After the U.S. government’s tariffs plan scared off several companies earlier this year, a flurry of startups announced Tuesday that they plan to take the IPO plunge.

Five companies in total kicked off their roadshows: Klarna, Figure, Gemini, Legence and Black Rock Coffee Bar. Their plans come as the IPO market shows signs of warming up in the second half of 2025.

• Swedish fintech giant Klarna has confirmed that it is targeting a valuation of up to $14 billion in a U.S. IPO, a move that was rumored to be happening last week. The company’s offering will consist of around 34.3 million shares priced between $35 and $37 each.
• Blockchain lender Figure is looking for a valuation of up to $4.1 billion in a U.S. IPO. The San Francisco startup has raised $1.5 billion in venture and debt financing, per Crunchbase data.
• Crypto exchange Gemini announced its plans to raise up to $316.7 million at a market value of just over $2.2 billion. Based in New York, Gemini  has raised nearly $500 million in venture and debt funding, according to Crunchbase.
• Engineering and maintenance services provider San Jose, California-based Legence said it is targeting a valuation of up to $2.95 billion in its U.S. initial public offering.
• And, Beaverton, Oregon-based cafe chain Black Rock Coffee Bar announced it is seeking up to $265 million by offering 14.7 million shares priced between $16 and $18 apiece.

Perhaps the most eagerly anticipated of the bunch is Klarna, which started out offering buy now, pay later services and has since expanded its business model. The company, founded in 2005, has raised nearly $6.2 billion in funding from investors such as Sequoia Capital, General Atlantic and Silver Lake, with Santander adding $1.63 billion to that total in a debt financing in August.

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Illustration: Dom Guzman