IPO Overview

Ethos Technologies has set the terms for its initial public offering, outlining plans to raise $200 million as it prepares to enter the public markets. The San Francisco–based life insurance technology company intends to offer 10.5 million shares, with approximately 51% of the offering coming from existing shareholders, at a proposed price range of $18 to $20 per share.

At the midpoint of the range, Ethos Technologies would carry a fully diluted market valuation of roughly $1.3 billion, positioning the company among the more sizable fintech and insurtech listings expected early in 2026.

Business Model and Platform

Ethos Technologies operates an end-to-end digital platform designed to modernize the life insurance process. Its technology integrates distribution, underwriting, policy issuance, payments, and administration into a single system. The platform serves multiple stakeholders, enabling consumers to apply for and manage policies online, providing agents with sales and policy management tools, and supporting insurance carriers with underwriting and administrative capabilities.

As of September 30, 2025, approximately 480,000 life insurance policies had been activated through the platform, highlighting its growing footprint within the U.S. life insurance market.

Financial Performance

For the twelve months ended September 30, 2025, Ethos Technologies reported $344 million in revenue, reflecting strong adoption of its digital insurance infrastructure. The revenue base underscores investor interest in technology-driven insurance platforms that aim to streamline legacy processes and expand access to life insurance products.

Listing Details and Timeline

Ethos Technologies plans to list its shares on the Nasdaq under the ticker symbol LIFE. The offering is being led by a broad syndicate of underwriters, including Goldman Sachs, J.P. Morgan, BofA Securities, Barclays, Citigroup, Deutsche Bank, William Blair, and Baird, alongside Citizens JMP.

The company is expected to price the IPO during the week of January 26, 2026, placing it among the first notable U.S. technology offerings of the year.

Market Context

The planned IPO comes as investor appetite for profitable or near-scale fintech and insurtech companies shows signs of recovery. Ethos Technologies’ combination of revenue scale, platform-driven operations, and exposure to the life insurance sector positions the offering as a closely watched test of public market demand for insurance technology firms in early 2026.