EToro, a stock brokerage platform that’s been ramping up in crypto, has priced its IPO at $52 a share, as the company prepares to test the market’s appetite for new offerings.
The Israel-based company raised nearly $310 million, selling nearly 6 million shares in a deal that values the business at about $4.2 billion. The company had planned to sell shares at $46 to $50 each. Another almost 6 million shares are being sold by existing investors.
IPOs looked poised for a rebound when President Donald Trump returned to the White House in January after a prolonged drought spurred by rising interest rates and inflationary concerns. CoreWeave’s March debut was a welcome sign for IPO hopefuls such as eToro, online lender Klarna and ticket reseller StubHub.
But tariff uncertainty temporarily stalled those plans. The retail trading platform filed for an initial public offering in March, but shelved plans as rising tariff uncertainty rattled markets. Klarna and StubHub did the same.
EToro’s Nasdaq debut, under ticker symbol ETOR, may indicate whether the public market is ready to take on risk. Digital physical therapy company Hinge Health has started its IPO roadshow, and said in a filing on Tuesday that it plans to raise up to $437 million in its upcoming offering. Also on Tuesday, fintech company Chime filed its prospectus with the SEC.
Another trading app, Webull, merged with a special-purpose acquisition company in April.
Founded in 2007 by brothers Yoni and Ronen Assia along with David Ring, eToro competes with the likes of Robinhood and makes money through fees related to trading, including spreads on buy and sell orders, and non-trading activities such as withdrawals and currency conversion.
Net income jumped almost thirteenfold last year to $192.4 million from $15.3 million a year earlier. The company has been ramping up its crypto business, with revenue from cryptoassets more than tripling to over $12 million in 2024. One-quarter of its net trading contribution last year came from crypto, up from 10% the prior year.
This isn’t eToro’s first attempt at going public. In 2022, the company scrapped plans to hit the market through a merger with a special purpose acquisition company (SPAC) during a sharp downturn in equity markets. The deal would have valued the company at more than $10 billion.
CEO Yoni Assia told CNBC early last year that eToro was still aiming for a market debut but “evaluating the right opportunity” as it was building relationships with exchanges, including the Nasdaq.
“We definitely are eyeing the public markets,” he said at the time. “I definitely see us becoming eventually a public company.”
EToro said in its prospectus that BlackRock had expressed interest in buying $100 million in shares at the IPO price. The company said it planned to sell 5 million shares in the offering, with existing investors and executives selling another 5 million.
Underwriters for the deal include Goldman Sachs, Jefferies and UBS.
— CNBC’s Ryan Browne and Jordan Novet contributed reporting
OpenAI is rapidly expanding its presence in India — one of the key markets for its flagship ChatGPT product.
India is an appealing destination for U.S. tech giants, with companies ranging from Google to Meta betting on its huge — and young — population over recent years.
OpenAI CEO Sam Altman visited the country in February this year and met with the country’s IT Minister Ashwini Vaishnaw to discuss collaboration. During the visit, Altman said India was OpenAI’s second-largest market by number of users.
He has subsequently said that AI adoption in India is “amazing to watch.”
“We love to see the explosion of creativity–india is outpacing the world,” he said on X earlier this year.
India is one of ChatGPT’s fastest-growing markets globally, Nick Patience, practice lead for AI at tech research and analysis firm Futurum Group, told CNBC. “OpenAI’s India focus is a strategic move to gain a competitive edge,” he added.
Here’s a rundown of how OpenAI is expanding in India.
ChatGPT explosion
ChatGPT, OpenAI’s core product, has seen strong growth in India. The app was downloaded 10.2 million times in India in August, a huge jump from the 2.5 million downloads seen during the same month last year, according to analytics firm Appfigures.
Since its launch, ChatGPT has 111 million downloads in India, ahead of its 80 million downloads in the U.S, Appfigures data shows.
Downloads do not necessarily equal daily or monthly users, but the figures emphasise OpenAI’s growth trajectory in the country.
The download numbers are also far ahead of rivals, including Google’s Gemini and Anthropic’s Claude. The closest challenger was Perplexity, Appfigures said, which had 6.4 million downloads in August.
India-specific product
User spending on ChatGPT has been increasing. To date, Indian users have spent $21.3 million on ChatGPT, Appfigures data shows. In comparison, U.S. users have spent $784 million.
That underlines the fact that while the number of users in India is huge, it remains a price-sensitive market.
“It’s a classic wedge strategy to capture a price-sensitive market and build a user base that will be difficult for local players to dislodge later,” Futurum Group’s Patience said of the strategy.
Infrastructure and hiring
According to Bloomberg, OpenAI is scouting a location in India for a data center with at least 1-gigawatt capacity. The facility will be part of OpenAI’s Stargate-branded infrastructure push, Bloomberg said this week, although CNBC was unable to verify the report.
The ChatGPT developer said last month that it would open a local office in the market and is currently advertising three sales roles in India.
It also announced last month an education program in India that will include funding for research and provide half a million ChatGPT licenses for educators and students across the country.
India challenges
While India doesn’t have a home-grown artificial intelligence company as big as OpenAI, there are some challengers in the form of domestic startups, including Sarvam AI and Krutrim, and other American tech giants like Google and Meta.
Continued geopolitical tensions between the U.S. and India over trade, however, have the potential to cause complications if there’s any backlash from New Delhi against American tech firms.
OpenAI is also locked in a legal battle with Asian News International in India, which has accused the ChatGPT developer of using copyrighted material illegally. It’s a closely-watched case in the country for how copyright laws apply in the AI era.
“OpenAI’s success in India is not guaranteed and depends heavily on its ability to navigate these legal and political hurdles,” Futurum Group’s Patience said.
“While the Indian market is vast, its diversity in languages and user needs presents challenges. OpenAI’s ability to deliver a truly localized product and its long-term impact on India’s AI talent remain uncertain.”
Waymo partners with Uber to bring robotaxi service to Atlanta and Austin.
Uber Technologies Inc.
Alphabet’sWaymo unit will begin test-driving robotaxis at its first California-based airport, the company said Thursday.
The autonomous car unit has been cleared to begin testing driverless rides at the San José Mineta International Airport in San Jose, California, this fall. Waymo said it plans to offer paid rides at the airport later this year.
“With San José at the epicenter of the biggest sporting events of 2026, Waymo is an ideal mode of transportation that will help visitors move around the area smoothly and safely,” San José Mayor Matt Mahan said in a release.
The vehicles will pick up passengers at the Ground Transportation Centers in Terminal A or B and roll out to locations in Waymo’s San Francisco Bay Area service area, according to the release.
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Once fully operational, it will be the second international airport where the company has service.
In 2023, Waymo launched at Phoenix Sky Harbor International Airport, which has become the most popular Waymo destination in its Phoenix metropolitan service area, a Waymo spokesperson said Thursday.
Waymo has continued to expand its driverless, ride-hailing service across the U.S. after already launching commercial operations in Austin, Texas, as well as Atlanta, San Francisco, Phoenix and Los Angeles.
In March, Waymo expanded its service to include an additional 27 square miles of coverage around the San Francisco Bay Area, including Mountain View, Palo Alto and San Jose.
Bret Taylor, chairman of the board of directors of OpenAI, attends the annual Allen and Co. Sun Valley Media and Technology Conference at the Sun Valley Resort in Sun Valley, Idaho, on July 8, 2025.
David A. Grogan | CNBC
Bret Taylor’s artificial intelligence startup Sierra has just joined an exclusive club: The company sports a new $10 billion valuation after raising $350 million in fresh capital.
Sierra is one of just a handful of AI startups, including OpenAI, Anthropic, xAI, Safe Superintelligence and Thinking Machines that are valued at or above $10 billion.
Investors are pouring money into this competitive group of companies in the hopes that they’ll eventually hit the public markets.
Taylor is the chairman of OpenAI’s board, and previously served as co-CEO of Salesforce alongside Marc Benioff. Taylor co-founded Sierra in 2023. The company builds and implements AI agents for customer service. AI agents can carry out tasks autonomously on behalf of their users.
Shares of Salesforce fell 5% Thursday after the company reported weak guidance and concerns lingered about how AI is affecting software companies.
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Sierra said its agents are already being used by “hundreds of millions of people” to help with tasks like refinancing homes, ordering lunch, delivering furniture, understanding insurance deductibles and fixing technology, among other things.
Greenoaks led Sierra’s latest funding round, the company said. Its valuation more than doubled from its most recent raise in October.
“We’re in this for the long term,” Sierra said in a blog post on Thursday.
The company said it will use its fresh funding to invest in its platform and focus on domestic and international expansion.
Sierra’s funding follows a flurry of other major AI raises in Silicon Valley. Earlier this week, Anthropic announced it had closed a $13 billion funding round at a $183 billion post-money valuation.