US IPO Weekly Recap

Four IPOs and six SPACs debuted this week.  

Global trading platform eToro Group (ETOR) priced its upsized US IPO above the range to raise $620 million at a $4.9 billion market cap. eToro’s platform aims to combine a social network with the ability to trade and invest, all within a regulated, digital investment platform for financial discourse. As of December 31, 2024, eToro had approximately 3.5 million Funded Accounts across its global footprint of 75 countries. The company’s total commission grew 45% in 2024, and its net contribution grew 41%. However, it is dependent on volatile trading volumes and prices, and is subject to varying regulations, especially within the crypto space. eToro finished the week up 23%.

Singapore-based digital asset-focused financing firm Antalpha Platform Holding (ANTA) priced its US IPO at the top of the range to raise $49 million at a $329 million market cap. Antalpha provides financing, technology, and risk management solutions to the digital asset industry. The company is the primary lending partner for Bitmain and provides supply chain financing solutions to institutional and corporate participants in the Bitcoin mining industry, offering loans secured by Bitcoin and Bitcoin mining machines. Its revenue jumped more than three times in 2024, although it demands on volatile crypto demand and prices. It finished the week down 6%.

Singapore-based oil and gas equipment maker OMS Energy Technologies (OMSE) priced its downsized US IPO at the midpoint to raise $33 million at a $382 million market cap. The company manufactures surface wellhead systems and oil country tubular goods, primarily for onshore and offshore E&P activities. OMS has a 10-year agreement with Saudi Aramco, which accounts for a majority of the company’s revenue. It finished the week down 13%.

Autonomous delivery systems developer Arrive AI (ARAI) completed its direct listing this week. Arrive AI is developing autonomous last mile mailboxes, designed to support deliveries done by robots and drones. Arrive AI is also developing a suite of software and services for its mailboxes, including features for scheduling, space optimization, and notifications. The company is in the development stage, and has generated no revenues to date. Its finished the week down 21%.

Six SPACs listed this week. Churchill Capital X (CCCXU), founded by former Citi executive Michael Klein, raised $360 million. Wen Acquisition (WENNU) raised $261 million to target fintech and blockchain. Cohen & Company-backed Columbus Circle Capital I (CCCMU) raised $220 million. Renatus Tactical Acquisition (RTACU), led by the former CEO of Digital World Acquisition, raised $210 million to target tech. Perimeter Acquisition I (PMTRU) raised $210 million to target defense and national security. Thayer Venture Acquisition II (TVAIU), the second blank check company formed by Thayer Ventures, raised $175 million to target travel and transportation.

eToro Group (NASDAQ: ETOR) has filed for a proposed IPO

Digital investment platform eToro filed for an initial public offering, saying it applied to list on the Nasdaq Global Select Market under the symbol ETOR.

• eToro’s net income grew to $192.4 million, compared with $15.3 million a year ago.

• The company, founded in 2007, provides trading and an investment platform to its customers.

The company said Monday its platform allows users to trade equities, currencies and commodities. The platform also allows users to trade crypto assets, with the company's co-founder and chief executive, Yoni Assia, saying the platform has helped millions of investors access the asset class in a safe way.

Spark Capital II, BRM Group, Andalusian SPV III, SBT Venture Fund I and CM SPC are listed among the company's principal shareholders.

Earlier this month, the company said it recently completed a $250 million funding round at a valuation of $3.5 billion. Investors in the funding round included ION Group and SoftBank Vision Fund 2, the company said.

EToro didn't provide an expected size for its IPO, nor did it offer an expected price range.

The company was founded in 2007 and said as of Dec. 31, 2024, it had about 3.5 million funded accounts.

IPOs to watch for in 2025

1. Stripe

Stripe has been a rumored IPO candidate for a while. The company’s payments processing business for e-commerce has been riding the wave of online shopping, and Stripe has major supporters in the form of venture capital firms Andreesen Horowitz, Kleiner Perkins and Sequoia Capital. The company’s latest valuation is still a far cry from its high-water mark of $95 billion in 2021, and a transaction with Sequoia in 2024 valued the firm at just $70 billion.

2. Databricks

Databricks is a tech unicorn that has the potential to be an IPO valued in the tens of billions, and therefore one of the highest-profile offerings in any year that it goes public. Will that year finally be 2025? The company raised $10 billion in funding in January 2025, valuing the business at $62 billion. That’s up nicely from a 2023 valuation of $43 billion and $31 billion in October 2022. Rivals include Snowflake and Confluent. Databricks has some top investors, including Andreesen Horowitz, BlackRock, Tiger Global and Fidelity.

3. Cerebras Systems

It’s hard to get hotter than semiconductor companies focused on artificial intelligence, and that’s the business of chip company Cerebras, which competes with leaders such as Nvidia. The company filed IPO paperwork in August 2024, though it’s been facing concerns from U.S. regulators about one shareholder-customer that have slowed the process. Cerebras had a valuation of $4 billion as of 2021, a stale valuation, and the company reportedly wants to achieve double that in an IPO. 

4. eToro

The broker eToro offers trading in stocks, options and cryptocurrencies, and it’s now looking to hit the markets itself. The broker tried to go public a few years ago via a SPAC, but had to scrap that deal. The London-based brokerage filed confidential IPO paperwork in February 2025, and the company appears to be targeting a $5 billion valuation, after being valued at $3.5 billion in early 2023. So the broker may hit the market soon, if the market remains amenable. 

5. Chime Financial

Chime offers a financial app that acts like a bank, offering fee-free accounts for customers, and it confidentially filed some IPO paperwork in December, which could tee it up for a 2025 IPO. Chime has been a hit with consumers, and has an estimated 22 million active users as of 2024, according to Cornerstone Advisors. Speculation has been rife for years that Chime would be going public, but it’s still private and looking for the right time to debut. Chime’s high valuation was $25 billion in late 2021, but many tech companies’ valuations plummeted in 2022 and 2023.