Startup Trends: 6 companies that could go public in Q4
September started out with investors returning from the Labor Day holiday weekend with renewed optimism for a vigorous IPO market. The month of September didn’t disappoint. Cybersecurity company Netskope (NASDAQ: NTSK), “buy now, pay later” fintech firm Klarna (NYSE: KLAR), online ticket retailer Stubhub (NYSE: STUB), blockchain lender Figure (NASDAQ: FIGR) and crypto products maker Gemini (NASDAQ: GEMI) were five such companies, listed on Forge, that made their public debuts within the month.
Combined, these fresh public companies offered nearly $4 billion of stock value to the public markets on their entrance.1 Investors could be hopeful that these companies are part of a “back from the sidelines” moment after facing months of regulatory uncertainty.
As investors enter the final quarter of the year, it could be worth looking at the companies that are left — those that were highly anticipated and highly likely to make a public exit this year. Yet, they still wait in the wings. These private companies could potentially very well make up the next series of public debuts by year’s end.
Skims, an apparel retailer
Founded in 2018, Skims looked to be a likely candidate to list itself on one of the public exchanges. Rumors began circulating in late 2024 when The Information reported the company was considering an IPO in early 2025.2 The Culver City, California-based retailer specializes in underwear, loungewear, and shapewear. Much of the firm’s success can be attributed to the marketing muscle of one of its co-founders, reality TV star Kim Kardashian.
The IPO rumors have quieted some this year, but the product innovation of Skims has not. Skims and Nike partnered this year to co-brand and cross-promote a line of shapewear and sportswear accessories for women.3 The new brand NikeSKIMS is expected to launch within days.4
Skims’ latest price per share is $345.90 based on its last funding round in July of 2023, which puts its post-money valuation at $4 billion. The clothing retailer’s notable investors include Wellington Management, Greenoaks Capital Partners, Thrive Capital and Alliance Consumer Growth.
Cerebras, a semiconductor company
Cerebras is another private company listed on Forge as one likely to go public soon. The Sunnyvale, California-based firm is a semiconductor technology company which offers AI computer systems and high-performance computing applications to enterprises. Its systems are powered by its flagship Wafer-Scale Engine, one of the world’s largest AI processors, designed to accelerate AI model training and inference.
Founded in 2016, Cerebras is seen as a competitor to chip making giant Nvidia. The firm is reportedly in talks to raise up to $1 billion in a fresh funding round, led by Fidelity Investments.5 If the round surfaces, it could enable Cerebras to dominate in the AI infrastructure and chip manufacturing market.
Cerebras filed confidentially for an IPO in 2024, but since that time has remained relatively quiet on its plans. Cerebras’ Forge Price™ is $36.23 as of September 24, 2025, and implies a valuation of $8.11 billion. Its notable investors include Abu Dhabi Growth Fund, G42, Alpha Wave Ventures and Sequoia Capital.
Wealthfront, an investing application
Palo Alto-based Wealthfront could be a likely company to go public by the end of the year. One of the original pioneers of robo-advisory services, the fintech firm confidentially filed an S-1 in June of this year.6
Founded in 2011, Wealthfront’s decision to pursue a public listing suggests growing investor confidence in wealth management technology, especially as personal finance apps experienced increased engagement post-pandemic. The filing comes after the fintech company was listed as one of two investing startups to appear on Forbes’ Fintech 50 2025 list.7
Wealthfront’s price per share is $9.54 based on its funding round in September of 2022, which put its post-money valuation at $1.36 billion. Its notable investors include Benchmark Capital, Greylock Partners, Ribbit Capital and Index Ventures.
Stripe, a payment solutions company
Fintech company Stripe provides payment acceptance solutions to businesses from customers both online and in person. Along with its payment services, it offers tools for money management and financial automation.
It was recently reported that the company achieved revenue growth of 34% or $5.1 billion for 2024, which also included $102 million in pre-tax profit. The private company has raised over $9.4 billion since its founding in 2010.8 Its overall cash position makes it an attractive company for investors, and one that makes for a highly anticipated public debut. Furthermore, the firm has announced more than 60 product launches this year across its product suite, including an AI-powered dispute management product, as well as support for new payment methods and its tax acceptance services for 102 countries.9
The Dublin, Ireland-based company has not filed or announced any plans to go public yet. Stripe’s Forge Price™ is $36.29 as of September 24, 2025, putting it at a post-money valuation of $92.37 billion. The fintech company’s notable investors include Andreessen Horowitz, Founders Fund, Allen & Company and Redpoint Ventures.
Databricks, a data solutions firm
Like Stripe, Databricks hasn’t announced any immediate plans to go public. Founded in 2013, the private company offers analytics and data processing solutions for enterprise clients.
The San Francisco-based company recently announced its latest valuation at $100 billion as it hauls in a fresh $1 billion funding round. The achievement uniquely places Databricks as one of only four venture-backed companies to reach this valuation threshold.10 Databricks’ CEO Ali Ghodsi signaled interest in a future IPO given its high valuation and the design software company Figma’s recent successful early days of public trading.
Shortly after the news of the valuation, Databricks announced its acquisition of software company Tecton to aid it in employing AI-enabled data processing at scale.11
Databricks’ Forge Price™ is $150.00 as of September 24, 2025, and implies a valuation of $100 billion. The private company’s notable investors include Andreessen Horowitz, Insight Partners, Thrive Capital and Microsoft.
ShipBob, a shipping logistics firm
ShipBob was another potential company once eyeing a 2025 public debut. It was announced in April of 2024 that the firm was aiming for an IPO in Q4 of the same year, led by investment banker J.P. Morgan Chase.12
Founded in 2014, ShipBob is a tech-enabled logistics business that uses its proprietary software to power delivery fulfillment for businesses and individuals. The company announced in August its expansion of warehouse space for its clients who look to increase stock of inventory and raw materials ahead of tariff uncertainty.13 The company also announced changes in its zone policies to allow for efficiency in supply chain fulfillment for the small businesses it serves.14
Headquartered in Chicago, ShipBob’s price per share is $36.74 as of its last funding round in May in 2022, putting its post-money valuation at $2.01 billion. The private company’s notable investors include Bain Capital Ventures, Softbank, Menlo Ventures and FundersClub.
$100B
$8.1B
