Startup Trends: Latest companies eyeing a public debut

Through confidential and public filings since April 1, 2025, several high-profile private firms—spanning design tools, fintech innovation, aerospace, and crypto—have stepped toward IPOs. This signals increased investor interest even amid the continued economic uncertainty that has loomed since the start of the quarter.

Here's a round-up of companies potentially nearing an IPO that are listed on Forge Global:

Figma, design giant eyes the public markets

San Francisco-based Figma officially filed its S-1 registration with the SEC on July 1, 2025, marking a highly anticipated public market debut.¹ Known for its cloud-based collaborative design tools, Figma has become a staple in digital product development, boasting a customer base that includes 95% of the Fortune 500.²

The company’s financials reflect sustained growth momentum. Figma reported $749 million in 2024 revenue, representing 48% year-over-year growth. The company thwarted a highly publicized potential buyout by software company Adobe in 2023 in a proposed $20 billion deal, further signaling its market attractiveness. Most recently, the company has improved its product with new code layers for developer use and workflow integrations.³

Founded in 2011, Figma’s Forge Price™ is $38.00 as of July 17, 2025, implying a valuation of $17.84 billion. The firm’s notable investors include Sequoia Capital, Kleiner Perkins, Andreessen Horowitz and Greylock.

Figure Technology Solutions, merging fintech and blockchain innovation

Figure Technology Solutions, the blockchain-powered financial services platform, confidentially filed for an IPO earlier in 2024 and has reportedly accelerated preparations for a fall 2025 public debut.⁴ Figure has been testing the waters for a public run through consultations with Blackrock, Softbank and Tiger Global Management.

People familiar with the fintech company touted the firm’s strong financial position, with annualized revenue of $355 million achieved in the first quarter, an increase of nearly 35% from the prior year.⁵ Earlier this year, the firm announced it had partnered with more than half of the top 20 mortgage banks in the U.S., all of whom will leverage Figure’s lien registry services.⁶

Founded in 2018 and based in Charlotte, North Carolina, Figure’s Forge Price™ is $5.68 as of July 17, 2025, implying a valuation of $1.07 billion. Its investors include Blockchain Ventures, Ribbit Capital, Lakestar and Baseline Ventures.

Wealthfront, robo-advisor returns to the IPO arena

After a canceled acquisition by UBS in 2022, Wealthfront signals it could reenter the IPO pipeline by confidentially filing an S-1 on June 23, 2025.⁷ The Palo Alto-based fintech firm is one of the original pioneers of robo-advisory services, offering automated investment management solutions. Financial specifics from the filing remained under wraps.

Founded in 2011, Wealthfront’s decision to pursue a public listing suggests growing investor confidence in wealth management technology, especially as personal finance apps experience increased engagement post-pandemic.

Wealthfront’s last price per share was $9.54 according to its last funding round in September of 2022, placing its post-money valuation at $1.36 billion. The fintech company’s investors include Ribbit Capital, Greylock Partners, Index Ventures and Dragnoneer Investment Group.

Firefly Aerospace, rocket maker aiming for liftoff on public markets

Cedar Park, Texas-based Firefly Aerospace filed a public S-1 registration in July 2025, setting the stage to list on the NASDAQ under ticker FLY.⁸ Specializing in medium-lift rocket launches and lunar lander services, Firefly is part of the growing new space economy, providing cost-effective solutions for commercial and government payload deliveries.

The company’s recent successes include the Blue Ghost One lunar landing mission in early 2025, which elevated its reputation in the competitive aerospace sector.⁹ The mission included 14 days of surface operations on Earth’s moon that included scientific experiments in partnership with NASA.¹⁰

Founded in 2014, Firefly’s price per share is $6.42 as of its June 2025 Series D funding round, which placed its post-money valuation at $3.49 billion. The aerospace company’s investors include 500 Global, Abbey Road Investment Group, Endowment Wealth Management and Tribeca Early Stage Partners.

Gemini, crypto exchange eyes the public spotlight

Gemini, a Dublin-based cryptocurrency exchange, reportedly filed a confidential S-1 with the SEC in early June 2025.¹¹ After navigating turbulent crypto cycles, Gemini is pushing ahead with its public listing, buoyed by recent approvals of spot Bitcoin ETFs and a more favorable regulatory climate in the United States.

In addition to Gemini’s exchange product, its offerings have expanded in recent years to include its Gemini Credit Card, a payment card that provides cryptocurrency returns on purchases. It also now offers its ActiveTrader application that allows investors to manage their cryptocurrency portfolio.¹²

Founded in 2014, Gemini’s latest valuation was $7.10 billion as of April 28, 2025. The firm’s notable investors include Cleo Capital, Pantera Capital, Global Blockchain Ventures, and Nyca Partners.