Startup Trends: Companies Eyeing a Potential Public Debut
The second quarter of 2024 saw multiple high-profile companies make their public debut. Among them were cybersecurity company Rubrik and healthcare technology company Tempus AI. This followed on the heels of both social media firm Reddit and chipmaker Astera Labs going public in late March just prior to the quarter.
According to the research publication, Renaissance Capital, IPO volume in Q2 2024 hit a two-year high, with 39 companies going public. Early August however, ushered in some daily pullback in the public markets, and it remains to be seen how the second half of 2024 will fare towards new IPO entrants.
Below are some tech unicorns that reported in Q2 that they were eyeing a public run in the not-too-distant future.
CoreWeave
CoreWeave is a cloud solutions startup that provides large-scale computing power. According to The Information in May, the company is preparing for a 2025 IPO as demand for AI and cloud-based infrastructure continues to increase. Investor interest is high for CoreWeave as evidenced by a $1.51 billion Series C funding round in May 2024 at a $19 billion valuation. Forge listed CoreWeave as a startup that achieved one of the largest funding hauls in the second quarter. Key investors for CoreWeave include AI chipmaker Nvidia and investment firms Coatue and Magnetar.
CoreWeave’s Forge Price™ is $779.05 as of July 19, 2024.
StubHub
A well-known name in the secondary ticket marketplace, StubHub is planning for an IPO in the third quarter of 2024. The company experienced an increase in revenue brought on by booming ticket sales in recent years as consumers sought experiences outside of their homes following the COVID-19 pandemic. The company was purchased in 2007 by e-commerce company eBay, and then StubHub Co-Founder Eric Baker reacquired it for $4 billion in 2020. StubHub is aiming for a valuation of at least $16.5 billion.
Cerebras
Cerebras is a key player in the high-powered AI infrastructure sector that is challenging chipmaker Nvidia with its flagship product the WSE-3 processor. The company filed confidentially for an IPO that is estimated to occur in the second half of 2024, according to an unnamed source who was involved in the matter, as reported in The Information in late June. The filing was again confirmed on August 1, 2024 in an article in Reuters, but no definitive date was given.
Cerebras was founded in 2016 and its Forge Price™ is $34.21 as of July 19, 2024, which implies a valuation of $6.7 billion and a 133% premium to its last funding round in November 2021.
ShipBob
Based in Chicago, Illinois, ShipBob is aiming for an IPO as early as Q4 2024 according to a Bloomberg article in April. Investment banker J.P. Morgan Chase is set to lead the IPO with Citigroup also participating. ShipBob is an e-commerce fulfillment company that offers a warehouse management solution, mainly for small and medium-sized businesses that outsource their fulfillment operations. The company enables its customers to compete with enterprise retailers like Walmart and Amazon.
ShipBob’s Forge Price™ is $36.74 as of July 19, 2024, which implies a valuation of $2.01 billion as of its latest funding round price from May 2022
About the Author
Chris Cannon develops lifecycle programs that engage Forge’s existing client base. Prior to joining Forge, he led audience engagement programs and newsletter operations at Investopedia, the global financial and investing media company. Chris received his MBA from East Carolina University and a BA in History from the University of North Carolina at Greensboro. Read more from Chris.