Startups from Plaid to Figma: The Companies Not Going Public in 2021

Investor hopes for a robust 2024 IPO pipeline have dimmed as we reach the midpoint of the year. Last year saw the successful IPOs of four venture-backed tech companies, including Reddit and Ibotta, giving rise to optimism for a strong IPO market in 2024. However, recent reports suggest that external factors such as the upcoming presidential election and rising interest rates may delay the full reopening of the IPO market until 2025.

While this year is still expected to outperform 2023, the IPO landscape remains uncertain. Companies like Klarna and Shein are in talks with bankers, but their IPO timelines are unclear. On the other hand, some late-stage startups have explicitly stated they will not be going public in 2024, while others have taken actions that indicate a public listing is not imminent.

Notable companies that are unlikely to go public this year include Plaid, Figma, Stripe, Databricks, and Canva. Plaid’s CEO has confirmed no plans for an IPO in 2024, while Figma and Stripe recently held tender offers for existing investors and employees, signaling a potential delay in their IPO plans. Databricks, despite raising significant funding last year, is also not expected to go public in 2024. Canva’s co-founder hinted that an IPO may not happen until 2026.

As the IPO market continues to evolve, TechCrunch will keep a close eye on late-stage startups and exits, providing updates on potential IPO candidates. If you have any insights or leads to share, reach out to rebecca.szkutak@techcrunch.com.