Figma’s sensational IPO last week, which saw its stock surge 333% in initial trading days before settling somewhat, has reignited speculation about the next wave of tech startups poised to go public after a prolonged IPO drought in the sector.
Investors and insiders point to a list of well-known late-stage VC-backed companies with robust customer bases that could soon follow Figma onto the public markets. Among these top contenders are Canva, Revolut, Midjourney, Motive, and Anduril. These companies boast multi-billion dollar valuations and strong growth fundamentals, positioning them as attractive IPO candidates.
Canva, similar to Figma as a design and collaboration platform, stands out with a $37 billion valuation, annual revenue of $3 billion, and solid 35% year-over-year growth. Experts believe Canva will aim to IPO soon, capitalizing on the positive investor sentiment stirred by Figma’s success.
Revolut, a fintech rival to NuBank, also draws attention given NuBank’s recent positive IPO performance. Anduril, a defense tech company valued at over $30 billion, has stated its intent to go public, with its business aligning with increased government spending on security and defense.
The broader IPO market remains cautious due to policy uncertainties and prior overfunding in 2021, which have slowed venture capital activity. Nonetheless, Figma’s breakthrough is seen by many as a potential catalyst to rejuvenate enthusiasm for tech IPOs.
At the same time, some giants like OpenAI, Stripe, and SpaceX, while heavily valued and influential, continue to hold private status, benefiting from access to private capital and avoiding public market disclosures.
The ongoing debate around the public vs. private capital markets reflects wider economic themes: public markets aim to democratize access to economic growth, yet many powerful companies remain privately held, concentrating wealth and control.
This insight into the next generation of tech IPOs highlights key trends shaping the innovation economy in 2025 and beyond.
Keywords: Figma IPO impact, tech IPO pipeline 2025, Canva IPO prospects, Revolut fintech IPO, Anduril defense tech IPO.
This summary is based on a detailed feature originally published by Fortune and reported by AOL Finance in August 2025.Tech Industry Insiders Share Their Picks for the Next Startups to Ride the IPO Wave After Figma’s Blockbuster Debut
Following Figma’s sensational IPO last week, which saw its stock price surge 333% during the initial days of trading, investors and insiders are optimistic that this landmark event could spark a wave of new tech IPOs, ending the industry’s recent dry spell.
Several late-stage, venture-backed tech companies are considered strong IPO candidates, with some catching particular attention following Figma’s success. Noteworthy names include Canva, Revolut, Midjourney, Motive, and Anduril. Canva, a design collaboration platform similar to Figma, stands out for its $3 billion annual revenue, 35% year-over-year growth, and a valuation surpassing $30 billion—experts believe it is poised to go public soon.
Revolut, a fintech firm modeled similarly to NuBank, which has recently enjoyed positive post-IPO performance, is also seen as a likely contender. Meanwhile, defense technology company Anduril, valued at $30.5 billion, has officially announced plans to go public, buoyed by its alignment with security priorities under the current U.S. administration.
Despite the enthusiasm, IPO activity remains cautious due to policy uncertainties and venture capital’s previous overfunding in 2021, which continues to dampen new public offerings. Many large private companies, including OpenAI, Stripe, and SpaceX with valuations soaring into the hundreds of billions opt to stay private to avoid public scrutiny and maintain funding flexibility.
Investors note that a successful IPO signals strong market confidence and can motivate other companies to consider going public, revitalizing access to growth opportunities across a broader investor base.
This wave of potential tech IPOs highlights the evolving dynamics of the technology sector and the intricate balance between public market demands and private capital advantages.