IPO

CoreWeave, an AI-focused cloud provider, reported strong Q3 earnings, exceeding revenue expectations with $1.36 billion, a 134% year-over-year increase. While reporting a net loss, it was significantly improved compared to the previous year. The company boasts a $55.6 billion contracted backlog and secured major partnerships with OpenAI and Meta. Since its March IPO, the stock has risen 164%. However, a proposed acquisition of Core Scientific was rejected. Investors are watching for updates on capacity expansion and profitability strategies.

Pony.ai and WeRide, Chinese autonomous driving firms, experienced stock declines in Hong Kong after raising a combined $1.17 billion in IPOs. The companies aim to use the capital to advance Level 4 autonomy, expand globally, and compete with Baidu’s Apollo Go and Alphabet’s Waymo. Regulatory hurdles in the U.S. and allegations between the companies add to the challenges. They also aim to partner with Uber and expand in China, the Middle East, Europe and Asia.

Cybersecurity firm 1Password, backed by celebrity investors, surpasses $400 million in annual recurring revenue (ARR). CEO David Faugno anticipates exceeding $1 billion ARR, driven by increasing cyber threats fueled by AI. 1Password secures over 1.3 billion credentials for 180,000 businesses including IBM and Salesforce. The company, valued at $6.8 billion, strategically appointed new executives and is considering a potential IPO in 2026 or 2027, focusing on sustained growth and product innovation.

Figma (FIG) reported strong Q3 results, exceeding revenue expectations at $274.2 million, a 38% year-over-year increase. The company’s adjusted EPS was 10 cents. While reporting a net loss primarily due to stock-based compensation, Figma’s adjusted operating margin stood strong at 12%. Growth is fueled by the adoption of Figma Make, its AI-powered design tool, used weekly by 30% of major clients. Net dollar retention rate reached 131%. Figma anticipates Q4 revenue between $292M and $294M. Recent acquisition of Weavy further enhances Figma’s AI capabilities.

Evommune, Inc. announced the pricing of its IPO of 9,375,000 shares at $16.00 per share, expected to begin trading on the NYSE (EVMN) on November 6, 2025. The offering is anticipated to close on November 7, 2025, and includes an underwriter option for additional shares. Gross proceeds are projected at $150 million. Morgan Stanley, Leerink Partners, Evercore ISI, and Cantor are joint book-runners. Evommune will use the funds to advance its pipeline of therapies targeting chronic inflammatory diseases.

Cybersecurity startup Armis, specializing in connected device security, raised $435 million, valuing the company at $6.1 billion. Led by Goldman Sachs Alternatives, the funding will fuel growth and address the increasing demand for IoT, OT, and medical device security. Armis’ platform helps organizations discover, secure, and manage connected devices, providing threat detection and mitigation. CEO Yevgeny Dibrov sees Goldman Sachs as an ideal partner for a future IPO, targeted for late 2026 or early 2027, with a near-term goal of reaching $1 billion in ARR.

Beta Technologies, an electric aerospace company, debuted strongly on the NYSE, closing nearly 6% higher at $36 per share after pricing its IPO at $34. The IPO raised over $1 billion, valuing Beta at $7.4 billion. While Beta faces challenges like a $183.2 million net loss in the first half of the year, it anticipates FAA certification within 30 months. Major investors include Amazon and GE. Competitors Joby Aviation and Archer Aviation saw declines following Beta’s IPO, highlighting the eVTOL market’s volatility. Beta’s success is viewed as a bellwether for the eVTOL industry.

Westin Acquisition Corp (WSTN) priced its $50 million IPO of 5,000,000 units at $10.00 per unit, each containing one Class A share and a right to 1/6 of a share. Trading on Nasdaq under WSTNU is expected to begin November 4, 2025, with closing anticipated November 5, 2025. Underwriters have a 45-day option to purchase up to 750,000 additional units. A.G.P./Alliance Global Partners is the sole book-running manager.

BETA Technologies, Inc. announced the pricing of its IPO at $34.00 per share for 29,852,941 shares of Class A common stock, exceeding expectations. Shares will trade on the NYSE under the ticker “BETA” starting November 4, 2025. Morgan Stanley and Goldman Sachs & Co. LLC are lead book-running managers. BETA designs and sells electric aircraft, propulsion systems, and charging infrastructure, with over 83,000 nautical miles flown. The company is targeting cargo, defense, passenger, and medical sectors.

Venture capitalist Oren Zeev’s early “relationship investment” of $50,000 in a nascent startup led to StreamOnce, later acquired by Jive Software. This initial bet paved the way for Navan (formerly TripActions), a business travel platform poised for an IPO valuing it at over $6 billion, potentially yielding Zeev over $1 billion. Zeev’s success stems from a gut-feeling investment approach. He operates as a solo GP, making quick decisions and valuing founder relationships. His strategy, including reinvesting management fees, aligns him with LPs.