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From Plaid to Figma, Here Are the Startups That Are Likely — or Definitely — Not Having IPOs This Year

BusinessFrom Plaid to Figma, Here Are the Startups That Are Likely — or Definitely — Not Having IPOs This Year

Investor optimism for a robust 2024 IPO pipeline has largely faded as we reach the halfway mark of the year. While 2024 saw some promising venture-backed tech IPOs, including Reddit, Astera Labs, Ibotta, and Rubrik in March and April, broader market conditions suggest a full reopening of the IPO market may be postponed until 2025.

Despite a better outlook than 2023, several factors such as the upcoming presidential election and elevated interest rates are hindering the IPO market’s recovery. Some companies, including Klarna and Shein, are on the brink of going public but face uncertain timelines. As such, it’s easier to identify which startups will likely avoid public listings this year. Here are some notable ones:


Plaid, a B2B fintech company, has made it clear that an IPO is not in its 2024 plans. CEO Zach Perret stated at an Axios event in March that the company had no intentions of going public this year, reiterating previous reports. With a valuation of $13.4 billion as of 2021, Plaid continues to strengthen its financial foundation away from the public eye.


Figma’s recent actions suggest it won’t pursue an IPO in 2024. In May, the design unicorn held a tender offer allowing existing investors and employees to sell shares on the secondary market, a move typically preceding major liquidity events like an IPO. Valued at $12.5 billion during this tender offer, Figma’s current valuation remains below Adobe’s prior $20 billion acquisition offer but above its last primary round valuation of $10 billion.


Stripe, another fintech giant, conducted a secondary sale earlier this year, valuing the company at $65 billion, down from its 2021 peak of $95 billion. This tender offer aimed at current and former employees indicates Stripe’s focus on gradually rebuilding its valuation before considering an IPO.


Despite expectations from VC investors, Databricks is unlikely to go public in 2024. The AI cloud platform raised $500 million in a Series I round last fall, with a valuation of $43 billion. The inclusion of crossover investors like T. Rowe Price suggests a potential IPO delay until market conditions improve, positioning Databricks for a 2025 debut.


Canva, the design platform startup, is also not expected to IPO this year. Co-founder Cliff Obrecht indicated that an IPO wouldn’t happen until at least 2025, if not 2026. However, U.S. investors can anticipate that when Canva does go public, it will do so in the United States, ensuring broader market participation.


While the early successes of Reddit, Astera Labs, Ibotta, and Rubrik’s IPOs brought some hope, various macroeconomic factors and strategic company decisions have tempered expectations for a significant uptick in public listings this year. Companies like Plaid, Figma, Stripe, Databricks, and Canva are likely holding off their IPO plans, aiming to optimize their financial health and wait for more favorable market conditions. Investors may need to adjust their expectations and prepare for a more vibrant IPO market in 2025.

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