Fall 2025 US IPO Preview: Klarna, StubHub, and a $35 Billion Market Debut Wave
The U.S. IPO market is entering one of its busiest stretches in years as fall 2025 approaches. A new preview report points to 40–60 sizable IPOs that could raise as much as $35 billion before year-end. With the Renaissance IPO Index up 15.8% year-to-date, far outpacing the S&P 500, investor appetite appears strong. High-profile listings from Klarna and StubHub are among those generating the most buzz in a diverse pipeline spanning tech, fintech, consumer, biotech, and energy.
Company Background
Klarna, the Swedish payments giant, is preparing for one of the most closely watched IPOs of the season. Known for pioneering “buy now, pay later” services, Klarna has expanded into digital banking and consumer credit, positioning itself as a global fintech leader backed by prominent investors like Sequoia Capital and SoftBank. Its IPO is expected to serve as a barometer for fintech valuations in the public markets.
StubHub, the online ticket marketplace, is also gearing up for its return to the public market. With live events experiencing a post-pandemic boom, StubHub has capitalized on surging consumer demand for concerts, sports, and festivals. Its leadership team is betting that a stock market debut will provide the capital needed to scale operations and expand globally.
IPO Details
Across the broader pipeline, approximately 113 U.S. IPO filings have been made over the past three months. Of these, about 19 companies are likely to go public this fall, with another 19 progressing toward potential listings in 2026. While specific ticker symbols and price ranges for Klarna and StubHub are not yet confirmed, both companies are expected to target multi-billion-dollar market capitalizations. Leading investment banks are already positioning themselves as underwriters, and Nasdaq remains the favored exchange for high-growth tech and fintech listings.
Market Context and Opportunities
This fall’s IPO wave comes at a moment of renewed optimism in equity markets. The strong performance of the Renaissance IPO Index highlights investor demand for growth-oriented companies. Stabilizing interest rates, combined with resilient consumer spending and ongoing digital innovation, provide a favorable backdrop for new offerings. For investors, Klarna represents an opportunity to gain exposure to fintech and consumer credit, while StubHub offers a play on the booming live events sector. Biotech and energy listings are also expected to draw strong interest, underscoring the breadth of opportunities in the pipeline.
Risks and Challenges
Despite favorable conditions, risks remain. Klarna faces regulatory scrutiny of its credit model, as “buy now, pay later” services come under increasing oversight in both Europe and the U.S. StubHub must navigate competitive pressures from ticketing rivals and address concerns over profitability as it invests heavily in growth. More broadly, the IPO pipeline is vulnerable to shifts in investor sentiment if economic conditions tighten or volatility spikes in the stock market. Companies in biotech and energy face sector-specific risks, including regulatory delays and commodity price swings.
Conclusion
The fall 2025 IPO season is shaping up as one of the most significant in recent years, with the potential to raise up to $35 billion across multiple sectors. Klarna and StubHub are expected to anchor the wave of listings, but the breadth of offerings reflects a stock market eager for new growth stories. The key question for investors is whether these IPOs will mark a lasting revival of public offerings and reshape industries—or if they will be remembered as just another crowded rush to raise capital.
