Chime, which is expected to have a pending IPO to be one of the 2025 blockbusters, issued a stock range of $24 to $26 on Monday.
Its market capitalization is up to $11.2 billion. In the midrange, the company will raise $800 million for itself and a handful of investors, including European VC Powerhouse Cathay Innovation, which plans to sell some stocks at the IPO.
Even with these slow IPO times, this is not the biggest IPO of 2025. CoreWeave raised $1.5 billion and is valued at $23 billion and holds the title. This is true despite CoreWeave wanted far more from the IPO.
Still, Chime's IPO is something to look at given that the company reports fast revenue growth and declining costs. It reported $1.3 billion in revenue in 2023 and $1.7 billion in 2024. We already booked more than $518 million in the first quarter of 2025. The losses fell from $203 million in 2023 to $25 million in 2024.
Pitchbook estimates that Chime's only black eye is that its last known private valuation was $25 billion. But that doesn't make much sense. If investors in this stock are hot, the IPO will be priced beyond the target range. And if retail investors want it on the first day of a transaction, that valuation comes from there.
And there's at least one strong indication that insiders think they'll do it. Despite the recent venture's craving for liquidity, Chime's biggest shareholders are not on sale at this point, according to the latest filing. See if another filing reveals more insider sales. However, other major investors who hold their interests include billionaire Yuri Milner's DST Global, Michael Stark's Crosslink Capital, billionaire Len Brabatnik's Access Industry, and VC firms' Atlantic General, Menlo Ventures (led by board member Sean Carollan), and Iconiq.
The IPO is currently expected to occur in the week of June 9th.