IPO Watchlist: Which European startups are most likely to go public?

Europe’s IPO window is set to widen this year as the backlog of VC-backed companies looking to go public grows.

According to a recent analyst note, 373 European companies now have a high likelihood of listing, up 24% year over year. More than 30 companies have a 90%-plus chance of an IPO with an aggregate value of €53 billion.

Interest rate cuts and easing market volatility have made for a more optimistic outlook for VC-backed public listings in Europe following several years of muted activity. Buy now, pay later startup Klarna‘s US IPO filing in November has added to expectations that 2025 will see a flurry of high-profile listings.

Here are the 10 venture-backed European companies with the highest IPO probability. The list was created using PitchBook’s VC Exit Predictor, which calculates exit probability using a machine learning model that is fed historical and real-time data on private company exits. The predictor draws from 34 inputs related to company characteristics, financing and investors.

Featured image by Dimitar Dilkoff/Getty Images