Recent IPOs

Connected bikes and classes behind a subscription, with a fee for used equipment, a price rise, and a shrinking member base.

Two-sided travel marketplace: guest fees, host policies, and algorithmic ranking shift surplus toward the platform as inventory professionalizes.

Food delivery marketplace with fees stacked on restaurants and riders; convenience for diners, thin margins and policy fights everywhere else.

Free language learning turned gamified subscription: an energy system now limits how much free users can practise.

Collaborative design in the browser; files, libraries, and plugins embed teams so deeply that leaving feels like a migration project.

Niche network with Xtra/Unlimited paywalls, ad load, and privacy history that undermines user trust.

US rideshare duopoly player; take rates, incentives, and driver dynamics mirror Uber’s two-sided squeeze with regional variation.

Mature platform shifting value toward advertisers, mods as unpaid labor, and product changes that prioritize engagement over quality.

Team chat that became the default layer for work comms; switching means migrating channels, bots, and ritualized workflows.

Two-sided marketplace that captures a large slice from riders and drivers; convenience for users exists, but the economic surplus flows to the platform and investors.

A marketplace for online courses that is cutting instructors’ share of subscription revenue from 25% to 15%.

Differentiated dating brand with the same premium tiers, spotlight features, and engagement optimization as peers.

University courses online, now buying its biggest rival, Udemy.

Open-core DevOps platform: self-host option preserves some exit, SaaS still pushes seat-based upsell.

The largest shared e-scooter and e-bike network, newly public and still loss-making.

Commission-free trading paid for by order flow, with a regulator settlement over gamified design.

Secondary ticket marketplace—liquidity and buyer protection on one side, fees and volatile pricing on the other.

International money transfer service built around mid-market exchange rates and transparent flat fees; publicly traded and profitable without resorting to hidden FX spreads.