After the Introduction on the Chaude Red Stock Exchange of Figma, investors say that these companies can be next to the IPO

There is a long list of technological companies supported by VC at an advanced stage with solid customers’ bases that Wall Street investment bankers would like to take public. Many of these companies of several billion dollars, including Databricks, Klarna, Stripe and Spacex, have been the subject of IPO speculation for years. And then of course, there is the harvest of startups a richly appreciated, of Openai and Anthropic, in the Xai of Elon Musk.

These companies will probably continue to be under the spotlight, but in the conversations that I had with several investors after the beginnings of Figma, other names were more likely to introduce on the stock market, notably Canva, Revolut, Midjourney, Motive and Andundil.

“Having positive stock market IPOs is a good signal for everyone,” said Kirsten Green, founder and managing partner at Forerunner Ventures, whose CHIME portfolio company recently became public and has experienced 37% of the course of the action on its first day of negotiation. (Forersner also has investments in the public company Hims & Hers and private companies at the end of the stage, including yes.) “I believe that we should review this idea: an Introduction on the stock market is the series to be on the public market – and have really a motivation for the will of people, and perhaps even the eagerness to become public.” (As if it be, on Heartflow, a medical technology company, filed an S-1 for its IPO to an evaluation of $ 1.3 billion on August 1).

Kyle Stanford, director of research on American venture capital in Pitchbook, notes that only 18 companies supported by a company have become public until June 30 of this year. This, he says, is a factor of political uncertainty which result in the financing of the opposite winds as well as the surfinance which occurred in 2021 which continues to thwart venture capital. “Five, hope it will start to break the dam, but it was a fairly slow neighborhood,” he said.

Although Figma, which manufactures design software, is profitable and has a solid set of integrated AI capabilities, these qualities are not essential to companies for IPO, Stanford explains. He says that investors would prefer that companies generate a minimum of $ 200 million in revenues that increase at high rates and favor the cash flow available positive on profitability. Having a story of AI is also “very important”, unless the company is very high and profitable by large margins.

Canva can be a highest case because it is a design company with fundamentals similar to that of Figma, have said several investors that I have interviewed. The CANVA design collaboration company has collected around $ 589 million out of $ 18 rounds to an assessment of $ 32 billion, greater than that of FIGMAs at the time of its IPO. “Canva is a big winner with regard to what happened yesterday with Figma,” said Jason Shuman, an investor in Primary Ventures. Shuman, who is not an investor in Canva, underlines that the annual income of 3 billion dollars in Canva and the growth of 35% in annual shift as a sign of the sustainability of his business.

Others agree. “Canva – After finding Figma, Holy Crap – they will try from the IPO as soon as possible,” explains Felix Wang, managing director and partner at Hedgeye Risk Management, who is not a Canva investor. Canva, recently estimated at $ 37 billion during a share buyout, did not respond to the request for makeshift comments.

Wang and others note that the overvoltage of Figma’s price is, in many ways, not really motivated by Figma. On the contrary, the market is at a record level, causing the demand for retail traders for new companies on the market. “They don’t even know this business, but they know it’s a new business,” said Wang retail traders investing in Figma. “They will put money there, and then, more interesting: they will show it on social networks.”

As Figma is in Canva; Nubank is in Revolut, reasoning Shuman de Primary. He looks at Fintech Nubank, which is up approximately 13% compared to its IPO of the early 2025 and thinks that Revolut, which has a very similar commercial model, could be a copy. Revolut said Fortune In a press release: “We do not focus on if or when we have the IPO, but by continuing to extend the company, the construction of new products and the provision of better and cheaper services to serve our growing global customers. »»

Another potential IPO candidate in the quasi-future is the manufacturer of Cerebras chips, explains Shuman de Primor, who invests in the vertical companies of AI, B2B, SMB and finance and defense, but has no participation in Cerebras or Revolut. (Cerebras filed an S-1 in September 2024, but its IPO was delayed by the regulators concerned by an investment of $ 335 million by the G42 based on water. Now, it was authorized by regulators for registration on the public market, but the company has retained an IPO when it collects a billion dollars, reports the company on an IP Billion dollars at $ 1 billion, reports the company on an IPO while collecting a billion dollars, reports the company, reports the company for a computer fundraising of $ 1 billion. Information.)

Many companies, including the largest and most warm OpenAi private company (which has just seized an assessment of $ 300 billion, according to the New York Times), have important incentives to stay deprived. Indeed, they can avoid a public examination which results from the required disclosure of public companies and have access to significant private capital for liquidity infusions which are often essential.

However, the fact that giants like Openai, Stripe (assessment of $ 91 billion) and SpaceX (evaluation of $ 400 billion) are private can even be a hidden cost for the public market. “I’m going to become philosophical,” explains Green de Falerunner. “Part of the public market has been created so that the broader population can participate in the economy and the growth of the economy; She was not supposed to sit in the hands of a few people. ”

A giant can enter into the stock market projectors. Andundil, the defense technology company which won an evaluation of $ 30.5 billion on its G series, is encouraged to remain private due to the nature of its activities. But Stanford of Pitchbook predicts that this is the next technological stock exchange. In addition to the CEO of Andundil announcing that it will become “definitively” listed on the stock market, its value proposal is fundamental for the priorities of the Trump administration in terms of security and defense, which could make a warm choice for investors, reasons of Stanford.

“Apart from that,” he says, the list of potential candidates in the IPO nowadays is long: “There are probably around 300 other companies that it could be.”