Specialist traders work at the post for Swedish fintech Klarna, during the company’s IPO at the New York Stock Exchange in New York City, U.S., Sept. 10, 2025.
Klarna popped as much as 30% on the day of its New York IPO, before settling to close around 15% higher. The stock declined further to $42.92 by Friday but is still up about 7% from its IPO price of $40.
The debut demonstrated how Wall Street is becoming more welcoming of bumper fintech listings. Prior to Klarna, online trading platform eToro, stablecoin issuer Circle and crypto exchange Bullish all went public to a positive first-day reception.
Gemini, the crypto exchange founded by Cameron and Tyler Winklevoss, surged 14% in its IPO Friday.
“I think the Klarna IPO would be viewed positively by some of the other scaled-up vendors,” Gautam Pillai, head of fintech research at British investment bank Peel Hunt, told CNBC.
There’s a crowded pipeline of fintech names that could be next to IPO after Klarna. CNBC looks at which companies look the most promising.
Stripe
Patrick Collison, chief executive officer and co-founder of Stripe Inc., left, smiles as John Collison, president and co-founder of Stripe Inc., speaks during a Bloomberg Studio 1.0 television interview in San Francisco, California, U.S., on Friday, March 23, 2018.
Bloomberg | Bloomberg | Getty Images
Digital payments firm Stripe has for years been viewed as an IPO contender. Stripe has remained a private company in the 15 years since it was founded, and founders and brothers John and Patrick Collison have long resisted pressure to take the business public.
However, that doesn’t mean a stock market listing hasn’t been on Stripe’s mind. The Collisons told employees in 2023 that Stripe would decide to either go public or allow employees to sell shares via a secondary offering within the next year.
Ultimately, Stripe in January opted for a secondary share sale valuing the company at $91.5 billion — close to its peak valuation of $95 billion, which it achieved in 2021.
That doesn’t mean Stripe couldn’t still pursue a stock market debut further down the line. Many fintech unicorn CEOs have been keeping a close eye on Klarna’s IPO performance for signs of when will be the right moment to list.
Revolut
Revolut CEO Nikolay Storonsky at the Web Summit in Lisbon, Portugal, Nov. 7, 2019.
Pedro Nunes | Reuters
Revolut is widely seen as a potential future fintech IPO candidate. The digital banking unicorn told CNBC last week that it recently gave employees the chance to sell shares on the secondary market at a whopping $75 billion valuation, placing it above some major U.K. banks by market value.
“As part of our commitment to our employees, we regularly provide opportunities for them to gain liquidity,” a Revolut spokesperson told CNBC at the time. “An employee secondary share sale is currently in process, and we won’t be commenting further until it is complete.”
The secondary round buys Revolut some time to remain private for longer while still offering staff the chance to exit some of their holdings. At the same time, though, it now makes Revolut one of the world’s most valuable private fintech firms.
As to where Revolut lists, for now the U.S. appears the likeliest location.
Co-founder and CEO Nikolay Storonsky has spoken candidly about his preference to list in the U.S. due to issues with London’s IPO market. Last year, he told the 20VC podcast that it was “just not rational” to go public in the U.K.
Monzo
Monzo CEO TS Anil.
Monzo
Having recently reached a $5.9 billion valuation in a secondary share sale, British digital bank Monzo is another contender for the public markets.
A report surfaced earlier this year from Sky News that said Monzo had lined up bankers to work on an IPO that could take place as early as the first half of 2026.
However, in a fireside discussion moderated by CNBC at SXSW London, Monzo CEO TS Anil said that an IPO is “not the thing we’re focused on right now” — it’s worth noting though that this was back in June.
“The thing we’re focused on is scale the business, continue to grow it, double it again, reach more customers, build more products, continue to drive great economic outcomes on the back of that,” Anil said at the time.
Anil wouldn’t comment on where Monzo would list if it were to IPO, but he stressed the firm was “deeply committed” to being globally headquartered in London.
Starling Bank
Raman Bhatia, incoming chief executive officer of Starling. Bhatia moved over from OVO Energy Ltd., where he was CEO.
Zed Jameson | Bloomberg | Getty Images
Monzo’s rival neobank Starling Bank has reportedly been considering an initial public offering in the U.S. as part of expansion plans there.
On Thursday, Bloomberg reported that Starling had hired Jody Bhagat, former president of global banking at software firm Personetics Technologies, to lead the growth of its Engine technology unit in the U.S.
Starling declined to comment when asked by CNBC about its listing plans.
Last year, Starling’s CEO Raman Bhatia talked up the bank’s plans to expand globally via Engine, a software platform that Starling sells to other companies so they can set up their own digital banks.
“I am very bullish about this approach around internationalization of what is the best of Starling — the proprietary tech,” Bhatia said during a fireside chat at the Money 20/20 conference moderated by CNBC.
Though a lesser known name, Bulgaria-founded fintech firm Payhawk also has IPO ambitions.
The spend management platform was valued at $1 billion in 2022 and saw revenue surge 85% year-over-year in 2024 to 23.4 million euros ($27.4 million).
“We’re definitely seeing the IPO window open,” Payhawk CEO and co-founder Hristo Borisov told CNBC in an interview earlier this month. However, he stressed that “we are looking at more of a five-year horizon there.”
“If you look at the majority of the IPOs, the majority of those IPOs are companies with $400 million to $500 million-plus ARR [annual recurring revenue],” Borisov said. “That’s our goal.”
Some honorary mentions
There are other fintechs that look like potential IPO contenders further down the line — but the trajectory looks less clear.
Blockchain firm Ripple’s CEO Brad Garlinghouse told CNBC in January last year that the company explored markets outside the U.S. for its IPO due to an aggressive crypto enforcement regime under ex-Securities and Exchange Commission chief Gary Gensler.
That could change now thanks to President Donald Trump’s pro-crypto stance. Garlinghouse said last year though that Ripple had put any plans for an IPO on hold. The startup was most recently valued at $15 billion.
Germany’s N26 is another potential IPO contender. The digital bank was valued at $9 billion in a 2021 funding round.
However, it has faced some setbacks. N26 co-founder Valentin Stalf recently stepped down as CEO after facing pressure from investors over regulatory failings.
Sam Altman, CEO of OpenAI, and Lisa Su, CEO of Advanced Micro Devices, testify during the Senate Commerce, Science and Transportation Committee hearing titled “Winning the AI Race: Strengthening U.S. Capabilities in Computing and Innovation,” in Hart building on Thursday, May 8, 2025.
Tom Williams | CQ-Roll Call, Inc. | Getty Images
In a sweeping interview last week, OpenAI CEO Sam Altman addressed a plethora of moral and ethical questions regarding his company and the popular ChatGPT AI model.
“Look, I don’t sleep that well at night. There’s a lot of stuff that I feel a lot of weight on, but probably nothing more than the fact that every day, hundreds of millions of people talk to our model,” Altman told former Fox News host Tucker Carlson in a nearly hour-long interview.
“I don’t actually worry about us getting the big moral decisions wrong,” Altman said, though he admitted “maybe we will get those wrong too.”
Rather, he said he loses the most sleep over the “very small decisions” on model behavior, which can ultimately have big repercussions.
These decisions tend to center around the ethics that inform ChatGPT, and what questions the chatbot does and doesn’t answer. Here’s an outline of some of those moral and ethical dilemmas that appear to be keeping Altman awake at night.
The CEO said that out of the thousands of people who commit suicide each week, many of them could possibly have beentalking to ChatGPT in the lead-up.
“They probably talked about [suicide], and we probably didn’t save their lives,” Altman said candidly. “Maybe we could have said something better. Maybe we could have been more proactive. Maybe we could have provided a little bit better advice about, hey, you need to get this help.”
Last month, the parents of Adam Raine filed a product liability and wrongful death suit against OpenAI after their son died by suicide at age 16. In the lawsuit, the family said that “ChatGPT actively helped Adam explore suicide methods.”
Soon after, in a blog post titled “Helping people when they need it most,” OpenAI detailed plans to address ChatGPT’s shortcomings when handling “sensitive situations,” and said it would keep improving its technology to protect people who are at their most vulnerable.
How are ChatGPT’s ethics determined?
Another large topic broached in the sit-down interview was the ethics and morals that inform ChatGPT and its stewards.
While Altman described the base model of ChatGPT as trained on the collective experience, knowledge and learnings of humanity, he said that OpenAI must then align certain behaviors of the chatbot and decide what questions it won’t answer.
“This is a really hard problem. We have a lot of users now, and they come from very different life perspectives… But on the whole, I have been pleasantly surprised with the model’s ability to learn and apply a moral framework.”
When pressed on how certain model specifications are decided, Altman said the company had consulted “hundreds of moral philosophers and people who thought about ethics of technology and systems.”
An example he gave of a model specification made was that ChatGPT will avoid answering questions on how to make biological weapons if prompted by users.
“There are clear examples of where society has an interest that is in significant tension with user freedom,” Altman said, though he added the company “won’t get everything right, and also needs the input of the world” to help make these decisions.
How private is ChatGPT?
Another big discussion topic was the concept of user privacy regarding chatbots, with Carlson arguing that generative AI could be used for “totalitarian control.”
In response, Altman said one piece of policy he has been pushing for in Washington is “AI privilege,” which refers to the idea that anything a user says to a chatbot should be completely confidential.
“When you talk to a doctor about your health or a lawyer about your legal problems, the government cannot get that information, right?… I think we should have the same concept for AI.”
According to Altman, that would allow users to consult AI chatbots about their medical history and legal problems, among other things. Currently, U.S. officials can subpoena the company for user data, he added.
“I think I feel optimistic that we can get the government to understand the importance of this,” he said.
Will ChatGPT be used in military operations?
Asked by Carlson if ChatGPT would be used by the military to harm humans, Altman didn’t provide a direct answer.
“I don’t know the way that people in the military use ChatGPT today… but I suspect there’s a lot of people in the military talking to ChatGPT for advice.”
Later, he added that he wasn’t sure “exactly how to feel about that.”
OpenAI was one of the AI companies that received a $200 million contract from the U.S. Department of Defense to put generative AI to work for the U.S. military. The firm said in a blog post that it would provide the U.S. government access to custom AI models for national security, support and product roadmap information.
Just how powerful is OpenAI?
Carlson, in his interview, predicted that on its current trajectory, generative AI and by extension, Sam Altman, could amass more power than any other person, going so far as to call ChatGPT a “religion.”
In response, Altman said he used to worry a lot about the concentration of power that could result from generative AI, but he now believes that AI will result in “a huge up leveling” of all people.
“What’s happening now is tons of people use ChatGPT and other chatbots, and they’re all more capable. They’re all kind of doing more. They’re all able to achieve more, start new businesses, come up with new knowledge, and that feels pretty good.”
However, the CEO said he thinks AI will eliminate many jobs that exist today, especially in the short-term.
China is one of Nvidia’s largest markets, particularly for data centers, gaming and artificial intelligence applications.
Avishek Das | Lightrocket | Getty Images
China’s market regulator on Monday said that Nvidia violated the country’s anti-monopoly law, according to a preliminary probe, adding that Beijing would continue its investigation into the U.S. chip giant.
Shares of Nvidia were down around 2% in premarket trading.
Late last year, China’s State Administration for Market Regulation (SAMR) opened an investigation into Nvidia in relation to the acquisition of Mellanox and some agreements made during the acquisition. Nvidia acquired the Israeli technology company that creates network solutions for data centers and servers in 2020, in a deal that was approved by China at the time with certain conditions.
In a preliminary investigation, the SAMR said Nvidia had violated China’s anti-monopoly laws in relation to that acquisition and its conditions. China’s market regulator did not specify how Nvidia allegedly breached the country’s laws.
CNBC has reached out to Nvidia for comment.
The update from the SAMR has the potential to complicate trade talks between Chinese and U.S. officials that began on Sunday in Madrid, Spain.
Tensions between Beijing and Washington appear to be on the rise on the technology front. China opened two separate probes into semiconductors on Saturday: one is an anti-dumping investigation into certain chips imported from the U.S., while the other is an anti-discrimination scrutiny of U.S. restrictions on China’s chip industry.
This is a breaking news story. Please check back for more.
Two humanoid robots are on display at the China Mobile booth at the Mobile World Conference in Shanghai on June 19, 2025.
Nurphoto | Nurphoto | Getty Images
Humanoid robots, which have made significant technological advances this year, may be at the precipice of a ChatGPT-like spike in investment and popularity — or at least, that’s what many in the industry believe.
So-called humanoid robots are artificial intelligence-powered machines designed to resemble humans in appearance and movement, with expected use cases across the industrial and service sectors.
Makers of these robots have been working on the technology in the background for years. Now, they say they’re ready to unleash the technology into the world.
“There is a consensus in our industry that the ChatGPT moment for humanoid robots has arrived,” Xiong Youjun, general manager at the Beijing Innovation Center for Humanoid Robotics, said during a panel in Singapore on Thursday, alongside other professionals from China’s robotics industry.
“This year has been defined as the first year of mass production of humanoid robots,” Xiong, chief technology officer and executive director of robotics firm UBTech, said in Mandarin translated by CNBC. He added that there had been rapid progress in both the mechanical bodies and the AI-powered “brains.”
The original “ChatGPT moment” occurred in late 2022, when OpenAI released its groundbreaking generative AI chatbot to the public, leading to mass adoption of large language models and widespread recognition of their potential.
Tesla’s Optimus robot gestures at an unveiling event in Los Angeles, Oct. 10, 2024.
Tesla | Via Reuters
Robotics players hoping to recreate that impact include Tesla’s Optimus. Meanwhile, a growing number of humanoid robot start-ups are emerging in China, with companies like Unitree, Galbot, Agibot and UBtech Robotics bringing products to market.
While humanoid robots are yet to reach a fraction of the adoption seen with generative AI, many experts do expect the technology to have a transformative impact on the global economy in a matter of years.
Meanwhile, robots have begun to appear everywhere, from factories to technology conferences and sporting events.
Humanoids pick up steam
Tesla CEO Elon Musk has said he expects the company to produce 5,000 of its Optimus robots this year, with the technology expected to eventually make up the majority of the EV maker’s business.
Meanwhile, humanoid robot firms in China say their products are already being used in factories and for commercial services.
Speaking on Thursday, Zhao Yuli, chief strategy officer at Galbot, said the start-up had already deployed almost 1,000 robots across different businesses.
Other companies, such as UBTech Robotics and Galbot, have also installed robots in local factories, according to local media reports.
According to Zhao, these deployments have come alongside a surge of investor interest and government support in the sector, as well as the maturation of both robotics and generative AI technology.
Industry experts noted that this maturation in technology has been on display at a number of conferences and events this year, such as China’s World Humanoid Robotics Game, which sees robots compete in practical scenarios.
Galbot won a gold medal in the Robot Skills event after placing first in a pharmaceutical sorting challenge.
Improvements in Chinese humanoid robots’ motion control have also been on display in recent months at sporting events such as marathons and boxing matches.
Guo Yandong, founder and CEO of AI² Robotics, added that improvements in generative AI have also enabled robots to learn on the job rather than rely solely on preset commands, a shift that could expand the uses of humanoids across sectors.
Not so fast
Despite the hype from humanoid robotics companies, however, many experts resist the idea that mass public adoption will occur anytime soon.
“Humanoids won’t arrive all at once in a ChatGPT moment, but slowly enter more and more positions as their capabilities increase,” said Reyk Knuhtsen, analyst at SemiAnalysis, an independent research and analysis company specializing in semiconductors and AI. He added that their first uses will be in low-stakes, failure-tolerant tasks.
That’s not to mention long manufacturing timelines and high costs, which will also slow adoption compared to generative AI, he added.
UBTech humanoid robot is on display during the 27th China Beijing International High-tech Expo at China National Convention Center on May 8, 2025 in Beijing, China.
Vcg | Visual China Group | Getty Images
Even UBTech’s Xiong conceded that some hurdles remain for the sector, such as ethical considerations, laws and regulations that need to be addressed.
Still, analyst Knuhtsen expects investment in the space to continue as long as the autonomy of the robots continues to improve.
“The market opportunity for humanoids is enormous, contingent on how well the AI performs … If the technology works, it has the chance to transform many labor processes around the world,” he said.
Merrill Lynch analysts recently estimated in a research note that global humanoid robot shipments will reach 18,000 units in 2025 from 2,500 units last year. It also predicts a global robot “population” of 3 billion by 2060.