Tech Companies Delaying IPOs in 2024: Market Still Slow

The IPO market is still recovering from the downturn of 2023. While there were a few successful listings in the first half of this year, most venture-backed tech companies are choosing to stay private until at least 2025.

• Many companies, including Skims, Chime, CoreWeave, Sword Health, and Plaid, have publicly stated that they are not planning to go public in 2024.
• Others, like Figma and Stripe, have taken actions that suggest they are not immediately looking to enter the public market.
• While some companies like Databricks and Canva are expected to list in the near future, they are unlikely to do so before 2025.

Skims: Waiting for 2025 Market Conditions

Kim Kardashian's underwear and loungewear brand, Skims, is a highly anticipated IPO hopeful, but the company has confirmed it will not be listing in 2024. Skims is valued at nearly $4 billion and is aiming for a first-half 2025 IPO.

Chime: FinTech Startup Reassessing Market

Chime, a popular challenger bank and fintech startup, has been on many investors' IPO wish lists since it pulled its initial IPO plan in 2022. The company is now exploring IPO options but is not planning to go public in 2024.

CoreWeave: AI Company Sees Growth Potential

CoreWeave, an AI company, raised a substantial $1.1 billion in venture funding in May 2024, signaling it is not seeking to IPO this year. The company has also secured $7.5 billion in debt capital, further demonstrating its confidence in its growth trajectory.

Sword Health: 2025 Listing for Virtual Physical Therapy

Sword Health, a virtual physical therapy startup, recently raised $130 million at a $3 billion valuation. The company has indicated that it plans to IPO, but not before 2025.

Plaid: B2B Fintech Focused on Growth

Plaid, a B2B fintech company, has confirmed that it has no plans to IPO in 2024. Plaid is valued at $13.4 billion and is focused on building its business and expanding its reach.

Figma: Design Unicorn Seeking Optimal Timing

Figma, a design unicorn, held a tender offer in May 2024, allowing investors and employees to sell their shares on the secondary market. While the company hasn't explicitly ruled out an IPO this year, this move suggests it is not prioritizing a 2024 listing.

Stripe: Building Up Valuation Before Listing

Stripe, a fintech unicorn, held a tender offer for its employees earlier in 2024, valuing the company at $65 billion. The company is actively building its valuation and is not expected to go public in 2024.

Databricks: A Potential 2025 IPO Candidate

Databricks, an AI cloud platform, raised $500 million in funding in 2023, valuing the startup at $43 billion. While the company raised funding, it is likely to wait until market conditions improve before pursuing an IPO. Databricks is considered a strong candidate for an IPO in 2025.

Canva: Targeting IPO in 2026

Canva, a design startup, has confirmed that it will not be going public until at least 2025 and possibly 2026. Canva plans to list in the U.S. market when the time is right.