Bay Area IPOs: 2025 Sets the Stage, 2026 Heats Up

San Francisco’s innovation economy put the IPO market back on the map in 2025. 

By one key measure, last year’s exits topped the prior three years combined, with Bay Area names doing much of the heavy lifting—and setting up a deeper pipeline for 2026.

2025 by the numbers

• Total exit value: $116.7B in 2025 vs. $41.4B (2024), $26B (2023), and $6.7B (2022).
• Context: The cycle peak was 2021 with 198 IPOs and $518B+ in exit value.
• Standout debuts: Figma ($1B+), Chime Financial ($864M+), Netskope ($900M+), and Wealthfront ($485M).
• Early 2026 signal: BitGo raised $200M+ last week.

Several Bay Area companies have filed or are next in line: Ethos Technologies is set to price and trade this week; Once Upon a Farm targets $17–$19 per share next week. Other filers include Liftoff (Redwood City) and Motive Technologies (San Francisco). Strava has reportedly filed confidentially.

The pipeline is filling

Expect a robust 2026 slate—spanning AI, quantum, fintech, and biotech.

• AI & data platforms:
  • Anthropic could beat fellow SF AI lab OpenAI to the public markets.
  • Databricks (SF) raised $4B late last year; timing remains “when it makes sense.”
  • Glean Technologies (Palo Alto) also sits on watchlists.
• Chips, quantum, and frontier tech:
  • Cerebras Systems (Sunnyvale) is preparing to refile.
  • PsiQuantum (Palo Alto) is a key quantum computing contender.
• Fintech & commerce:
  • Stripe (South San Francisco) and WhatNot (San Francisco) remain closely watched.
  • GrubMarket (SF) expanded via its 2024 acquisition of GoodEggs (Oakland).
• Materials & mobility:
  • Sila Nanotechnologies (Alameda) highlights advanced battery materials momentum.
• Biotech & health:
  • Eikon Therapeutics (Millbrae) filed earlier this month.
  • Chai Discovery (SF), ArsenalBio (South San Francisco), Color Health (Burlingame), RefleXion (Hayward), Freenome (SF; SPAC route), and Orca Bio (Menlo Park) round out a busy life-sciences bench.
  • Neuralink (Fremont) remains a high-profile name in neurotech.

PitchBook counts ~20 Bay Area companies with $1B+ valuations that could make moves in 2026.

Why this matters for Bay Area real estate

Momentum in public markets often maps to real estate demand—especially for teams scaling into the “pre-and post-IPO” window:

• AI: Move-in-ready, growth-path office with robust power, connectivity, and security—often in SoMa, South Beach, and Mission Bay—with speed-to-occupancy and expansion rights.
• Quantum & chips: Power-dense, cooling-capable R&D and engineering floors with specialized infrastructure and proximity to Silicon Valley supply chains.
• Biotech: Wet lab capacity (BSL-2/BSL-2+) with flexible floor plates, mechanicals ready for gas lines, vacuum, purified water, and clinical/analytical workflows—South San Francisco, Peninsula, and East Bay nodes.
• Fintech & software: Amenity-rich HQ hubs with transit access and recruiting advantages—downtown and waterfront submarkets that help teams win talent.

How IPG helps

At IPG, we translate capital milestones into right-now space strategies—from AI-ready creative offices to wet labs and power-dense R&D. Whether you’re filing, pre-IPO, or newly public, we structure speed, flexibility, and cost discipline into every deal so your teams can scale without friction.

Turning IPO momentum into square footage? IPG secures the right space, on the right terms.