Episode #37: Kraken has filed confidentially for an IPO and will likely be the first showcase fintech IPO in Q1 2026.

Craig shares his take on the company and its potential to ignite IPOs in 2026. In IPO Radar news, Craig looks at the remaining potential 2025 IPOs. Plus, news from Gopuff, Ramp, Databricks, Lambda, and xAI. ⁠Newsletter Signup⁠(free download - "The IPO Process" One-Pager)Watch for a Black Friday week deal soon.⁠Join the Access Club: 7-Day FREE TRIALAccess IPOs content is for informational purposes only and does not recommend that investors buy or sell any companies mentioned. Perform personalized due diligence and only invest with money you can afford to lose.

(0:00) Intro

(0:29) Kraken IPO 2026

(1:26) Kraken Citadel Investment

(2:15) What is Kraken?

(3:07) Kraken IPO Valuation

(3:23) Revenue

(3:42) Crypto IPOs

(4:30) Prelude to the IPO

(6:35) Timeline

(7:42) IPO Access for Kraken Customers?

(8:18) Directed Share Program

(8:57) IPO Access at Kraken?

(12:03) Kraken Customers

(12:39) Tokenization at Kraken

(13:12) IPO Radar News

(14:06) Renaissance Capital Forecast

(15:17) Remaining 2025 IPOs

(19:03) Gopuff

(19:50) Robinhood Ventures Gopuff

(20:30) Gopuff Valuation

(20:59) Ramp Valuation

(22:05) Ramp Fundraises 2025

(24:03) Databricks Valuation

(25:05) Databricks Series L

(25:21) Databricks IPO Head Fakes

(26:25) Lambda $1.5 Billion Raise

(27:37) xAI $15 Billion Raise

(29:14) xAI Valuation

(31:00) Looking Ahead

(32:44) Outro