Chime, once valued at $25B, now targets $11B in IPO
Fintech firm Chime is preparing to launch what could be one of the most closely watched IPOs of 2025, with its newly announced share price range of $24 to $26 pointing to a market capitalization of up to $11.2 billion. The midrange pricing would bring in $800 million, benefiting both the company and select early investors — including Cathay Innovation, a prominent European venture capital firm — who are planning to sell shares in the offering.
Despite this fanfare, Chime won’t claim the title of largest IPO of the year — that belongs to CoreWeave, the cloud infrastructure company that raised $1.5 billion at a $23 billion valuation. However, Chime’s offering stands out for a different reason: its strong fundamentals at a time when many tech IPOs are being met with investor skepticism.
Growth Story Gains Traction
Chime’s revenue trajectory paints a compelling picture. The company brought in $1.3 billion in 2023, increased that to $1.7 billion in 2024, and has already booked $518 million in the first quarter of 2025 alone. Even more impressive: net losses shrank from $203 million in 2023 to just $25 million in 2024, signaling growing operational efficiency as it scales.
This combination of fast growth and narrowing losses could appeal to investors in a market that’s been reluctant to reward unprofitable tech firms. If enthusiasm is high, Chime could easily price above its current range, and see a strong first-day trading pop, pushing the valuation well north of its indicated target.
Valuation Cut? Maybe. But It’s All Relative
Chime’s previously reported private valuation of $25 billion looms over the IPO like a shadow. On paper, the IPO range reflects a steep discount. But market watchers caution that valuation marks from the frothy years of 2021 and 2022 are no longer reliable benchmarks. If anything, Chime’s financial trajectory gives it a better shot at long-term public market success than many peers that debuted at higher multiples.
Insider Confidence Is High
Perhaps the strongest vote of confidence is coming from Chime’s own backers. Aside from Cathay Innovation, most of Chime’s largest shareholders are not selling in the IPO. According to recent filings, firms such as DST Global (Yuri Milner), Crosslink Capital (Michael Stark), Access Industries (Len Blavatnik), General Atlantic, Menlo Ventures, and Iconiq Capital are holding onto their stakes. That restraint signals strong insider conviction about Chime’s future upside.
IPO Scheduled for Week of June 9
While the exact date remains fluid, Chime is expected to go public during the week of June 9, entering a market still cautious but increasingly receptive to companies showing real performance. If early indicators hold, Chime could become one of the standout fintech IPOs in recent years — not necessarily for breaking size records, but for proving that sustainable growth still has a place in public markets.
