The once-bustling US initial public offering (IPO) market remains largely dormant, but that hasn’t stopped American startups from exploring opportunities to take their companies public. With the domestic window still firmly shut, many are looking overseas for their IPO dreams.
European scale-up Klarna has confidentially filed IPO documents with the US Securities and Exchange Commission, signaling its intent to list stateside despite the current challenges. Meanwhile, Naspers-owned Prosus is aiming to take its Indian fintech subsidiary PayU public in 2025, as the Dutch investor shifts more focus to the Indian market.
The Indian IPO scene has been a bright spot, with quick-commerce company Swiggy recently making a stellar debut. This has sparked envy among US startups seeking to replicate such success.
Beyond IPOs, the startup world has seen a flurry of other activity. Cybersecurity unicorn Bitsight acquired dark web security specialist Cybersixgill for $115 million, while Anysphere, the startup behind the popular AI-enabled code editor Cursor, snapped up competitor Supermaven.
Even as the US IPO window remains firmly shut, startups are taking advantage of any available opportunities, whether at home or abroad. They are navigating the turbulent landscape, exploring alternative avenues to secure funding and growth, and positioning themselves for an eventual return to the public markets.
