Liquid Death Upcoming IPO: Will it quench the public market's thirst?
Liquid Death, a beverage company famed for its clever marketing, could be gearing up for an IPO, but investors still await definitive plans. In July 2023, The Information reported that Liquid Death hired Goldman Sachs to prepare for an IPO as early as the spring of 2024.5 While that timing didn't come to fruition, the company has been growing its sales and valuation and appears primed for an eventual public debut, with CEO Mike Cessario telling Bloomberg in March 2024 that an IPO is an option the company wants to keep open.6
Liquid Death: Company background
Liquid Death burst into the beverage market in 2019 with canned water and bold branding, playing off some of the prototypical messaging found in the beer and energy drink industries. Since then, the company has expanded from canned water into flavored sparkling water, iced tea and electrolyte drink mixes.
The company has experienced rapid growth since its launch. Liquid Death had more than triple-digit growth over its first several years and reached $263 million in retail sales by 2023, the company reported in a press release, based on SPINS data.7
The company also has a broad distribution network, with its products in 113,000 stores in the U.S. and UK.8 In addition to channels such as Amazon and physical retail stores, sales also come from areas such as bars and concerts, through a partnership with entertainment company Live Nation, which is also an investor in Liquid Death.
In October 2023, Liquid Death hired a former White Claw executive, Stephen Ballard, to serve as the company's Chief Commercial Officer to help fuel growth.9
Liquid Death stock price and private market performance
Liquid Death's Forge Price is $8.57 at a $931.94 million Forge Price Valuation, as of June 11, 2026.10 The Forge Price is a derived price calculated based on a proprietary model incorporating pricing inputs from publicly available funding round information, secondary market transactions and indications of interest on Forge's marketplace.
Forge Data as of 06/11/2026
Private market data shows that Liquid Death's Forge Price has shifted as the company has grown. Based on Liquid Death's Forge Price, the company can be tracked against the FoodTech sector of the Forge Private Market Index as well as the overall index for context on broader private market trends.
Liquid Death's performance versus its chief public market competitors shows mixed results. Monster (NASDAQ: MNST), which commands a valuation many times larger than Liquid Death's. Over the 30-year period between February 14, 1994, and February 14, 2024, Monster generated a reported return of approximately 200,000%.11 That percentage return means a $1,000 investment in 1994 would have been worth approximately $2 million.
The strong performance of shares of Celsius further shows the competition within the bottled beverage space. While investors should apply a heavy grain of salt comparing large-cap public companies and a relative newcomer like Liquid Death, Celsius offers a case study for how beverage companies can capitalize on long-term trends to spur growth.12
Liquid Death funding history and valuation
Liquid Death has raised nearly $342 million in funding across multiple rounds.13 The company completed an oversubscribed Series F-1 round in March 2024, raising over $67 million at a valuation of $1.4 billion, which the company said it would put toward product innovation and scaling operations.14
Investors in that funding round included a mix of institutional investors, distributors and celebrities. SuRo Capital joined as a new investor, while Science Inc., which has invested in Liquid Death dating back to its origins in 2019, re-invested alongside Live Nation and Gray's Creek Capital Partners.15
The Series F-1 continued a pattern of up rounds. For instance, its Series A in February 2020 valued the company at nearly $50 million, and a Series D in October 2022 valued the company at a little over $700 million.16
Before doubling its valuation with the Series F-1, Liquid Death ran into some logistical hurdles, such as ocean freight costs cutting into its margins. The company was able to shift production from Austria to the U.S. in 2023, as Forbes reported.17
Forge Data as of 06/11/2026
Liquid Death's competitive position in the beverage market
Liquid Death's success hasn't been easy given the competition in the beverage market, but the company has thrived with its unique branding. Its tagline, for example, is "Murder Your Thirst."18 With millions of followers across TikTok and Instagram, Liquid Death reports being one of the most-followed beverage companies on social media.19
Globally, the bottled water market (which includes different types such as still and sparkling, as well as different bottling methods including plastic and cans) is projected to grow at a 5.3% compound annual growth rate (CAGR) through 2033, reaching over $550 billion in sales.20
While Liquid Death has carved out a name for itself, it still has to compete with giants like Coca-Cola and PepsiCo, along with more niche brands like Monster, Vita Coco and Celsius. Liquid Death's CEO Cessario told Bloomberg that looking at brands like Celsius and Monster makes the IPO path an exciting one that Liquid Death wants to keep open.21
How to invest in Liquid Death before its IPO
As a private company, Liquid Death shares are not traded on a public stock exchange. However, accredited investors and institutions may be able to gain exposure to Liquid Death stock through private marketplaces like Forge, which connects buy-side investors with existing shareholders looking to sell their private holdings.
Forge provides real-time pricing transparency via Forge Price and live order book data, along with contextual pricing insights to help inform investment decisions. The simplified, self-directed trade experience lets investors submit bids and manage documents, while Forge's experienced team of Private Market Specialists is available to assist throughout the trade lifecycle on request.
Check back here or take a look at Forge's upcoming IPO calendar to stay in the loop about a possible Liquid Death IPO and other potential exits. To learn more, read about pre-IPO investing or create an account on Forge's marketplace to get started.
FAQs about the Liquid Death upcoming IPO
Who are Liquid Death’s key investors?
Liquid Death's key investors include a broad mix, such as venture capital firms like Hanfield Venture Partners, NoMad Ventures, Science Inc. and Shrug Capital. Liquid Death has also attracted investment from beverage distributors, Live Nation and celebrities like Josh Brolin, DeAndre Hopkins and Jim Jefferies.22
Can anyone invest in Liquid Death?
As a private company, Liquid Death is currently only available to accredited investors and institutions. That doesn't mean only those who participate in Liquid Death's funding rounds can invest. Individual accredited investors may also be eligible to buy Liquid Death stock through marketplaces like Forge.
What happens to pre-IPO shares when a company goes public?
When a private company completes an initial public offering (IPO), pre-IPO shares typically convert into publicly traded shares. However, early investors and employees are usually subject to a lock-up period during which they cannot sell on the public market. Once the lock-up expires, shareholders can trade their equity freely on the exchange.
How is Liquid Death stock priced on the secondary market?
On the secondary market, private company stock prices are determined by supply and demand among buyers and sellers. Forge provides pricing transparency through its Forge Price, which incorporates data from secondary market transactions, publicly available funding round information and indications of interest on the marketplace.
