SaaS IPOs in 2025 are attracting significant investor interest as the public markets for tech companies regain momentum. Several high-profile software-as-a-service (SaaS) companies are either planning or have already launched IPOs this year, marking an important trend in the tech industry. This article explores some of the hottest SaaS IPOs of 2025, highlights key companies going public, and discusses the broader market conditions shaping these offerings.
Hot SaaS IPOs Making Headlines in 2025
Capillary Technologies
Capillary Technologies, a SaaS unicorn known for its customer engagement and loyalty platform, received approval from India's Securities and Exchange Board (SEBI) in September 2025 to launch its IPO. The IPO comprises a fresh issue of equity worth ₹430 crore and an offer for sale (OFS) of 1.83 crore shares by existing shareholders. Capillary aims to use the proceeds to build out its cloud infrastructure, invest in research and development, purchase computer systems, and pursue acquisitions. The company turned profitable in FY25 after a few years of losses, with operating revenue increasing 14% to ₹598.3 crore, signaling strong financial health for its market debut.
Amagi Media Labs
Amagi, founded in 2008, offers cloud-based broadcast and advertising solutions supporting over 800 content brands globally. After initial IPO filing attempts in 2021 were postponed due to market volatility, Amagi resurfaced in 2025 with renewed IPO plans. The SaaS media company provides cloud technology for distributing and monetizing content across broadcast and streaming platforms and supports over 5,000 channel deliveries worldwide. The fresh IPO filing in 2025 has attracted prominent investment banks like Kotak Mahindra Capital and Goldman Sachs, expecting a strong market reception in light of growing streaming media demand.
CoreWeave
CoreWeave, a specialized cloud infrastructure platform focused on compute power for blockchain and AI workloads, went public in 2025 with a notable IPO raising a $107.4 billion enterprise value. Listed on Nasdaq, CoreWeave’s stock surged by nearly 42% on day three of trading, reflecting investor excitement about cloud computing infrastructure providers catering to emerging technologies like AI and blockchain.
Databricks
Databricks, widely anticipated to IPO in 2025, is a major player in the data and AI platform space. Valued at $62 billion, Databricks reported 50% year-over-year growth and is projected to generate $3.7 billion in annual revenue by mid-2025. This IPO is expected to be one of the marquee software listings, with strong interest driven by its position in data analytics and artificial intelligence.
Figma
After Adobe’s failed acquisition attempt, Figma filed for its own IPO in July 2025. The design collaboration platform is experiencing renewed innovation and investor confidence. The company plans to list on the NYSE under the ticker FIG, aiming to capitalize on its growth momentum in the creative software market.
Market Environment Favoring SaaS IPOs in 2025
The IPO landscape for tech companies, especially SaaS firms, looks robust in 2025. After a subdued period during the funding winter and market volatility of recent years, public markets have rebounded strongly. This has created a conducive environment for SaaS companies to go public while valuations remain attractive. Analysts note that 2025 is shaping up as a "Great IPO Awakening," where companies are benefiting from investor enthusiasm for cloud, AI-enabled SaaS, and digital transformation tools.
However, it is also noted that the average time for SaaS companies to reach IPO has extended, with current top IPO candidates taking an average of 13.6 years to go public, reflecting a more mature and cautious approach to public offerings. This longer path indicates SaaS firms are preparing more thoroughly for sustainable growth and profitability before markets.
Key Trends in SaaS Capital Markets
- Growing Profitability Before IPO: Capillary Technologies exemplifies a broader trend where SaaS firms focus on achieving profitability before launching IPOs. This instills greater investor confidence and supports strong market valuations.
- Focus on Cloud Infrastructure and AI: Companies like Amagi, CoreWeave, and Databricks highlight the growing importance of cloud solutions and AI-driven platforms as core drivers behind SaaS demand.
- Global Reach and Market Expansion: SaaS IPO candidates increasingly emphasize geographic expansion and diversifying client bases, as seen in Amagi's presence across 150 countries and global cities.
- Strategic Use of IPO Proceeds: Funds raised in IPOs are often earmarked for cloud infrastructure expansion, product R&D, acquisitions, and scaling operations, ensuring long-term growth beyond the public listing phase.
Noteworthy Upcoming SaaS IPO Candidates
Besides those already public or filing, several SaaS startups remain on investors’ watchlists for potential IPOs later in 2025 and early 2026, including:
- Stripe: The fintech SaaS giant with an $91 billion valuation, known for payment processing solutions, continues to be highly anticipated for IPO.
- Netskope: A cybersecurity SaaS firm targeting IPO listing with a growing annual recurring revenue and solid market positioning in cloud security.
- Canva and Wiz: Highly successful SaaS companies expected to consider IPOs in the near future, driven by strong market demand for creative and security software.
Conclusion
2025 is proving to be a landmark year for SaaS IPOs, marked by renewed investor enthusiasm, stronger market conditions, and a wave of notable public offerings from innovative software firms. From India’s Capillary Technologies and Amagi making significant moves, to US giants like Databricks and Figma planning IPOs, the SaaS sector is set to showcase a vibrant array of growth stories. For investors and industry watchers, these IPOs offer exciting opportunities to participate in software companies driving digital transformation worldwide.
As SaaS companies continue evolving to meet demand for cloud-native, AI-enabled applications, the coming quarters will be critical in determining how these IPOs perform in the public markets and shape the broader tech ecosystem's next phase.
