs Are Losing Their Luster
The traditional path to IPO isn’t as appealing as it once was. Companies like OpenAI, valued at a staggering $300 billion, Stripe ($91 billion), and SpaceX ($400 billion) are thriving outside the public eye. this isn’t necessarily a sign of weakness, but a strategic choice.
A key benefit is avoiding the rigorous reporting requirements that come with being a public company. Quarterly earnings calls, detailed financial disclosures, and constant analyst scrutiny can be a distraction for companies focused on long-term innovation. As forerunner’s Green puts it, “Part of the public market was created so the broader population could participate in the economy and in the growth of the economy; it wasn’t meant to sit in a few people’s hands.” Remaining private allows these companies to focus on growth, experimentation, and building their businesses without the pressure of short-term stock performance.
Moreover, the private capital markets are flush with cash. Massive funding rounds, like the recent $300 billion valuation for OpenAI (according to the New York Times), provide ample liquidity without the need to tap public investors. This allows companies to pursue ambitious projects and weather economic downturns with greater adaptability.
Cerebras Systems: A Cautionary Tale and a Path Forward
The story of Cerebras Systems illustrates the complexities of the current IPO environment. The AI hardware company filed its S-1 in September 2024,but its initial public offering was delayed due to regulatory concerns surrounding a $335 million investment from UAE-based G42. While the regulatory hurdles have now been cleared, Cerebras is now pursuing a $1 billion funding round, effectively postponing its IPO.
This situation highlights the increased scrutiny facing companies with international investments, particularly those involving countries with geopolitical sensitivities. It also demonstrates a willingness to prioritize strategic funding over an immediate public listing.
Anduril: The next Tech IPO on the Horizon?
Despite the trend of companies delaying IPOs,some are actively preparing to enter the public market. Anduril, a defense technology company founded by Palmer Luckey, is emerging as a strong contender. the company recently secured a $30.5 billion valuation in its Series G funding round.
While Anduril shares some of the same incentives to remain private as other tech giants – the sensitive nature of its defense work, for example – its CEO has stated the company “definitely” plans to go public. This intention, coupled with the company’s alignment with key priorities of the Trump Management regarding national security and defense, positions Anduril as an attractive investment opportunity.Pitchbook’s Stanford believes this alignment could generate important investor interest.
Beyond Anduril: A Long List of Potential IPO Candidates
Anduril may be the most prominent candidate, but it’s far from alone. According to Stanford, “there’s probably about 300 other companies that it could be.” The pipeline of potential IPOs remains robust, suggesting that the public market will eventually see an influx of new listings. However, the timing and success of these offerings will depend on a variety of factors, including market conditions, regulatory scrutiny, and the companies’ individual strategies.
The IPO landscape is evolving. While the allure of staying private continues to grow, the public market remains an important avenue for growth and liquidity. The coming months and years will reveal which companies choose to embrace the public market and which continue to forge their own path.