The IPO window slammed shut for much of the past two years, but 2025 is shaping up to be a comeback year — and Kalshi’s prediction markets are already laying bets on who’s next.
Fresh off Figma’s blockbuster debut, traders are pricing in odds for Klarna, Discord, and some of the biggest names in AI.
The signal? Sentiment is turning bullish, but the path to market is still a high-stakes gamble.
Klarna
The Swedish fintech giant has been circling the IPO runway for years. Kalshi traders are giving it high odds of finally pulling the trigger in September 2025, riding the post-Figma hype and a strong payments sector rebound.
Discord
The gamer-to-mainstream communications platform is rumored to be exploring a public listing. Kalshi odds are rising alongside surging engagement metrics and a growing ad business.
Cerebras
AI infrastructure is the hottest sector on the market, and Cerebras — with its wafer-scale chips — is positioned as a potential breakout IPO. Kalshi traders see it as a CoreWeave-style debut waiting to happen.
Databricks
Another AI-adjacent juggernaut, Databricks has seen IPO speculation spike after its recent valuation jump. Kalshi odds are climbing as enterprise AI adoption accelerates.
Stripe
The payments unicorn is the white whale of IPO markets. Kalshi shows cautious optimism, but traders are split on whether 2025 is finally the year.
Genesys
While not as flashy as the tech giants, the customer experience software company has been flagged in Davos discussions as IPO-ready. Kalshi sentiment suggests a quiet but solid debut could be on the horizon.
Market Backdrop
A bullish NYSE forecast at Davos — combined with lighter regulatory headwinds — has improved IPO odds across the board. Traders are betting that 2025’s listings will outpace 2024 by a wide margin.
The Figma Effect
Figma’s 250% first-day pop is fueling speculative fever. Kalshi’s new IPO contracts, launched July 31, let retail traders bet on IPO outcomes even without share access — a move that could drive volatility.
Caution Flags
Prediction markets are useful sentiment tools, but they’re not gospel. Odds can swing wildly on rumors, and Kalshi’s contracts are still thinly traded in these early days.
Key Takeaway
Kalshi is flashing green for a tech-heavy IPO rebound, but timing and execution remain everything. For now, Klarna looks like the first out of the gate — and the market is betting big.
