IPO 2025

Today, I had the rare opportunity to attend the IPO Summit at the NYSE.

A room filled with companies on the verge of going public, investment bankers deep in the trenches, and market experts reading the tea leaves on what’s next.

As a Startup CFO, most of my companies aren’t IPO-focused just yet,

But as the market shifts, the path to public markets is becoming more viable,

Making it more important to understand the landscape early and prepare accordingly.

A few insights stood out, some expected, some surprising:

• 2025 could be an IPO spring… but M&A may be even hotter. While many expect IPO volume to increase, M&A could see a bigger surge, with a wave of companies choosing acquisition over going public.

• IPO readiness is brutal. If you thought VC funding was bad, buckle up! The more you prepare in advance, the less your team gets steamrolled by the process. Everything you can do to streamline before thinking about filing will help avoid complete team burnout.

• Automate financial reporting. You're going to need to report earnings on a regular basis with a high degree of rigor. If your reporting process still has humans in the loop, you're risking being late or more prone to errors.

• The IPO path is rarely linear. Many companies start the IPO process but end up getting acquired along the way. Understanding that this is always a dual path going in is important.

• Your spending trends will change. Nearly all companies have a big increase in G&A spending before and for a while after IPO. Good to know for those forecasting models!

For many startups, IPOs feel like a distant possibility,

But working with your end in sight is always powerful.

The companies that lay the groundwork early

Have more choices when the time comes.

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