There are many lagging indicators for measuring stock market health, among which initial public offerings (IPOs) show investors whether the broader economy is bullish or bearish on the stock market. For example, the growth rate of M2 money supply reached an unprecedented level in 2020, followed by a record-breaking number of IPOs in 2021, hitting 1,035 deals with a total size of about $142.2 billion. However, in 2024, the number of IPOs was only 225, similar to the 232 deals in 2019. As of early 2025, 62 IPOs have been launched, and another 7 have been withdrawn due to lack of investor interest. Calculated by the monthly number of IPOs year-to-date, it has increased by 88% compared to the same period in 2024, and the number of IPOs in 2025 is expected to be flat with or higher than last year. According to Deloitte's newly released *2025 IPO Market Outlook* report, the total IPO fundraising this year is expected to reach $45 billion to $50 billion, higher than the $29.6 billion in 2024. Here are three upcoming companies worth watching. ### CoreWeave Inc. CoreWeave Inc. is a highly watched AI cloud computing startup focused on GPUs. Its pre-IPO valuation reached $20 billion in April 2023. In mid-2024, after emerging from bankruptcy, Core Scientific Inc. (NASDAQ: CORZ) signed a $3.5 billion AI infrastructure agreement with CoreWeave. The company operates on an infrastructure-as-a-service (IaaS) business model, where customers pay on demand for computing resources. Amid the booming popularity of AI applications, CoreWeave is expanding into these rapidly growing markets, especially the text-to-video generation sector with extremely high computing requirements. Goldman Sachs predicts that the utilization rate of AI data centers will rise from 85% in 2023 to 95% by the end of 2026. Early in February, the startup launched its highly watched GB200 NVL72 for customers, which adopts NVIDIA's latest Blackwell architecture chips. Currently, the company owns approximately 250,000 GPUs across 32 data centers. According to recently filed IPO documents, CoreWeave's revenue in 2024 reached $1.9 billion, an eight-fold increase from 2023. However, its net loss widened from $593.7 million to $863.4 million over the same period. The company has raised $14.5 billion in debt and equity funding across 12 financing rounds, with a total valuation of around $35 billion. This means CoreWeave's valuation is about 18 times its revenue. Similar to NVIDIA (NASDAQ: NVDA), which relies on large tech hyperscalers, CoreWeave also has a highly concentrated customer base, with Microsoft (NASDAQ: MSFT) accounting for approximately 62% of its revenue. ### Revolut Group Holdings Ltd. Revolut Group Holdings Ltd., headquartered in the UK, is a neobank that focuses on integrating its digital asset and payment systems with traditional banking services. The bank offers three membership tiers, allowing users to enjoy 24/7 banking services via its mobile app. Revolut's international transfer fees are usually lower than those of traditional banks, making it an attractive one-stop online banking service provider. To date, Revolut has attracted more than 50 million customers. In addition to earning revenue from service fees and membership fees, Revolut also makes money by issuing loans, with interest rates typically around 6%. At the end of 2024, the bank announced the launch of an AI assistant, with plans to gradually integrate it into various services in 2025. It will also launch full mortgage products in Lithuania, Ireland, and France. In Spain, Revolut plans to launch its own ATMs equipped with biometric technology. According to its 2023 annual report released in mid-2024, Revolut's revenue reached $2.2 billion, a 95% increase from the previous year. This marks the third consecutive year that the bank has been profitable, with pre-tax net profit reaching $545 million. Currently, Revolut only holds an EU banking license, but co-founder Nik Storonsky hinted at entering the U.S. market at the end of 2024. At present, Revolut serves U.S. customers through Metropolitan Commercial Bank and Lead Bank as intermediaries. Revolut aims to become the world's leading online bank, with an IPO valuation of approximately $45 billion, making it the highest-valued fintech company in Europe. ### Medline Industries LP Founded in 1966, Medline Industries LP is a U.S.-based global medical supplies manufacturer and distributor, with products covering long-term care, acute care, and emergency care. Due to the nature of its business, Medline is an indispensable supplier, enabling it to generate stable revenue. In 2023, the company's net sales reached $23.2 billion, and its core customer retention rate has remained at 98% over the past five years. Vince Stanzione, CEO of First Information, stated that Medline's IPO valuation is expected to reach $50 billion, and it is expected to raise $5 billion in funds upon listing. Angelo Bochanis, an analyst at Renaissance Capital, pointed out: "Medline's leading position in the medical supplies industry is likely to attract attention and draw more investors' interest in its upcoming IPO." As one of the largest employers in the U.S. healthcare industry, Medline has 43,000 employees and may benefit from the policies of the Trump administration. If President Trump seriously promotes manufacturing reshoring, including using tariffs as an incentive, demand for Medline's domestic products may increase. © 2021 Meishun (Hong Kong) Management Consulting Co., Ltd. and Meishun (Hangzhou) Management Consulting Co., Ltd. All rights reserved. Meishun Meiyin (Hangzhou) Consulting & Management Co., Ltd. is a domestic subsidiary of Hong Kong Meishun Management Consulting Co., Ltd. under the same actual controller. Both companies share the same actual controller and are managed under the same Chinese entity, and they comply with the laws of Hong Kong and mainland China.