Who could be next to IPO?

July 23, 2024

Hi, Agen. So far in 2024 the road to IPO has not seen the barrage of long-private, venture-backed companies many expected. Nevertheless, here are our best guesses about who may look to find an opening to get listed in the next six to 12 months. Plus, AI-focused startups widened North America’s funding lead in the first half of 2024, and Cohere raises again, reaching a $5.5 billion valuation.

🎉 Who could be next to IPO?

Despite some predictions that the IPO market would open up this year, it’s continued to be sluggish when it comes to big names going public. Sure, some have gone out, such as content platform Reddit and chip startup Astera Labs, but it’s just been a trickle. If the second half is better, here’s our best predictions as to who could go out to the public market.

🏁 North America’s startup funding lead widens

In the first six months of this year, startups in the United States and Canada pulled in $80.1 billion — more than the rest of the world combined. Of that, around 30% went to AI-focused startups, which raised just over $24 billion in the first half of this year.

Related Crunchbase Pro list: North American AI Funding 1H 2024

🦄 Cohere hits $5.5 valuation after huge new raise

After months of reports, Toronto-based Cohere finally seems poised to announce a $500 million Series D raised at a $5.5 billion valuation, per a Bloomberg report. The new round reportedly will be led by Canadian pension investment manager PSP Investments and includes several corporate investors.

Related Crunchbase Pro list: Rounds Raised By Startups Using AI

🎮 Gaming startup funding fell in Q2

Global funding to gaming startups fell in the second quarter. An absence of really large rounds was a major contributing factor.

Related Crunchbase Pro list: Gaming-Related Startup Funding

🏆 The week’s 10 biggest funding rounds

Investors’ pocketbooks were once again open wide as eight startups raised $100 million or more last week. The big rounds came from everywhere, including biotech, automotive, fintech and IT software. However, no big AI raises.

🪓 Layoffs pick up with start of Q3

Last week’s tech layoffs tracker saw the total shutdown of a conversational AI platform embroiled in allegations of misinformation and missing millions, while an HR software provider takes a big bite out of its workforce.