Ventures Desk
Private Market Intelligence · IPOs · SPACs · Series B+
Valued at $159B after Feb 2026 tender offer — up 74% in one year. Processing $1.9T in payment volume. No IPO plans per co-founder Collison: "an IPO would be a solution in search of a problem." Secondary shares on Forge at $72.45/share.
IPO'd on NASDAQ (CRWV) Mar 28, 2025 at $40/share, $23B valuation. Surged 42% in first 3 days. Now public — watch for post-lock-up consolidation and AI capex cycle sensitivity. Revenue 12x multiple at $23B on $1.9B 2024 revenue.
IPO'd NYSE Sep 2025 at $40, debuted at +15%. Now trading ~$15.91 (Mar 13) — down 44% YTD. Lock-up expired Mar 9, 2026. Chairman bought $50M in stock Mar 3-11. Classic post-IPO compression creating a YD watch opportunity.
No near-term IPO signal. Amazon committed $4B total. Secondary market via Forge Global at ~12% discount to last round. High revenue growth but burn rate elevated. Yield play is post-IPO, not current stage.
Recent $15B raise at $62B gives runway to 2027+ without IPO pressure. Revenue growing 50%+ YoY. Competing directly with Snowflake. IPO likely 2027 — secondary market is the current play.
Largest US neobank by users. Valuation down from 2021 peak of $45B. Revenue model shifting from interchange to credit — improving unit economics. S-1 filing expected mid-2026. High dividend potential post-listing given deposit-heavy model.