Top 9 IPO & SPAC Candidates to Watch in 2025

Author

jralex

Date

Jul 8, 2025

After months of drought, the U.S. IPO market just caught fire and investors are finally taking notice.

Some of 2025’s most hyped names Circle, eToro, CoreWeave have exploded out of the gate, delivering strong aftermarket gains and reigniting confidence across the board.

Circle’s IPO in particular has been a standout, with one top analyst calling it “the return of the retail IPO frenzy.”

Here’s what the numbers say:

$25.36 billion raised YTD (as of June 11) that’s up 39% from 2024 and more than 2.5x higher than this time in 2023

IPO stocks were under pressure earlier this year, weighed down by trade volatility and macro noise but that’s shifting fast. The Renaissance IPO Index a proxy for post-IPO performance has clawed its way back and is now tracking nearly in line with the S&P 500.

That’s a clear signal.

Momentum is back, and with a loaded pipeline names like Klarna, Gemini, Cerebras this could be the start of a broader IPO cycle.

Especially in sectors like fintech, AI, and crypto infrastructure, where valuations are starting to justify public listings again.

For traders and early-growth investors, this is a window we haven’t seen in years: a reopening IPO market with high-demand names and a market finally ready to absorb them.

Be selective. But be ready.
Because when IPO windows open, they don’t stay that way for long.

Remember when every startup and their cousin went public via SPAC?

That was 2021 peak bull market, peak hype.

From electric scooters to space tourism, it felt like any company with a pitch deck could hit the NASDAQ overnight.

But reality hit hard.

Most of those “next big thing” stories unraveled. Revenue missed. Promises evaporated. Retail investors got torched. SPACs became a dirty word.

Fast forward to 2025, and something unexpected is happening: SPACs are making a quiet comeback but this time, the tone is different.

Goldman Sachs, which swore off SPAC underwriting in 2022, is now back in the game, signaling that the space is maturing. The tourists have cleared out. What’s left are seasoned players SPAC sponsors with actual operating chops and reputations to protect.

What to watch:

Quality of sponsors: Are they operators or hype merchants?

Deal terms: Is there real alignment between backers and shareholders?

Post-merger execution: Can the company actually perform in public markets?

The SPAC vehicle itself was never the problem was the garbage shoved inside it.

Now, with markets stabilizing and investors more disciplined, SPACs might quietly return as a legit path to liquidity especially for companies in sectors like AI, defense tech, and digital infrastructure that don’t fit the traditional IPO mold.

Bottom line?
SPACs aren’t dead.

They’ve just grown up. And that might make them worth a second look if you know what you’re looking at.

At the core, a (SPAC) Special Purpose Acquisition Company is just a blank-check shell that raises money from investors with one mission: buy a private company and take it public.

Here’s how it plays out:

Investors buy in at $10 a share. That’s the standard price. These early backers are basically betting the SPAC team can land a solid deal within a set time frame usually 18 to 24 months.

The SPAC sponsors (aka the dealmakers)? They toss in a nominal amount typically $25,000 but get a sweet deal: “founder shares” equal to 20% of the total equity post-merger.

That’s the real incentive here. If they close a deal, they win big.

While the search is on, the capital raised sits in a secure, interest-bearing trust account investors are protected if the deal doesn’t happen.

If a company is successfully acquired, the SPAC is “De-SPAC’d” and voilà, a brand-new public company hits the market, often overnight.

But here’s the catch:
If the SPAC fails to close a deal before time runs out, the trust dissolves, and investors get their cash back. The sponsors? They walk away with nothing.

Why it matters:

Understanding this structure is key. The incentives are built to favor speed and a successful close, but that doesn't always mean quality deals. That’s why so many SPACs in the last cycle crashed and burned post-merger bad businesses got rushed to market. We've learned to watch the sponsors, not just the story. Who’s running the show? What’s their track record? Because in the SPAC game, alignment matters and so does timing.

The IPO window is open again and we’ve got our eyes on nine companies we believe will go public before this cycle is over.

Whether it’s a traditional IPO, a direct listing, or even a SPAC merger, these names are on our radar for a reason.

Some of them you’ll recognize from past Stock Sharks writeups.

Others are new additions-growth plays or category disruptors that have quietly built serious momentum behind the scenes.

This list isn’t just about what’s trending. It’s about being prepared. When these names finally hit the market, you’ll already know the story, the fundamentals, and the upside case.

This is how smart money operates: anticipate the move, not react to it.

Stay tuned—we’ll be breaking down each company in more detail as their potential listing dates approach.

Company: Anduril

Projected Ticker: N/A

Valuation: $30.5B

Key Investors: Altimeter Capital, Baillie Gifford, Counterpoint Global, Fidelity, Founders Fund

Description: Anduril is a developer of defense technology focused on delivering consumer hardware and national-security software, leveraging off-the-shelf components with custom engineering to bring products to market faster, cheaper and more effectively. The company was founded by Brian Schimpf, Matthew Grimm, Palmer Luckey, Trae Stephens, and Joseph Chen in 2017 and is headquartered in Costa Mesa, CA

Anduril Industries: The Future of Defense Tech

Founded in 2017 by Oculus creator Palmer Luckey, Anduril is reimagining defense through AI and autonomy. Unlike traditional contractors chasing one-off deals, Anduril is building a scalable defense product company blending software and hardware into a fully integrated ecosystem.

At its core is Lattice, a real-time AI platform that fuses data from sensors, drones, and towers to deliver battlefield awareness and automation. It’s sold via subscription, with Anduril’s physical products like the Ghost UAS drone and Sentry Towers designed to enhance the platform’s power.

What sets Anduril apart is its focus on autonomy. From drones that can silently fly and self-navigate, to towers that automatically identify threats and respond in real-time, the company is reducing the need for constant human oversight and freeing up military personnel for critical decision-making.

The market is responding. Anduril recently secured a $642M contract with the U.S. Marine Corps for AI-powered counter-drone systems, after a previous $200M award under the MADIS program. These systems address one of today’s most urgent threats: low-cost drones used in modern conflict zones.

Anduril has also taken over Microsoft’s $22B IVAS contract, bringing AR-powered, drone-integrated combat goggles to U.S. soldiers yet another signal of the company’s growing influence in next-gen defense tech.

Bottom line: Anduril isn’t just bidding on contracts it’s building a platform for the future of warfare. And if it ever hits public markets, it won’t just be a defense play. It’ll be a technology play with national security baked in.

In 2024, Anduril Industries hit a major milestone: over $1 billion in revenue, up 138% from the prior year.

That surge was fueled by over $1.5 billion in new government contracts, including major wins like the Marine Corps Bolt-M deal and the Pentagon’s Replicator program two initiatives pushing the envelope on AI-powered autonomous defense systems.

The company, founded in 2017, has gone from a $12.5 million debut contract with the Marine Corps to competing head-to-head with legacy defense giants. By 2020, Anduril landed a $1B ACAT I contract one of the Pentagon’s largest acquisition categories marking its arrival as a top-tier defense integrator.

Financially, Anduril stands out. As of Q1 2024, it held $750 million in cash, giving it serious flexibility in a capital-intensive industry. And thanks to its commercial-first model, it boasts gross margins of 40–45% far above the 8 10% margins common in traditional cost-plus defense contracts.

Anduril’s latest valuation sits at $30.5 billion, following the close of its Series G round in June 2025 more than doubling its $14 billion valuation from just ten months prior.

Private market data from Hiive and Caplight suggest the real number may already be above $40 billion, reflecting growing demand and institutional appetite.

With a strong cash position and momentum from new contracts, a 2026 IPO is firmly on the table. Even if they hold off, an offering by 2027 or 2028 seems inevitable.

Anduril has the growth, margins, and capital to stay private but public markets may be the next logical step as it scales into a full-spectrum defense powerhouse.

Company: Redwood Materials

Projected Ticker: N/A

Valuation: $4.95B

Key Investors: Amazon, Breakthrough Energy Ventures, Capricorn Investment Group, Toyota

Description: Redwood Materials is a developer of sustainable lithium-ion battery recycling technology designed to optimize circular supply chains to recycle waste into profit. Redwood was founded by JB Straubel (previously Chief Technology Officer and co-founder of Tesla) in 2017 and is headquartered in Carson City, NV. The company's technology processes scrap from battery cell production and consumer electronics, seeking to help clients turn them into electric vehicles and energy products, effectively re-using and processing raw materials into the battery supply chain.

Founded in 2017 by JB Straubel Tesla’s former CTO and a key architect of its battery tech Redwood Materials is a battery recycling startup with a massive vision: to close the loop on the electric vehicle supply chain.

Straubel, credited by Elon Musk as a Tesla co-founder, left the EV giant in 2019 to focus full time on Redwood. His co-founder, Andrew Stevenson, formerly led special projects at Tesla and now serves as Redwood’s CFO.

The idea was sparked by a core frustration: while the world chased electric vehicle innovation, almost no one was thinking about what happens to the batteries after they die.

Now, Redwood is solving that. With its mission to recover, refine, and reuse critical materials like lithium, nickel, and cobalt, Redwood Materials aims to make EVs more sustainable and cheaper by rebuilding the battery supply chain here in North America.

This isn’t just a recycling company. It’s an infrastructure play at the heart of the clean energy transition.

At the core of Redwood Materials’ mission is a closed-loop supply chain for lithium-ion batteries recycling old tech into the raw materials powering the future.

The company’s three-step process includes:

Collection & Recycling. Gathering old phones, laptops, power tools, e-bikes, and end-of-life EV batteries from consumers, manufacturers, and third-party partners.

Refinement – Extracting critical metals like lithium, nickel, cobalt, copper, and graphite from discarded batteries and production scrap.

Supply -Feeding refined, battery-grade materials back into the supply chain for new EV batteries.

Redwood sources materials from three main streams:

Consumer electronics (via e-waste partners and direct mail-in programs)

Retired EV batteries (damaged or degraded units)

Battery factory scrap which can total up to 10% of production waste, costing companies like Tesla hundreds of millions in lost metals annually

Their value proposition? Replace the environmentally destructive and costly mining process with a domestic, circular alternative that’s faster, cleaner, and far more scalable.

By reclaiming and refining materials from the batteries we throw away, Redwood is quietly laying the foundation for the next phase of EV growth without digging another mine.

Redwood Materials operates on both sides of the battery supply chain collecting waste and supplying refined materials creating a powerful flywheel of sustainability.

On the intake side, Redwood partners with major players like Panasonic, Ford, Toyota, Volvo, Amazon, Lyft, and Volkswagen Group, as well as e-waste specialist ERI. These companies supply Redwood with everything from retired EV batteries to consumer electronics, feeding a steady stream of recyclable materials into the system.

On the output side, Redwood delivers battery-grade materials back to manufacturers, helping them cut costs, reduce reliance on overseas mining, and improve sustainability credentials.

The model is simple but powerful: help manufacturers solve the recycling problem they aren’t built to handle, while supplying them with cleaner, domestic raw materials they desperately need.

More partnerships are likely coming especially from automakers without in-house recycling capabilities. Redwood is positioning itself as the infrastructure layer for the circular battery economy.

Redwood Materials has carved out a unique position in the EV ecosystem by operating at both ends of the battery supply chain.

On one side, it collects discarded materials from retired EV batteries to old phones and laptops through partnerships with companies like Ford, Toyota, Panasonic, Amazon, Volvo, Lyft, and Volkswagen Group.

It also works with ERI, a leading e-waste recycler, ensuring a consistent stream of high-value scrap and end-of-life electronics.

On the other side, Redwood processes that waste into battery-grade materials like lithium, nickel, and cobalt and sells them back to battery and EV manufacturers. The result is a more localized, sustainable alternative to international mining and refining.

For automakers without internal recycling programs, Redwood solves a major headache. And for the broader industry, it’s laying the foundation for a circular battery economy where materials are reused rather than discarded, and supply chains become more resilient.

As battery demand surges, Redwood’s role as the recycling and materials backbone of the EV sector only grows more critical.

Company: Figma

Projected Ticker: N/A

Valuation: $17.84B

Key Investors: Andreessen Horowitz, Durable Capital, Founders Fund, Greylock Partners, Morgan Stanley

Description: Figma, founded in 2011, is a design service provider and the developer of a co-creation platform that helps teams create, share, and test designs. The platform consolidates tools, simplifies workflows, and enables teams to collaborate in real-time, aiming to make the design process faster and more efficient.

Figma has become the go-to design platform for teams by doing one thing exceptionally well real-time collaboration. Since its 2016 launch, it’s redefined how UI/UX, product, and graphic designers work together, offering a browser-based solution that feels built for the modern, remote-first world.

Its freemium business model drives adoption: users can start designing for free, with access to core features, then scale up with paid plans as team needs grow.

This model has proven sticky, helping Figma land deep inside companies of all sizes from startups to enterprises.

Beyond its core design platform, Figma is also monetizing FigJam, its collaborative whiteboarding tool, which exited beta in 2022 and adds another layer to its team-first product suite.

By lowering barriers to entry and emphasizing seamless teamwork, Figma isn’t just a design tool it’s infrastructure for the product design workflow.

Figma has quietly filed for an IPO with the SEC just over a year after its $20 billion acquisition deal with Adobe fell apart due to U.K. regulatory hurdles. Despite the collapse, Adobe paid Figma a $1 billion breakup fee,

leaving the design platform well-capitalized and in control of its future.

Figma ended 2023 with ~$600 million in revenue, growing 40% year over year. At the time of the Adobe deal, the company was doing $400 million with 150% net dollar retention and doubling revenue annually.

While those sky-high growth rates have normalized, Figma remains a standout widelyseen as one of the most “IPO-ready” tech companies in the market.

Recent tender offers peg Figma’s valuation around $12.5 billion. With continued growth, many expect it to command a 15–16x ARR multiple, which would justify an $11–13 billion valuation in public markets.

Whether through a traditional IPO or a direct listing, Figma's strong brand, loyal user base, and healthy balance sheet (boosted by the Adobe termination fee) put it in a position of strength as it heads toward the public markets.

Company: Inspire Brands

Projected Ticker: N/A

Valuation: $20 billion

Key Investors: Roark Capital

Description: Inspire Brands LLC is an American fast-food restaurant franchise company. Backed by Roark Capital Group, it owns the Arby's, Buffalo Wild Wings, Sonic Drive-In, Jimmy John's, Dunkin' Donuts, and Baskin-Robbins chains, which have a combined 33,000 locations and US$32.6 billion in system sales.

Inspire Brands also owns Sonic Drive-In, Buffalo Wild Wings, Arby’s, Baskin-Robbins, and Jimmy John’s.

The company was formed in 2018 when Arby’s acquired Buffalo Wild Wings, which itself owned Rusty Taco. Inspire bought Sonic in December of that year, and Jimmy John’s, which already was owned by another Roark affiliate, in the fall of 2019. Inspire then sold Rusty Taco to Gala Capital Partners in 2022.

The Dunkin’ purchase made Inspire Brands the second-largest restaurant company in the country, following Yum Brands, which is a publicly traded company.

2024 was a mixed bag for Inspire Brands’ six major chains Dunkins’, Arby’s, Sonic, Jimmy John’s, Buffalo Wild Wings, and Baskin-Robbins.

Dunkin’ led the pack with 4.6% sales growth and 188 net new locations, outperforming the broader coffee category.

Buffalo Wild Wings held its ground in the struggling casual dining segment with 2.4% sales growth and a 4.7% increase in units.

Jimmy John’s posted modest 1.9% growth, but was outshined by competitors like Jersey Mike’s (+11.6%). Sonic saw a 2.7% decline in sales and closed 60 locations, despite ramped-up marketing efforts.

Baskin-Robbins and Arby’s had the toughest years. Baskin’s sales dipped 0.5% with a small drop in unit count, while Arby’s posted a 6.3% decline in sales and shuttered 48 stores—making it the weakest performer in the group.

Despite some bright spots, overall performance in 2024 was underwhelming, especially as competition intensified across nearly every segment.

Company: Kraken

Projected Ticker: N/A

Valuation: $6.83B

Key Investors: Blockchain Coinvestors, Bloom.Capital, Ge Ventures, Myasiavc, Soul Capital

Description: Kraken is a crypto exchange based on euro volume and liquidity. Globally, Kraken’s client base trades more than 60 digital assets and 7 different fiat currencies, including EUR, USD, CAD, GBP, JPY, CHF, and AUD. Based in San Francisco, CA, Kraken was founded in 2011 by Jesse Powell and was the first U.S. crypto firm to receive a state-chartered banking license, as well as one of the first exchanges to offer spot trading with margin, regulated derivatives and index services.

Founded in 2011 by Jesse Powell, Kraken is a U.S.-based cryptocurrency exchange known for its security and deep liquidity. It enables users to buy, sell, and stake a wide range of digital assets, including Bitcoin, Ethereum, and numerous altcoins.

As of 2025, Kraken serves over 9 million clients across 190+ countries. Daily trading volumes fluctuate between $500 million and $1 billion, depending on market conditions.

With approximately 2,300 employees worldwide, the platform supports more than 200 cryptocurrencies and tokens, catering to retail and institutional traders alike. Its product suite includes spot and margin trading, futures, staking, and custodial services.

Kraken’s revenue primarily comes from transaction fees, but it has diversified into staking, futures, and custodial offerings. Earnings closely track trading volumes and asset prices, making profitability sensitive to market cycles.

In 2024, Kraken posted $1.5 billion in revenue, a 128% year-over-year increase, alongside $424 million in adjusted EBITDA. The platform held $42.8 billion in client assets with 2.5 million funded accounts.

Total trading volume reached $665 billion, and average revenue per customer topped $700 outperforming both traditional and crypto exchange benchmarks.

Q1 2025 results showed $472 million in gross revenue, up 19% year-over-year, and $187 million in adjusted EBITDA, marking a 1% sequential rise despite a 7% sequential revenue dip amid market softness. Trading volumes grew 29% year-over-year, while funded accounts rose 26%. Although assets under management increased annually, their sequential value fell due to broader crypto market pressures.

Kraken accelerated product innovation in Q1, targeting retail users with:

Kraken Pay: Instant, borderless payments supporting 300+ crypto and fiat currencies, enhancing Kraken’s role as a financial utility.

New Kraken Consumer App: Designed for intuitive wealth-building across assets, advancing Kraken’s holistic financial partnership vision.

Expanded Staking: Now available to U.S. clients in 37 states and 2 territories, emphasizing yield services with regulatory compliance.

Company: Boom Supersonic

Projected Ticker: N/A

Valuation: $429.33MM

Key Investors: Alexander Gerko, Bessemer Venture Partners, Michael Moritz, Paul Graham

Description: Founded in 2014 by entrepreneur Blake Sholl, Boom Supersonic is a privately owned aerospace technology company that is dedicated to commercializing supersonic flight. The company is on a mission to connect people and cultures from around the world by making supersonic flight more accessible while reducing travel times and prioritizing environmental sustainability for passenger aircrafts. The flagship project for Boom Supersonic is its Overture airliner, which is capable of reaching speeds of Mach 1.7 and is designed for transoceanic routes.

Founded in 2014, Wealthsimple has quickly established itself as one of Canada’s top robo-advisors. Known for its intuitive interface and commitment to accessible investing, the platform appeals to a broad and diverse Canadian investor base seeking low fees and user-friendly options.

Wealthsimple is a privately held Canadian company that has raised over CA$1.1 billion across nine funding rounds. Supported by more than 30 investors, the company is majority-owned by Power Corporation a major Canadian financial services multinational.

As of September 30, 2022, Power Corporation indirectly controlled 54.4% of Wealthsimple through holdings in Power Financial, IGM Financial, and Portag3.

Founded in 2014, Wealthsimple has quickly established itself as one of Canada’s top robo-advisors.

Known for its intuitive interface and commitment to accessible investing, the platform appeals to a broad and diverse Canadian investor base seeking low fees and user-friendly options.

As of September 30, 2022, Power Corporation indirectly controlled 54.4% of Wealthsimple through holdings in Power Financial, IGM Financial, and Portag3.

Company: Wealthsimple

Projected Ticker: N/A

Valuation: $4B

Description: Founded in September 2014 by Michael Katchen with the mission to help everyone achieve financial freedom, no matter who they are or how much they have, Wealthsimple is a Canadian online investment management company based in Toronto with over $15 billion AUM and 2 million users offering a range of financial services designed to be simple, transparent, and low-cost.

As of September 30, 2022, Power Corporation indirectly controlled 54.4% of Wealthsimple through holdings in Power Financial, IGM Financial, and Portag3.

Founded in 2014, Wealthsimple has quickly established itself as one of Canada’s top robo-advisors.

Known for its intuitive interface and commitment to accessible investing, the platform appeals to a broad and diverse Canadian investor base seeking low fees and user-friendly options.

As of September 30, 2022, Power Corporation indirectly controlled 54.4% of Wealthsimple through holdings in Power Financial, IGM Financial, and Portag3.

Company: SKIMS

Projected Ticker: N/A

Valuation: $4B

Key Investors: D1 Capital Partners, Greenoaks Capital Partners, Imaginary Ventures, Wellington

Description: Skims, founded in 2018, is a solutions-oriented brand striving to create the next generation of underwear, loungewear, and shapewear. The company manufactures and retails undergarments and loungewear designed to enhance the body shape. It offers a wide range of products including bodysuits, shapewear, and underwear that feature styles and color shades for different body types, with the goal of providing women with the right support and coverage. Skims is headquartered in Culver City, California.

Founded in 2018 by Kim Kardashian, Jens Grede, and Emma Grede, Skims is a women’s apparel brand focused on underwear, loungewear, and shapewear.

The company leverages Kardashian’s personal brand and strong social media influence, alongside collaborations with other creators and celebrities, to drive product promotion.

Skims emphasizes inclusivity with products available in nine sizes and multiple skin tone shades, designed to prioritize comfort, concealment, and body positivity.

In July 2023, Skims’ valuation was confirmed at $4 billion following a funding round. The company is profitable, generating approximately $500 million in revenue in 2022.

According to Jens Grede in a New York Times interview, Skims was on pace to sell $750 million in merchandise in 2023, reflecting strong growth momentum.

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